The global wind power industry is expected to install more than 626,800 MW of new capacity over the next decade, said a report.
According to a report from Navigant Research, this new capacity represents a market worth more than $92 billion in 2019 and more than $1 trillion over the forecast decade.
According to the report, global offshore wind development is expected to experience a 16% compound annual growth rate over a 10-year forecast period.
China, Taiwan, and Europe are the leading markets, with the US soon to join when the first large-scale offshore wind plants are commissioned in coming years along the northeast coast of the country.
The most recent year-end 2018 data shows Denmark-based Vestas retaking the global total annual capacity lead and three other Western OEMs falling in the global total annual rankings.
The turbine OEM market dynamics show consolidation throughout the sector, with top OEMs commanding larger market shares.
“Growth in wind capacity is led by countries in Asia Pacific and non-traditional markets in Europe, Latin America, and the Middle East & Africa,” says Jesse Broehl, senior research analyst with Navigant Research. “Wind power is being developed not only in a greater variety of countries but also increasingly in offshore as well as onshore.”