Global wind power installed capacity to reach 2.38 TW in 2032
China will have the largest wind power capacity by 2032 at 1,080 GW.
The total installed wind power capacity globally is expected to reach 2.38 terawatts (TW) in 2032, with a compounded annual growth of 10.1% driven by the increased activity in Western and African markets.
In a statement, Luke Lewandowski, vice president, of Global Renewables Research at Wood Mackenzie, cited the “revisions of national energy and climate plan targets, positive auction developments and strengthened repowering projects in Western markets as the encouraging developments in the sector.
“We are also tracking the advancement of megaprojects in Africa that are driving growth. This will all help offset some of the short-term challenges in the global offshore market, particularly in China,” he said.
Whilst China will have the largest wind installed capacity by 2032 at around 1,080 gigawatts, Wood Mackenzie said the new “Single 30” regulation, along with the global inflation and supply chain woes affected the economics of offshore wind, which led to project cancellations and postponements and a near-term slowdown in growth.
Despite this, the new repowering in the country will boost the long-term global outlook with an annual building from 2026 to 2032 at around 170 GW.
Wood Mackenzie said capital expenditure investment projections for wind power in the next decade need to reach $2.5t with offshore comprising $850b of the total.