Wind Industry Installs Record Capacity in 2024 Despite Policy Instability

Wind Industry

Wind is among the cheapest sources of energy globally and one of the two key renewable sources contributing to 95% of global renewable capacity growth this decade. It delivers high-quality power with a strong baseload and ensures grid stability.

The 2025 Global Wind Report marks a pivotal moment for wind energy. With 117 GW installed in 2024, the sector continues to expand into new regions and solidify its role in the energy transition. However, to align with COP28’s goal to triple global renewable capacity by 2030, wind industry deployment must scale much faster.

• Last year, 109 GW of onshore wind and 8 GW of offshore wind were added, bringing global wind capacity to 1,136 GW. Installations spanned 55 countries, with growth seen across all continents. This progress has been supported by growing experience, technological advances, stronger policy frameworks, and more efficient regional supply chains, creating a steady stream of increasingly competitive projects.
• Between the years of 2010 and 2022, the global weighted average levelized electricity cost for offshore wind dropped by 59%, from USD 0.197/kWh to USD 0.081/kWh. Compared to its 2020 level of USD 0.088/kWh, the 2022 figure represents an 8% decline. From its 2007 peak, LCOE fell 65% by 2021.
• Despite this progress, several challenges persist: financial pressures, trade barriers, fragmented markets, and weak procurement frameworks have slowed global wind supply chain growth. The Global Wind Energy Council highlighted the need for increased permitting, setting up of more sophisticated grids, and more effective auctioning to support electrification, meet climate targets, and reduce dependence on fossil fuels.
• Artificial intelligence offers promising solutions, including better weather forecasting, wind analysis, maintenance optimization, power forecasting, and scheduling. As the sector grows and new technological developments happen, the application of artificial intelligence is expected to play a growing role in unlocking further wind energy innovation.