Asia to dominate wind power market by 2050

In its report, titled “Future of Wind,” the agency said Asia could grow its share of installed capacity for onshore wind from 230 Gigawatts (GW) last year to more than 2,600 GW by 2050.

On a wider scale, global wind power could rise ten times to 6,000 GWs by 2050, with wind accounting for one third of global power demand.

Under the 2015 Paris Climate Agreement, wind will be able to deliver on quarter of the targeted energy-related carbon emissions reductions along with electrification by mid-century.

“Low-cost renewable energy technologies like wind power are readily-available today, representing the most effective and immediate solution for reducing carbon emissions,” IRENA’s Director General Francesco La Camera said.

In terms of continents, North America would follow Asia in global onshore wind power installations by 2050 at 23% of the deployed installations, while Europe will account for 10%.

For installed capacity for offshore wind, Europe would have 22% of global installations and North America 16%.

The levelised cost of electricity (LCoE) for onshore wind will sustain its downward turn to reach $0.2 or $0.3 per kilowatt hour by 2050, compared with $0.6 last year.