The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2023, having grown by 1.7% in 2022. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest wind energy construction projects initiated globally in Q4 2023, according to GlobalData’s construction projects database.
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1. Revolution Wind Farm 704 MW
The project involves the construction of a 704MW off-shore wind farm in Rhode Island, the US.
Construction work started in Q4 2023 and is expected to be completed in Q4 2025.
The proposed project site is located in the area of mutual interest between the states of Rhode Island and Massachusetts. Buy the profile here.
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2. Wanning Floating Offshore Wind Power Plant 1000 MW
The project involves the construction of a Floating offshore wind Power Plant located near Wanning in Hainan, China.
Construction work commenced in Q4 2023 and is expected to finish in Q2 2028.
The project aims to generate electricity to meet the electricity demand in China by using renewable sources. Buy the profile here.
3. Inch Cape Offshore Wind Farm 1100 MW
The project involves the construction of a 1,100MW offshore wind farm on an area of 2.6 ha of land at the Firth of Tay in the North Sea, Scotland, the UK.
Construction work started in Q4 2023 and is forecast to complete in Q4 2025.
The project aims to generate 784MW of clean energy and a potential yield of over 2,000 GWh per year to power 1.1 million homes. It will also provide 1,600 job opportunities including 450 construction jobs .
4. Halkirk Wind Farm 298 MW
The project involves the construction of a 290MW wind farm in Alberta, Canada.
Construction work commenced in Q4 2023 and is expected to be completed in Q4 2024.
The purpose of the project is to produce electricity from wind energy through a wind farm. It also intends to increase the average energy generation capacity of the region and will produce enough electricity to power about 50,000 homes. Buy the profile here.
5. Sekong Wind Power Plant 600 MW
The project involves the construction of a 600MW wind power plant in Sekong, Laos.
Construction work started in Q4 2023 and is expected to be completed in Q4 2028.
The aim of the project is to meet the growing energy demand in the region, It will reduce the 748,867 tons of carbon dioxide per year. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
