Global wind energy is set to reach the one terawatt (TW) installed capacity threshold by the end of 2023.

That’s according to Wood Mackenzie’s latest market outlook, which predicts that the next ten years will see a sevenfold increase in offshore wind. 

The consultancy notes that Europe and China will account for almost 81% of global offshore capacity additions, with China alone doubling its annual capacity year-on-year and accounting for 50% of new capacity globally.

The authors of the report suggest the Middle East and Africa will add 72GW of total capacity in the next ten years.

Luke Lewandowski, Wood Mackenzie Research Director, said: “After needing more than 40 years to reach one TW of installations, the wind industry will reach the next TW of installations within the next eight years, a significant acceleration of growth.”