The Global Wind Energy Council (GWEC) released its Global Wind Report: Annual Market Update. More than 54 GW of clean renewable wind power was installed across the global market in 2016, which now comprises more than 90 countries, including 9 with more than 10,000 MW installed, and 29 which have now passed the 1,000 MW mark.
Cumulative capacity grew by 12.6% to reach a total of 486.8 GW. Wind power penetration levels continue to increase, led by Denmark pushing 40%, followed by Uruguay, Portugal and Ireland with well over 20%, Spain and Cyprus around 20%, Germany at 16%; and the big markets of China, the US and Canada get 4%, 5.5%, and 6% of their power from wind, respectively. GWEC's rolling five year forecast sees almost 60 GW of new wind installations in 2017, rising to an annual market of about 75 GW by 2021, to bring cumulative installed capacity of over 800 GW by the end of 2021.
Growth will be led by Asia: China will continue to lead all markets, but India set a new record for installations this past year and has a real shot to meet the government's very ambitious targets for the sector; and there are a number of exciting new markets in the region with great potential.
Market fundamentals are strong in North America, and Europe's steady if unspectacular march towards its 2020 targets has been given a big boost by the year's most exciting new development: the dramatic price reductions for offshore wind. Europe will continue to lead the offshore market, but the low prices have attracted the attention of policymakers worldwide, particularly in North America and Asia.
Despite Brazil's political and economic woes, other countries in the region have stepped up to fill the gap, especially Uruguay, Chile and the region's most exciting new market in Argentina. Africa will have a big year in 2017, led by Kenya, South Africa and Morocco, and the future of wind on the continent looks bright. After a lull, the Australian market looks to come roaring back with a strong pipeline of projects to be built out over the next few years.