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    Forecast on top wind power growth markets


    October 3, 2022 - Greentechlead.com

     

      October 03 -- The installed capacity of wind power is expected to achieve an increase 1.9 percent quarter on quarter, an equivalent of 25.6 gigawatts (GW), between 2022 and 2031, according to Wood Mackenzie.

      New climate policies and aggressive strategies across the Americas and Europe resulted in a net upgrade QoQ of 21 GW of wind power (of the total 25.6 GW).

      “The Inflation Reduction Act (IRA) establishes long-term investment stability in the US, with more than 5 GW of the 6.8 GW upgrade QoQ expected from 2028-2031. Procurement activity in Quebec and a robust pipeline in Alberta will trigger a 2.5 GW upgrade in Canada, strengthening its position as a top 20 global market,” Luke Lewandowski, Wood Mackenzie research director, said.

      A 9.3 GW upgrade in North America QoQ represents the largest uplift for a sub-region globally this quarter.

      For Europe, Wood Mackenzie forecasts an 9.7 percent increase QoQ of wind power in the region, the equivalent of more than 10.2 GW, which reflects the European Union’s ongoing campaign to achieve greater energy security.

      New and strengthened policies in Germany, France, and Greece, and project concessions and awards in Finland, Denmark, and the UK yielded QoQ upgrades in each sub-region. This was not the case in Eastern Europe, where Russia’s invasion of Ukraine has negatively impacted its domestic market.

      Asia Pacific, excluding China, represents the only sub-region globally to receive a significant downgrade this quarter, which saw a 1.9 GW reduction in wind power.

      This is primarily due to the state utility in Vietnam not recognizing new wind power over grid stability concerns, but also due to slow market development in Japan and project adjustments in South Korea.

      Offshore wind power project disruption in China caused by typhoons, supply chain challenges and Covid-19 outbreaks has put pressure on completing projects before 2026 as the 14th Five Year Plan ends in 2025.

      A net 4.8 GW upgrade QoQ consolidates much of the boost to wind power into 2025 in China, resulting in a new annual high for the wind power market of 72 GW that same year, which will not be surpassed until 2031.

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