The offshore wind power industry continues to grow at a steady pace - over 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 a new report from Navigant Research, offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy.
Though less offshore wind is installed annually compared to onshore wind, it remains an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is located.
“Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy,” says Jesse Broehl, senior research analyst with Navigant Research. “However, due to the capital-intensive nature of this market, the market share analysis by country shows that an increasingly narrow pool of wind turbine manufacturers is providing to this fast-growing market.”
Regionally, offshore wind is quickly becoming more cost-effective with each successive competitive tender in Europe. Industry-leading countries like the UK, the Netherlands, Denmark, Germany, and Belgium are well into a transition phase to market-oriented policies and include highly competitive bidding for power contracts.
Competitive bidding has also begun in the US ahead of offshore project installations along the Northeastern seaboard.
