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Released July 08, 2019 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Europe's lead of the global offshore wind sector is under siege as China became the largest offshore market in 2018 based on new installations for the first time.
The Global Wind Energy Council (GWEC) revealed that China overtook the U.K. and Germany for new wind installations last year. In its first Global Offshore Wind Report, it revealed that the Asian offshore market including China is expected to become the largest offshore region globally with key growth markets including Taiwan, Vietnam, Japan, India and South Korea. Total installed capacity for the region to 2030 is up 100 gigawatts (GW).
In the offshore wind stronghold of Europe, the report predicted that the offshore market will remain flat in the short term with few projects reaching installation and commercial operation date (COD) during 2020. The cost competitiveness of European offshore will remain a key driver for volume with total installed capacity for the region under the BAU scenario is expected to be 78 GW by 2030.
In April, Industrial Info reported that Europe invested 27 billion euro ($30.4 billion) in new windfarms in 2018. Most of the investment made in 2018 was for onshore wind, which accounted for 12.5 GW, while offshore wind investment accounted for 4.2 GW of capacity. Industrial Info is tracking some of the largest offshore windfarms to reach a final investment decision (FID) in 2018, including Moray East (950 MW), Triton Knoll (850 MW) and Borssele III & IV (732 MW). For additional information, see April 29, 2018, article - Europe Spent $30 Billion on Windfarms in 2018.
The global offshore market has grown by an average of 21% each year since 2013, reaching total installations of 23 GW, the report stated. More than 4 GW of new capacity was installed each year in 2017 and 2018.
Karin Ohlenforst, director of market intelligence at GWEC, said: "We are standing within reach of a truly global offshore wind industry. Based on government targets, auction results and pipeline data, we expect to see 190 GW of capacity to be installed by 2030, but this does not represent the full potential of offshore wind. Many new countries are preparing to join the offshore wind revolution, while floating offshore wind represents a game-changing technological development that can add even more volumes in the years to come."
Alastair Dutton, chair of global offshore wind task force at GWEC, added: "The industry is continuing to make significant strides on cost-competitiveness, with a average levelised cost of energy (LCOE) of $50 per megawatt-hour (MWh) being within reach. This achievement increases the attractiveness of offshore wind in mature markets where a number of governments are discussing long-term climate targets that, if they are to be achieved, must seriously consider the contribution large-scale offshore wind can make. New offshore markets represent significant potential, and if industry and governments can work together, as we have seen recently in the case of Taiwan, we can build the necessary policy frameworks at greater speed to ensure growth can be achieved sooner than later."
The report also highlighted the U.S. where first installation of large-scale projects is expected between 2021 and 2023 bringing total installations to 2 GW by 2025, with potential for 10 GW of capacity by 2030.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The Global Wind Energy Council (GWEC) revealed that China overtook the U.K. and Germany for new wind installations last year. In its first Global Offshore Wind Report, it revealed that the Asian offshore market including China is expected to become the largest offshore region globally with key growth markets including Taiwan, Vietnam, Japan, India and South Korea. Total installed capacity for the region to 2030 is up 100 gigawatts (GW).
In the offshore wind stronghold of Europe, the report predicted that the offshore market will remain flat in the short term with few projects reaching installation and commercial operation date (COD) during 2020. The cost competitiveness of European offshore will remain a key driver for volume with total installed capacity for the region under the BAU scenario is expected to be 78 GW by 2030.
In April, Industrial Info reported that Europe invested 27 billion euro ($30.4 billion) in new windfarms in 2018. Most of the investment made in 2018 was for onshore wind, which accounted for 12.5 GW, while offshore wind investment accounted for 4.2 GW of capacity. Industrial Info is tracking some of the largest offshore windfarms to reach a final investment decision (FID) in 2018, including Moray East (950 MW), Triton Knoll (850 MW) and Borssele III & IV (732 MW). For additional information, see April 29, 2018, article - Europe Spent $30 Billion on Windfarms in 2018.
The global offshore market has grown by an average of 21% each year since 2013, reaching total installations of 23 GW, the report stated. More than 4 GW of new capacity was installed each year in 2017 and 2018.
Karin Ohlenforst, director of market intelligence at GWEC, said: "We are standing within reach of a truly global offshore wind industry. Based on government targets, auction results and pipeline data, we expect to see 190 GW of capacity to be installed by 2030, but this does not represent the full potential of offshore wind. Many new countries are preparing to join the offshore wind revolution, while floating offshore wind represents a game-changing technological development that can add even more volumes in the years to come."
Alastair Dutton, chair of global offshore wind task force at GWEC, added: "The industry is continuing to make significant strides on cost-competitiveness, with a average levelised cost of energy (LCOE) of $50 per megawatt-hour (MWh) being within reach. This achievement increases the attractiveness of offshore wind in mature markets where a number of governments are discussing long-term climate targets that, if they are to be achieved, must seriously consider the contribution large-scale offshore wind can make. New offshore markets represent significant potential, and if industry and governments can work together, as we have seen recently in the case of Taiwan, we can build the necessary policy frameworks at greater speed to ensure growth can be achieved sooner than later."
The report also highlighted the U.S. where first installation of large-scale projects is expected between 2021 and 2023 bringing total installations to 2 GW by 2025, with potential for 10 GW of capacity by 2030.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
