A historic 93 GW of new wind capacity was installed in 2020 despite the impacts of COVID-19, making last year a record year for onshore wind growth and the second-best year for offshore wind growth.
New Delhi: The global wind energy industry is set to grow at a 4 per cent Compounded Annual Growth Rate (CAGR) through 2025, with additional 470 Gigawatt (GW) of capacity creation, helping create 3.3 million jobs over the period, according to a new report by the Global Wind Energy Council (GWEC).
“The additional 470 GW of wind capacity through 2025 could equate to the creation of more than 3.3 million direct jobs in a dynamic supply chain around the world, based on existing datasets regarding job creation for onshore and offshore wind,” the report said.
A historic 93 GW of new wind capacity was installed in 2020 despite the impacts of COVID-19, making last year a record year for onshore wind growth and the second-best year for offshore wind growth, demonstrating the resilience of the wind industry and a signal that the industry and global supply chain can continue to deliver.
“While installations are forecast to decline slightly in 2021 to 88 GW of new wind capacity, it will still be the second-best year for wind growth in history, largely driven by installation rushes in the US for onshore wind and China for offshore wind,” the report said.
Wind installations will grow at a CAGR of 4 per cent over the next five years and annual offshore wind installations are set to quadruple by 2025 with CAGR of 31.5 per cent over the next five years.
The report said annual installations are set to exceed 110 GW by 2025, bringing the total volume of new installations from 2021-2025 to a whopping 470 GW. These additions are equivalent to two-thirds of all current wind installations worldwide – meaning the industry is set for significant expansion over 5 years.
By 2025, GWEC expects more than 1,210 GW of installed onshore and offshore wind capacity around the world. With increased investment and policy ambition for onshore and offshore wind energy, the employment potential could exceed 3.3 million jobs, offering a rung on the ladder to green recovery.