Global wind power new installations totaled 93.6GW in 2021, 1.8% lower than 2020. This brings global cumulative wind power capacity to 836GW, an increase of 12% YoY (onshore 780GW, offshore 56GW). Global wind power new capacity is projected to grow by a CAGR of 6.6% during 2022-2026, with cumulative new installations of 557GW or at average 110GW each year.
Europe is projected to install 116GW of new wind farms over the period from 2022-2026, approximately 23GW per year on average. Germany will be Europe’s largest wind market due to the strong expected performance of its onshore market over the next 5 years (19.7GW) and rising offshore installations (5.4GW). Other markets with significant new installations over 2022-2026 will be the UK (15GW), France (12GW), Spain (10GW) and Sweden (7GW).
Global renewable power prices soar on strong global demand and challenging global supply chains. Higher costs of renewables in Europe amidst aggressive climate policies in the region could boost the appeal of pricier technologies such green hydrogen and biofuels. However, soaring renewable prices have not slowed demand. In a survey conducted by LevelTen in 1Q22, 75% of clients have accelerated or maintained procurement plans. Supporting renewables is the soaring cost of fossil fuels.