Global Wind Power Markets Outlook Update: Q4 2018 Report

Commodity Market Report 04 December 2018

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Report summary

Wood Mackenzie's Q4 2018 Global Wind Power Market Outlook Update presents an analysis of global and regional wind power installation forecasts through 2027. The Q4 2018 Global Wind Power Market Outlook update includes a detailed market forecast update for more than 50 key and emerging markets for wind power from 2018 to 2027. The forecast data includes a split of expected onshore and offshore development as well as an analysis of wind turbine order and wind turbine pricing trends.

Executive summary
- Upgrades offshore and in mature onshore markets result in a 14GW upgrade QoQ
  - Increasing confidence in offshore wind has resulted in several markets committing more strongly to offshore wind development
  - US offshore upgrade drowns modest election-related downgrade in Canada and Brazil, yielding a 3.8GW upgrade QoQ for the Americas
  - Heightened market development in Scandinavia headlines a 7.7GW upgrade QoQ for Europe
  - Negligible project-based adjustments QoQ in the Middle East and Africa
  - Favourable offshore support in Japan and South Korea and intensified development in Australia trigger a 3GW upgrade in Asia Pacific QoQ
- Offshore demand in China continues to lift quarterly order intake figures
  - Global turbine order intake is up 28% in Q3/2018 YoY, with firm global order intake through the first three quarters nearly reaching 42GW
  - Wind turbine pricing stayed relatively flat QoQ, with slight increases in selected markets due to trade and other market-related dynamics
  - Auction activity in December will inform possible outlook adjustments in Q1/2019