Consultancy MAKE’s latest analysis of the market predicts that annual wind power capacity will grow at a compounded annual growth rate of 4% between 2017 and 2027.
“The outlook in Europe depends increasingly on success in the offshore wind sector, which accounts for more than a quarter of new capacity added over the 10-year outlook,” MAKE said. “In northern Europe, the share of offshore will increase to 50% of new capacity, with the UK accounting for most of this additional capacity.”
MAKE also anticipates that in the near-term Denmark will also contribute to growth in offshore wind capacity and that Sweden and Ireland will do so in the long-term.
“The outlook in western Europe is less dependent on offshore wind compared to northern Europe but will see 10% more offshore capacity added over the next 10 years, with France, Germany and the Netherlands each adding more than 5 GW of offshore wind capacity,” the company said.
Taiwan leads a host of Asian markets that will see heavy investment in offshore wind development.
MAKE anticipates that offshore wind will comprise more than 25% of new capacity in Japan and South Korea over the 10-year period and a staggering 96% of new capacity for Taiwan.
“Excluding China, the offshore sector in Asia will achieve a CAGR of 45% over the period, averaging more than 1.7 GW of new capacity per year from 2022 to 2027,” MAKE said.