Wind energy is expected to make up over 30% of electricity generation in 2050 with close to 8,000 gigawatts (GW) installed compared to approximately 1000 GW in 2023.⁴ This eight times increase in installations is a significant opportunity for the wind industry and TPI. Wind power, among other renewable energy sources, is now considered one of the most cost-effective methods for generating electricity in a majority of countries worldwide.⁵ As electrification and load growth become more urgent priorities, wind will play an important role in meeting expected increases in electricity demand in the coming years.

Governments continue to ramp up action on climate change, driving a surge in renewable energy adoption and emission reduction efforts. The landmark COP29 summit in Baku, Azerbaijan resulted in a financing commitment of $300 billion annually in support of developing countries addressing the impacts of climate change, increasing from an earlier $100 billion annual commitment.⁶ While more support may be needed over time, this significant increase was noted as a positive outcome of this year’s summit.

Wind project developers, investors, and manufacturers continue to take advantage of the support provided by the Inflation Reduction Act (IRA) of 2022 which allocated a historic $391 billion for clean energy and climate initiatives over the next decade. TPI is among manufacturers in the U.S. who have announced planned restarts of facilities to meet expected market demand for wind turbine components, and additional manufacturing capacity is being reviewed which would utilize the Advanced Manufacturing Production Tax Credit under the IRA. The investments underway and resulting job creation are expected to garner continued support for the IRA. This strategic approach aims to meet the projected demand of almost 10 GW per year for onshore wind by 2031.⁷

The EU Green Industrial Plan, adopted in 2024, aims to increase clean energy manufacturing and technologies across Europe. Backed by significant funding, including a €100 billion Industrial Decabonisation Bank, the plan focuses on simplifying permitting for renewable energy projects, increasing skill development for workers in greener industries, and promoting open trade to boost renewable energy across the continent. The EU’s goal for onshore wind remains 425 GW installed capacity by 2030.⁸

TPI continues to innovate and work closely with our customers, suppliers, and industry stakeholders to manage rapid change in the international wind market by adapting our global manufacturing footprint to best meet regional demand competitively. By supporting our customers’ workhorse platforms with consistent delivery and quality, and rapidly launching other blade models for opportunities in the U.S. and internationally, we unsure that TPI remains the preferred supplier to our customers.