The global offshore wind energy segment is likely to grow sevenfold by 2030 driven primarily by wind turbines additions from three major markets, China, the UK and the US.
China will lead the offshore wind farm race with over 25% of new offshore wind power capacity expected to be added by 2030, followed by the UK (16%) and the US (11%).
China is poised to dominate due to its conducive policy initiatives and the presence of national or provincial government targets that result in the construction of a significant portfolio of overseas wind farm projects, says GlobalData, a leading data and analytics company. .
Ankit Mathur, Head of Power Practice at GlobalData, comments: “GlobalData’s analysis reveals that China is projected to lead global offshore wind energy capacity from 2021, forming more than 25% of global cumulative installed capacity by 2030. By 2030, offshore wind capacity is expected to exceed 203 GW, led by significant contributions from China (41.6 GW), the UK (27.5 GW) and the US (18.9 GW).
GlobalData’s energy database has tracked around 60 GW of in-process companies at different stages of development. The Chinese offshore wind industry is currently dominated by Chinese state-owned energy companies, while foreign players are partnering with Chinese companies to be part of this important long-term market opportunity.
China has exceptional wind resource potential with an estimated onshore exploitable potential of 2,380 GW and 600 GW offshore (offshore). With several deep water ventures distant more than 40 km from the coast, key sites for the project’s construction are identified throughout the country, with wind speeds ranging from 6 to 10 m / s.
Mathur concludes: “The growing appetite for expanding sustainable green energy in the country’s power generation mix has set the tone for expansion into China’s uncharted waters. Beyond the benefits of green energy, growth in the Chinese offshore wind sector will provide great employment opportunities in all sectors and the value chain, and play a key role in long-standing economic activities. To make this expansion a reality, the government and industry players must simplify processes approval of projects, build a reliable supply chain and reduce the factors that generate financial uncertainties for investors.”