NewEnergyNews: Five Years Of Global Wind Growth Ahead

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  • MONDAY’S STUDY AT NewEnergyNews, July 13:
  • A Global New Energy Recovery

    Friday, March 27, 2020

    Five Years Of Global Wind Growth Ahead

    Global Wind Power Market to Grow with a CAGR of 7.9% from 2020 to 2025

    March 24, 2020 (Business Wire via Yahoo Finance)

    “…The market for wind power is expected to grow at a CAGR of approximately 7.9% during the forecast period of 2020-2025…[Major drivers] include the favorable government policies, the increasing investment in wind power projects and the reduced cost of wind energy…[I]ncreasing adoption of alternate energy sources, such as gas-based power and solar power, are likely to hinder the market growth…[C]umulative onshore installed wind power capacity is estimated to witness an addition of 8.33% in 2018 as compared to the previous year's capacity…

    [But the offshore sector has been gaining momentum] and is expected to witness the fastest growth in the near future…In 2018, the installed capacity from the offshore sector represented a 26% increase in cumulative installed capacity as compared to the previous year. Europe accounted for more than 80% of the global cumulative offshore wind installed capacity, by the end of 2018…China's offshore industry is finally gaining momentum…India is also focusing on offshore developments…North America is the most mature and competitive region in the wind power market…” click here for more

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