The Cumulative capacity of Wind power plants in Global Power and Utilities industry reached 743,341.89 MW in 2020
The indicator recorded a historical growth (CAGR) of 11% between 2017 and 2020, and is expected to grow by ...
GlobalData projects the indicator to grow at a CAGR of ...
Cumulative capacity of wind power plants globally recorded a YoY growth in 2020
Wind power registered tremendous growth in the past ten years and is expected to remain competitive in the energy market. In 2010, electricity from wind contributed to low-single digit percentage of the total power supply in the world. Until 2017, feed-in tariffs (FiTs) were the major government initiative that propelled the growth of wind energy. However, with changes in the market, an auction-based bidding mechanism has gained prominence in most of the major wind power markets and is likely to remain so in the years to come. The auction mechanism leads to cost competitiveness, and also encourages state-owned distribution utilities to award wind power projects through a bidding route. Wind power auctions led to reduction in the price of onshore wind power in several countries.
The total global installed wind power capacity increased between 2010 and 2020 at a low-double-digit CAGR. The capacity is expected to increase at a high-single digit CAGR during 2020–2030.
Asia-Pacific accounted for the largest number of installations in terms of annual wind power capacity in 2020. The region will likely register the largest capacity additions during 2021–2030. Europe and North America remain way behind APAC. Countries in South and Central America, and MEA installed smaller capacities in 2020 but are expected to progress during 2021–2030.
Wind power results from the conversion of wind flow into a useful form of energy through turbines, water pumping, and windmills, which transform mechanical energy. Wind is an alternative source, which generates power from the flow of the earth’s air currents through a wind turbine. A wind turbine gathers kinetic energy to convert it into electricity for residential, commercial, and industrial purposes. Wind is a clean source of energy as it does not emit carbon dioxide (CO2). It is classified into onshore and offshore. For onshore wind power generation, wind turbines are erected on land, and for offshore wind power, wind turbines are erected in the sea or ocean on a foundation/platform.
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