Wind Industry Seeks Major Growth By 2030

The global wind industry is poised for significant growth, with the need to triple annual installations by 2030 to meet net-zero goals. Onshore wind has seen a remarkable 70% drop in levelized cost of energy since 2010, making it the most competitive energy solution available. Annual growth rates are projected at 10% for onshore wind and 22% for offshore wind between 2024 and 2030. The industry is also facing challenges due to geopolitical tensions, particularly concerning supply chains dominated by China, which may lead to increased diversification, with India emerging as a potential beneficiary. Additionally, advancements in turbine technology may drastically reduce the future need for rare earth magnets in wind turbines. This transition is critical not only for energy production but also for aligning with global climate targets.