Leading Sponsor Associate Sponsors Podcast Sponsor GLOBAL WIND ENERGY COUNCIL (CWEA), Thailand Wind Energy Association (ThaiWEA),Mongolian Renewable Energy Association, IranRenewable Energy Association (IRWEA), ElectricitySector Association of Kenya (ESAK), South African WindEnergy Association (SAWEA), Clean Energy Council -Australia, American Clean Power (ACP), CanadianRenewable Energy Association (CanREA), WindEurope. Jeanette Gitobu, Janice Cheong, Wangari Muchiri,Ramon Fiestas, Heba Rabie, Kshitij Madan, NadiaWeekes, Jasmine Cargill, Erik Lu, Juan Tomas Sanchez,Nina Melkonyan, João Esteves, Benoit Moreaux. Global Wind Energy CouncilThe Unicorn Factory Front coverImage courtesy of Vestas Av. Infante D. Henrique 143 S09Lisbon. Portugalinfo@gwec.netwww.gwec.net Published23 April 2025 Additional Contributions Asociación Mexicana de Energía Eólica (AMDEE), SERColombia – Asociación Energías Renovables,Associação Brasileira de Energia Eólica e NovasTecnologias (ABEEólica), Camara Eólica Argentina,Asociación Peruana de Energías Renovables (SPR),Asociación Chilena de Energías Renovables yAlmacenamiento (ACERA), Japan Wind PowerAssociation (JWPA), Korea Wind Energy IndustryAssociation (KWEIA), China Wind Energy Association Design lemonboxwww.lemonbox.co.uk Data Lead We received valuable review and commentary for thisreport from:•Pavel Miller (SSE) Feng Zhao, Chief Research Officer •Wadia Fruergaard (Vestas)•Mathilde Huismans (IEA) Contributors and Editors Ben Backwell, Emerson Clarke, Reshmi Ladwa, StewartMullin, Francis Jayasurya, Mark Hutchinson, LimingQiao, Rebecca Williams, Weng Han, Wanliang Liang,Esther Fang, Ann Margret Francisco, Martand Shardul, Table of contents ForewordsExecutive Summary: The Data and the Story – Wind in 2024Introduction - Getting Wind Energy Back to Accelerated GrowthPart One: Trends to WatchFinance and macroeconomic headwindsTrade barriers and fragmentationNegative pricesFactors affecting supply chain developmentThe challenges facing wind energyAuctionsGridSocial acceptance and disinformationLocal content requirements and tariffsRace to new turbine platformsPart Two: Solutions to build the next TWScale, demand and investment de-riskingStandardisation: Increasing competitivenessthrough manufacturing excellenceEnhancing trade and global collaboration toachieve scale and efficiencyWinning support, building political support andcombatting disinformationPart Three: Markets to WatchAfrica: South AfricaAPAC: China, Australia, India, Singapore, Philippines, South KoreaCentral Asia: Uzbekistan, Kazakhstan, AzerbaijanEurope: Germany, UKMENA: KSAAmericas: BrazilPart Four: Market StatusPart Five: Market Outlook 2025-2029 24811121416Appendix97Global Wind Report 2025 Methodology and Terminology98About GWEC Market Intelligence99GWEC Global Leaders101Women in Wind103Sponsors and contacts105 Time to focus on thelong-term value and missionof wind energy lWe need to keep pushing to gofaster in order to hit our importanttripling up targets by 2030. lRegulatory reform remains an urgentarea of focus, in order to facilitatefaster deployment and capitalrecycling to facilitate further growth,especially in nascent markets. It might be fair to say that many peoplein the wind industry will not look back on2024 too fondly. It was a year in whichthe impact of interest rate increases,inflation, supply chain pressures, investorconfidence, regulatory inertia andpolitical uncertainty all had a relevantimpact across many key markets. energy installed globally. It is alsonoteworthy that in 2024, 90% of allexpansion in the power sector was inrenewables, with 20% of that growthcoming from wind energy. lOpen and fair trade alongside healthysupply chains must be promoted. lWe should not lose sight of thelong-term value and mission of windenergy, regardless of short-termpolitical messaging. We must remainsteadfast in fostering policymakingthat is based on scientific andeconomic data and not on subjectiveopinion or disinformation. However, if you look behind theheadline numbers, four factors stand out: However, perhaps 2024 can be put intosome perspective. After all, it was onlyone year in the long life of the EnergyTransition, a 50-year programme todecarbonise our planet and safeguardits future. 1.We are not going fast enough – therate of installation of wind energyneeds to continuously increase, nothold steady or decrease, if we are tohit the important 2030 tripling uptarget, and modernise societiesthrough electrification lWe must make more effort to sell thebenefits of our sector to all aspects ofthe political spectrum, so that we canbecome less politically sensitive andcan be seen as the force for goodthat we know ourselves to be. For the preceding 20 years, wind energyhad enjoyed a prolonged period ofgrowth, achieving the historic milestoneof 1TW of installed capacity in 2023 andgrowing into a major economic andindustrial movement with over $200billion of private capital being investeda