Offshore to lead doubling in wind power capacity by 2027

The offshore wind energy sector and emerging markets will contribute an increasing share of annual growth in wind energy over the next decade, says a leading market intelligence company.
MAKE expects additional offshore wind capacity in Europe to be complemented by fast growth in markets such as Taiwan.

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.

Source: OwjOnline