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According to the latest forecast of MAKE Consulting, the average annual installed capacity of wind power in the world is expected to exceed 67GW
from 2018 to 2027.
MAKE Consulting is now part of research and consultancy firm Wood Mackenzie, which also owns GTM Research, which previously released data that projected an average of 65 GW
of annual wind capacity increase globally between 2018 and 2027.
The new report adjusts to last quarter's report to grow by nearly 3% to 67 GW in average annual increments from 2018 to 2027, resulting in a compound annual growth rate of more than
8% over the forecast period.
Specifically, however, MAKE's forecast upgrade is more based on the medium-term, i.
e.
nearly 14GW
of capacity additions from 2020 to 2024.
Due to the recent development plans released by the US states of Massachusetts, Rhode Island and Connecticut, as well as the momentum of the US offshore wind sector, MAKE forecasts that the annual growth rate of wind power in the US between 2021 and 2027 is expected to be 6 GW.
The report's outlook for Europe, including Russia, increased by 1.
7 GW from the first quarter report, thanks to 500 MW in the UK and Norway, and 600 MW installation plans from the Netherlands, which helped offset the impact
of Denmark and Sweden's planned slowdown in installing offshore wind after 2027.
One of the bigger forecast changes is Iran, which fell 47 percent after the reinstatement of U.
S.
sanctions against Iran, driving a 9 percent
decline in the Middle East.
According to the latest report, the outlook for the Chinese market remains broadly unchanged, while India's aggressive wind targets for 2022 are expected to increase by an average of 8 GW
per year.
Japan also saw an average annual increase of 3 GW, pushing the forecast for the entire Asia-Pacific region up by 13%.
According to the latest forecast of MAKE Consulting, the average annual installed capacity of wind power in the world is expected to exceed 67GW
from 2018 to 2027.
MAKE Consulting is now part of research and consultancy firm Wood Mackenzie, which also owns GTM Research, which previously released data that projected an average of 65 GW
of annual wind capacity increase globally between 2018 and 2027.
The new report adjusts to last quarter's report to grow by nearly 3% to 67 GW in average annual increments from 2018 to 2027, resulting in a compound annual growth rate of more than
8% over the forecast period.
Specifically, however, MAKE's forecast upgrade is more based on the medium-term, i.
e.
nearly 14GW
of capacity additions from 2020 to 2024.
Due to the recent development plans released by the US states of Massachusetts, Rhode Island and Connecticut, as well as the momentum of the US offshore wind sector, MAKE forecasts that the annual growth rate of wind power in the US between 2021 and 2027 is expected to be 6 GW.
The report's outlook for Europe, including Russia, increased by 1.
7 GW from the first quarter report, thanks to 500 MW in the UK and Norway, and 600 MW installation plans from the Netherlands, which helped offset the impact
of Denmark and Sweden's planned slowdown in installing offshore wind after 2027.
One of the bigger forecast changes is Iran, which fell 47 percent after the reinstatement of U.
S.
sanctions against Iran, driving a 9 percent
decline in the Middle East.
According to the latest report, the outlook for the Chinese market remains broadly unchanged, while India's aggressive wind targets for 2022 are expected to increase by an average of 8 GW
per year.
Japan also saw an average annual increase of 3 GW, pushing the forecast for the entire Asia-Pacific region up by 13%.
