Onshore wind energy: what to look for in 2024
2024 will be a transformative year for onshore wind energy, bringing promises of market recovery, accelerated growth and a renewed focus on profitability for OEMs.
1 minute read
Aaron Barr
Global Head, Onshore Wind Energy Research
In 2024, the onshore wind energy market is poised for a remarkable rebound after facing significant challenges in 2023.
Globally, onshore wind markets, excluding China, contracted by 11% during the previous year, driven by factors such as fluctuating policies, increased equipment costs, high-interest rates, permitting challenges and transmission delays.
However, the upcoming year holds promising prospects for the industry's recovery. Key drivers include record wind turbine order backlogs, unprecedented policy momentum globally and a renewed commitment from governments to expedite wind energy deployment to meet climate goals.
Anticipated growth is particularly notable in Europe, with Spain expected to reach record levels of annual installs in 2024. This positive trajectory is underpinned by faster permitting approval and improvements facilitated by initiatives like the European Wind Action Plan.
Additionally, the Middle East and Africa regions are set for significant expansion, with notable growth anticipated in countries such as Egypt, Saudi Arabia and South Africa.
Our latest onshore wind report explores all of these themes and more. Fill out the form on the top of this page to download your complimentary copy of the report.