Wind industry faces supply chain crunch, but predicts rapid growth by 2023.

The wind power industry is expected to experience rapid growth in 2023, with incentives and policy changes in key nations helping to overcome factors that led to a slowdown in 2022. The Global Wind Energy Council projected 680 gigawatts of new onshore and offshore wind will be installed by 2027, enough to power about 657 million homes annually. The industry added about 78 gigawatts of wind capacity globally in 2022, down 17% from 2021, but still the third-best year ever for new capacity. The wind power market stalled in 2022 because of government policies that encouraged “race to the bottom” pricing, and because of inflation, higher logistics costs and inefficient permitting and licensing rules.