The Global Wind Energy Council (GWEC) has published its first Global Offshore Wind Report, which provides a comprehensive analysis of the prospects for the sector, including forecast data, market analysis, and a review of efforts to lower costs.
The study details how the global offshore market has grown by an average of 21% each year since 2013.
For the first time, China has become the largest offshore market, followed by the UK and Germany.
“We are standing within reach of a truly global offshore wind industry,” says Karin Ohlenforst, director of market intelligence at GWEC.
“Based on government targets, auction results, and pipeline data we expect to see 190 GW of new capacity to be installed by 2030 – yet this does not represent the full potential of offshore wind.
“Countries new to the sector are preparing to join the offshore wind revolution.
"Floating offshore wind is going to be a game-changing technological development that will help to add even more volume in the years to come.”
The Global Offshore Wind Report provides a market outlook using a “business-as-usual” (BAU) scenario that does not account for further technical development.
The BAU scenario predicts double-digit growth for the market with annual installations of 15 GW to 20 GW beyond 2025.
The sector, it says, will also benefit from increased cost competitiveness and the advances in floating technology, which could push total capacity by 2030 beyond 210 GW.
The report adds that the Asian offshore wind market, including China, will become the largest offshore region globally with key growth markets likely to be Taiwan, Vietnam, Japan, India and South Korea.
GWEC is a member-based organization that represents the entire wind energy sector.
Its members represent more than 1,500 companies, organizations and institutions in over 80 countries, including manufacturers, developers, component suppliers, research institutes, national wind and renewables associations, electricity providers, finance and insurance companies.