GWEC Market Intelligence has published the second edition of its annual Wind O&M Service Provider Overview and Database, which shows that the global wind O&M service market is set to experience a major boom over the next five years. While the latest GWEC Market Intelligence market outlook expects a solid 3 per cent compound annual growth rate (CAGR) for new wind installations from 2020-2024, the CAGR for the aftersales and service market is expected to be in the double digits over the same period.
The pandemic tested the wind industry like never before in 2020, and the wind sector responded with Resolve, Resilience and Resourcefulness.
The Global Wind Blade Supply Chain Update 2020 marks GWEC Market Intelligence’s second key component assessment, which is part of the GWEC Market Intelligence service that provides insights and data-based analysis on the development of the wind industry.
As the third largest carbon emitter in the world, decarbonising India’s energy system is crucial to achieve global decarbonisation targets and support international efforts to keep global warming under 1.5°C pre-industrial levels – and wind power will play a key role for India to achieve the country’s climate targets.
Market to Watch: Offshore Wind in India – Key policy advances can lead to rapid gains for the sector
Onshore wind energy currently stands as the second largest renewable energy sources in India – the world’s third-largest producer and fourth-largest consumer of electricity. Aiming to ensure energy security through the country’s Low Carbon Emission Pathways, there is a clear need for renewables to play a bigger role in diversifying its energy mix, not only to limit the effects of global warming, but also to reduce pollution, create new economic opportunities, and achieve Prime Minister Modi’s vision of ‘Atma Nirbhar Bharat’, or a ‘Self-reliant India’.
From its first 102 MW Donghai Bridge Wind Farm near Shanghai commissioned in 2010, China has since been busy building swathes of turbines at sea with nearly 7 GW of capacity already installed as of December 2019. While China is considered a late bloomer in the offshore wind industry, it is expected to surpass offshore wind pioneers like Germany and the UK in terms of cumulative installations by as early as this year.
As offshore wind continues to accelerate growth into new markets, the industry must keep looking to the future and anticipate growth to avoid any potential bottlenecks and be able to fulfil a growing demand for offshore wind. One potential bottleneck which could slow offshore wind installation is the availability of vessels that are critical for offshore wind turbines installation execution, which is why GWEC Market Intelligence has published its first ever Global Offshore Wind Turbine Installation Database as an important resource for the industry.
The Global Wind Energy Council (GWEC), joined by Greenpeace and REN21, has announced the winner of the first edition of the “REvolutionaries: The Steve Sawyer Memorial Award,” launched in 2020 to honour the life’s work of late GWEC CEO Steve Sawyer, a pioneer of the global energy transition.