Global wind energy capacity to soar by the 2030s, Wood Mackenzie finds

April 11 (UPI) -- Led by China and the European Union, the global wind energy market is on pace for a seven-fold increase by 2032, analysis from Wood Mackenzie found.

Research published Tuesday by consultant group Wood Mackenzie found the global wind energy market will have 1 terawatt (1 million watts) of installed capacity by the end of the year. It will expand by seven times that amount by 2032.

China and the members of the European Union are expected to do much of the heavy lifting, accounting for around 80% of the global offshore developments over the next 10 years.

Luke Lewandowski, a research director at Wood Mackenzie, said China's trajectory stalled out last year, with new connections dropping 21% year-on-year due in part to tight social restrictions in place during the COVID-19 pandemic.

"The projects unable to connect in the fourth quarter will help boost the outlook in China for 2023," he said.

In Europe, more than 343 gigawatts of wind energy is expected over the next 10 years. Offshore wind capacity accounts for about 39% of the new capacity expected for Europe, Wood Mackenzie estimates.

In the U.S. market, which is playing catch up in terms of offshore installations, the consultant group said would-be developers are waiting for clarification on various tax credits made available by the federal government.

"However, with policy clarity, approval and investment in transmission projects, and development of the offshore market's nascent supply chain, annual additions will intensify and average 20 GW per year from 2026 through 2032," Lewandowski added.

The Energy Department released a plan last month to meet President Joe Biden's goal of deploying 30 gigawatts of offshore energy by 2030, which would power 10 million homes.

In Europe, Italian energy company Eni is leading a joint venture in the installation of three floating wind farms off the Italian coast that would have enough energy to meet the demands of 2.5 million average homes.

Elsewhere, however, ongoing supply-chain issues and elevated inflation means as much as 3 GW of potential wind energy is delayed, Wood Mackenzie estimated.