Wind Power Set to Grow
Clean energy generation is booming in response to rising energy demand coupled with environmental precedence and attracted by the falling cost of renewable energy technology.
The investment in renewable energy saw 3% growth globally to more than $333.5 billion, in 2017. The upward trend is set to continue as the climate change is now seen as an investment priority. It is estimated to be $7.8 trillion through 2040, almost four times the investments in fossil fuels over the same period.
The wind and solar energy are becoming more viable options with significant improvement in capacity factor. Moreover generation cost has also been reduced considerably due to economies of scale; electricity produced globally by wind power has doubled four times over since 2000. The two energy resources are envisaged to be the cheapest forms of producing electricity even without government subsidies in the coming decade.
Global wind power capacity is expected to increase by 50% in the next five years. Last year, 51.3 GW of new wind installations were added, taking cumulative capacity to 591 GW, according to the Global Wind Energy Council. It forecast more than 300 GW of new capacity to be added by 2023, driven by emerging markets in Africa, the Middle East, Latin America and Southeast Asia, as well as the increasing competitiveness of offshore wind. As per IRENA, the average cost of electricity generated by offshore wind could decrease by 35% by 2025.
A tremendous growth is anticipated in the wind power sector in practically all parts of the world with supply rate up to 17-19% of global electricity by 2030. Nearly all Mena countries are now procuring or planning wind projects. Egypt and Morocco host two of the largest wind farms in the world.
Saudi Arabia will become the largest regional wind power market by the early 2020s, according to the research and consultancy group Wood Mackenzie Power & Renewables. The Kingdom will develop 6.2 GW of wind capacity, which is 46% of the planned increase in the region’s total wind capacity between 2019 and 2028.
In addition to strong political commitment and high levels of capital investment, several profound changes are taking place that would lead to a much higher contribution from renewables.
The opportunities for wind energy are poised to increase in 2019; looking ahead the prospects are vast and bright for the sector.