Global Wind capacity additions of 470 GW is expected by 2025: GWEC
GWEC’s new report expects a fresh wind power capacity addition of around 470 GW globally through 2025, opening up more than 3.3 million job opportunities…
According to the latest report released by Global Wind Energy Council (GWEC), the wind power sector could exhibit a strong growth of around 4% CAGR through 2025. The report expects an annual installation to exceed 110 GW by 2025 which could result in the addition of around 470 GW of new wind capacity during the period of 2021 – 2025.
The report pointed out that the global wind power industry is expected to grow at a 4% CAGR over the next 5 years. While the annual offshore wind installations are expected to quadruple by 2025, exhibiting a CAGR of 31.5 percent over the next five years.
The expected 470 GW of additions will equal two-thirds of all existing wind installations worldwide. This clearly indicates that the wind power industry is poised for substantial growth over the next five years.
Adding further, the report said that based on the existing datasets regarding job creation for the onshore and offshore wind power sector, the additional 470 GW of wind power capacity addition could result in more than 3.3 million direct job opportunities around the world.
Although, due to the covid-19 pandemic there was disruption across businesses and industries, however, for the wind power sector it was a historic year where it added 93 GW of new wind capacity during 2020. The last year was a record year for the onshore wind power industry growth and the second-best year for offshore wind power industry growth.
The report forecast a slight decline in 2021 expecting an addition of 88 GW of new wind capacity. However, it will still be the second-best year for the wind power industry’s growth in history. In 2021 the onshore wind industry growth is expected to be driven by the United States and the offshore wind growth will be driven by China.
By 2025, GWEC estimates that there will be more than 1,210 GW of deployed onshore and offshore wind power worldwide. The employment potential for onshore and offshore wind energy could surpass 3.3 million jobs with increased investment and policy ambition.
This not only demonstrates the resilience of the wind power industry but also indicates that the industry and the global supply chain is quite strong to deliver and progress even in troubled times.
