Analyst Insight: Wind Energy Update and Forecast Insights

The wind market was extremely resilient in 2020, despite most renewable markets facing severe short-term disruptions caused by COVID-19. In 2020, the global wind industry installed 99 GW of annual capacity and is estimated to install another 88.5 GW in 2021. This represents a significant increase over the previous estimate of 62.6 GW made at the end of 2020. China accounted for a large portion of global annual capacity in 2020, adding more than 58 GW in 2020—growth that is expected to continue into 2021. In the US, as a result of pandemic-related delays and the phase out of the production tax credit, annual capacity in is expected to peak in 2021 at more than 15.5 GW.

The US and China are experiencing rapid near-term increases of capacity additions as generous policies change or phase out. As the global wind market matures further, wind power is being developed not only in a greater variety of countries but also in offshore and onshore capacities. In North America, new climate plans are expected to accelerate offshore wind energy construction.

This Guidehouse Insights report provides an analysis and key recommendations across the global wind market. This report provides insights, drivers and barriers, and key market inflection points on regions where the wind energy supply chain market is expected to have the greatest influence in the overall energy mix. In addition, Guidehouse Insights continues to monitor COVID-19 impacts on the wind market.