More than 69 GW of new offshore wind capacity is expected to be installed between 2018 and 2027, exceeding 100 GW of operating capacity by 2030, according to the report from Navigant Research.
“The offshore wind industry continues to grow at a steady pace, reaching new markets with continued cost reduction and an increased demand for renewable energy. Though less offshore wind is installed annually compared to onshore wind, it remains an abundant clean energy solution for many coastal load centres where a greater proportion of population and energy demand is located,” Navigant said.
“Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy,” said Navigant Research senior research analyst Jesse Broehl, noting that such is the capital-intensive nature of the market that the number of turbine manufacturers active in it is declining.
“Regionally, offshore wind is quickly becoming more cost-effective with each successive competitive tender in Europe,” said Navigant. “Industry-leading countries such as the UK, the Netherlands, Denmark, Germany and Belgium are well into a transition phase to market-oriented policies and run highly competitive tenders for contracts. Competitive bidding has also begun in the US ahead of offshore project installations along the north-eastern seaboard.”