The wind energy industry had a record-setting 12 months in 2023, as the planet’s capacity for this type of power surged by an unprecedented 50%. The resulting energy from that increase is enough to power nearly 90 million homes.
In total, 54 countries contributed to 2023’s wind power expansion, with China alone accounting for almost two-thirds of that. However, despite this rapid build up of renewables, there was still a good amount of wind energy that was left on the table.
Offshore wind projects ultimately lagged behind the success seen by their land-based counterparts. Along the U.S. East Coast, hundreds of millions of dollars worth of these initiatives were either delayed or canceled altogether. The affected projects accounted for more than a fifth of the power the Biden administration had been hoping to produce from offshore wind farms by 2030.
These difficulties have been attributed to rising costs among the materials needed to build these turbines in the sea. As a result, the previously agreed-upon contracts to build them no longer make financial sense.
Experts at S&P Global believe these struggles will subside in 2024. They expect the offshore wind industry to experience a turnaround, potentially more than doubling the number of turbines currently spinning off the East Coast.
That move will help contribute to even greater annual expansions of wind power in the coming years, blowing away previous totals. By 2025, the world is expected to see even more wind energy options added than it did during 2023.
