The global wind industry is experiencing a transformative phase, with remarkable growth and increasing momentum. In this article, we’ll explore why certain markets are considered “emerging” and how they contribute to the wind energy landscape.
1. Record Installations and Accelerated Growth
In 2023, the wind industry installed a record-breaking 117 gigawatts (GW) of new capacity worldwide, marking an impressive 50% year-on-year increase from 2022. This surge in installations reflects a new era of accelerated growth driven by several factors:
Emerging Markets: Promising growth is observed among emerging markets and developing economies.
Political Ambition: Increased political commitment to renewable energy, exemplified by COP28’s adoption of a target to triple renewable energy by 2030.
National Industrial Policies: Major economies have established industrial policies, propelling growth in offshore wind.
2. The Technical Potential of Offshore Wind
Brazil: With abundant coastline, Brazil has significant fixed offshore wind potential.
India: Shallow waters offer substantial fixed offshore wind opportunities
Morocco: Favorable conditions make Morocco a promising market.
The Philippines: Floating foundations are needed due to higher depths.
South Africa: Offshore wind can play a crucial role in its energy mix.
Sri Lanka: Fixed offshore wind potential exists in shallower waters.
Turkey: Fixed and floating potential contribute to its capacity.
Vietnam: Considerable potential awaits exploration.
3. The Roadmap Ahead
To meet COP28 targets and stay on the 1.5-degree pathway, the wind industry must triple its annual growth from 117 GW in 2023 to at least 320 GW by 2030. Achieving this requires collaboration across investment, supply chains, system infrastructure, and public consensus.
Conclusion
Emerging markets hold immense promise for the wind energy sector. As technology advances and costs decrease, offshore wind will continue to play a pivotal role in our transition to cleaner energy sources.
Remember, the wind whispers secrets of a sustainable future. Let’s harness its potential and propel our planet toward greener skies! ????????