Two distinct growth periods, 2016 to 2020 and 2021 to 2025, split the wind power market’s global outlook in MAKE’s latest report due to upgrades to both the China and US markets that erase a previously expected growth peak in 2018.
MAKE has upgraded the 2016 to 2020 outlook by 5.5%, due largely to a 15.4% upgrade in the US market over this period. The upgrade also reflects a push across global markets to capitalize on policies and subsidies that are scheduled to wind down before 2021.
The second growth period, 2021 to 2025, is downgraded by 2% relative to the outlook in Q1, as continued inaction to fill policy voids dampens optimism and puts pressure on the industry to accelerate reductions in the LCOE of wind power. The 10-year CAGR is maintained from the outlook in Q1 despite a net capacity increase of 6.3GW, MAKE explained.
The Q2/2016 Global Wind Power Market Outlook Update includes a detailed market forecast update for more than 50 key and emerging markets for wind power from 2016 to 2025. The forecast data includes a split of expected onshore and offshore development as well as analysis of the latest wind turbine order and pricing trends.
The forecast for European offshore wind remains within 1% of the Q1 outlook, with an acceleration of post-2020 activity in Germany the most significant adjustment.