But its target compliance is likely to bifurcate the next decade’s outlook due to 2020 target challenges.
Aggressive renewables targets in India and explosive growth in the offshore wind sector are expected to drive a 10-year compounded annual growth rate (CAGR) of 12.2% in the Asia Pacific, excluding China, Wood Mackenzie said.
Luke Lewandowski, Wood Mackenzie power & renewables research director commented, “Target compliance in India is likely to bifurcate the next decade’s outlook, with near-term challenges posing issues for the 2020 target. Cumulative offshore capacity in the region will reach almost 19GW from just 111MW at the end of 2018, led by growth in Japan, Taiwan and South Korea.”
0.2GW of new wind power was added globally in 2018, a 4% increase YoY and the third highest annual total on record. Lewandowski added that this significant level of investment seen last year was largely driven by a resurgence in China.
“The lifting of red warnings in key Northern provinces in China unlocked development, contributing to a 37% uptick YoY in the country (+5.6GW), that influenced nearly 2GW of net capacity additions globally last year,” the executive added. This move is expected to support 250GW of capacity through to 2028.
“The annual share of offshore wind in China will average 18% of annual capacity from 2022 to 2028, as a result of onshore grid constraints and saturation,” Lewandowski added.
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