China Leading The World In Wind Energy Market

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Summary

  • China leads the world in wind farm construction. The nation has to install a phenomenal number of wind farms every year if it is to hit its 2060 carbo neutral target.
  • Total worldwide wind-energy capacity is set to touch 1000 Gigawatts by 2024.

Wind farms were one of the most popular renewable energy projects in 2020. The country building the most wind farm capacity is China. In 2020, China alone managed to build more wind farm capacity than the total wind farm capacity built worldwide in 2019.

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Wind Farms In China

The country installed wind farms capable of generating 52 Gigawatts of energy in 2020, up 60% from 2019.

China’s wind farm developers doubled their construction efforts in 2020 to squeeze as many subsidies from the government as possible. Subsidies for the wind farm sector are set to be dramatically scaled back in 2021. Also, subsidies for new offshore wind farms have already been scrapped entirely, while subsidies for new onshore wind farms are set for the chopping block sometime this year.

For China to conform to its 2060 carbon-neutral goal, it needs to install at least 50 Gigawatts of wind farm capacity every single year for the next five years. From 2026 onwards, a capacity of 60 Gigawatts has to be installed every year for the next thirty-four years.

Largely thanks to Chinas effort, the Asia Pacific is the now largest wind-energy producing region in the world, with a total capacity of 347 Gigawatts.

The Future Of Wind Farms

It has been predicted that the total worldwide capacity will touch 1000 Gigawatts by 2024. China will continue to outperform the rest of the world, even as subsidies dry up for new installations.

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While China will dominate the space for the foreseeable future, there are some major wind farm projects across the world set to come on-line in the next few years, including:

  • Europe’s first subsidy-free, the Dutch built 1.5 Gigawatt Kust Zuid offshore wind farm is set to be completed in 2023.
  • The US’ first major offshore wind farm, Vineyard Wind is expecting to be put into operation in 2023. The wind farm will generate 800 Megawatts and cost more than US$2.8 billion.

READ MORE: GE’s new wind turbine has the power of 4 Boeing 747 jet engines

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