Global wind capacity additions to reach 745GW until 2031

Mainland China will account for 49% of the new capacity during the period.

Global wind capacity additions were expected to reach 745 gigawatts (GW) between 2022 and 2031, an increase from the previous 10-year outlook of 690GW, according to a report by Fitch Solutions.

“This is driven by rising efforts from markets to decarbonise the power sector and improve energy security,” Fitch said.

During the period, the average net capacity growth across markets will reach almost 10GW, but only nine markets will rank above this, and 63 markets will fall below.

The small number of high growth markets that will lead the wind sector include Mainland China, the US, and Germany, which are the top three markets that will account for 66% of capacity additions.

Mainland China will represent 49% of all winds addition globally during the period driven by new inland project developments, as well as the offshore wind subsector that is picking up pace.

It said that more than 18 markets will add over 5GW of new capacity over the decade “demonstrating the sectors growing appeal.”

Read more: China to add 365GW wind capacity in the next decade: Fitch