Global cumulative wind power capacity surpassed the 1 TW mark in 2023, achieving a year-over-year (YoY) growth of 13%, according to the Global Wind Energy Council’s (GWEC) Global Wind Report 2024.

Onshore wind witnessed 106 GW of capacity added to the grid in 2023, achieving a 54% YoY growth. For the first time, more than 100 GW of new onshore wind capacity was installed globally in a single year.

China and the U.S. remained the world’s two largest markets for onshore wind additions, followed by Brazil, Germany, and India. The top five markets comprised 82% of global new installations in 2023, collectively 9% higher than the previous year.

After two years of modest growth, China’s onshore wind installations surged to a record 69 GW in 2023. Despite a rise in installations in the U.S. in the last quarter, only 6.4 GW of onshore wind capacity was added throughout the year, marking the lowest total since 2014.

India installed 2.8 GW of new wind energy capacity in 2023, a 56% increase from 1.8 GW in 2022, according to Mercom India Research. India’s cumulative wind capacity as of December 2023 stood at 44.7 GW, compared to 41.9 GW at the end of 2022.

Offshore wind

A total of 10.8 GW of new offshore wind capacity was added in 2023, raising the global total to 75.2 GW. This was a 24% increase over 2022, making it the second-highest year for offshore wind expansion.

China remained the offshore wind leader for the sixth consecutive year, commissioning 6.3 GW. This accounted for 58% of the year’s global additions, increasing China’s total offshore wind capacity to 38 GW— 3.7 GW (11%) more than Europe.

Europe had a record year in 2023, with 3.8 GW of new offshore wind capacity commissioned across six markets. This brought Europe’s total offshore wind capacity to 34 GW by the end of 2023, 43% of which was in the UK and 24% in Germany.

Outlook

GWEC Market Intelligence predicts a robust global growth in wind energy, forecasting 791 GW of new capacity over the next five years under existing policies, averaging 158 GW annually through 2028.

The compound annual growth rate (CAGR) for onshore wind during this period is projected at 6.6%, with expected yearly additions of 130 GW, totaling 653 GW from 2024 to 2028. China, Europe, and the U.S. will drive much of this growth, accounting for over 80% of new onshore installations.

For offshore wind, the CAGR is anticipated to be 28%, with 138 GW expected to be added globally between 2024 and 2028. Offshore installations are set to triple by the end of the forecast period, increasing their share of new installations from 9% to 20% by 2028. Initially, China and Europe will lead this expansion, but from 2026, the U.S. and emerging Asia-Pacific markets will begin to capture a more significant portion. By 2028, annual offshore installations from regions outside China and Europe are projected to exceed 20% of the global total.

Despite these optimistic projections, the pace of renewable energy expansion remains insufficient to limit global warming to 1.5°C or to achieve the global goal set at COP28 of tripling renewable capacity to 11,000 GW by 2030. By 2030, GWEC anticipates reaching 2 TW of installed capacity, significantly below the level needed to meet these ambitious targets.

Energy transition reports, including IRENA’s World Energy Transitions Outlook and the IEA’s Net Zero by 2050 Scenario, emphasize the critical role of wind energy in achieving these goals. IRENA projects a cumulative onshore wind capacity of 3,040 GW and offshore capacity of 494 GW by 2030 — totaling approximately 3.5 TW. The IEA’s scenario suggests a need for 320 GW of new installations in 2030 alone, aiming for a total of 2.75 TW by then.

GWEC also revised its forecast from last year, expecting an additional 107 GW (a 10% YoY increase) by 2030, primarily due to more optimistic projections for China and Europe.

This revised outlook suggests the second TW of wind capacity could be achieved by the end of 2029, a year earlier than previously anticipated, contingent on overcoming challenges in permitting, supply chains, finance, and grid infrastructure to sustain and accelerate growth toward net zero objectives.