Global Offshore Wind To Keep Growing

As Global Energy Demands Grows, So Does Appetite For Offshore Wind

Ariel Cohen, March 26, 2019 (Forbes)

“…As fossil fuel emissions continue to exacerbate the effects of climate change, carbon-free solutions like nuclear, solar power, and wind power are becoming a more important part of the world energy demand equation…[Wind is booming and] offshore wind capacity is forecast to grow by over 80 gigawatts (GW) through 2024, achieving an impressive Compound Annual Growth Rate (CAGR) of more than 25%...Global wind energy capacity surpassed 600 GW in 2018 – with offshore accounting for just 23 GW of that…But thanks to a number of factors including technological breakthroughs in turbine technology and declining costs of transmission cables, offshore wind is becoming an increasingly attractive (clean) energy solution…

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…[Global growth in offshore wind energy will continue to accelerate, with total installed capacity rising from 19.2 GW in 2017 to 520 GW in 2050…[Cumulative investments in offshore wind are forecast to] reach $350 billion by 2030 and $1.47 trillion by 2050…[Britain plans] to derive 30% of its electricity from offshore wind by 2030…[The United States] could achieve over 20 GW by 2030 under favorable market and regulatory conditions… By 2030, China’s offshore energy capacity is expected to top 30GW, a huge climb from its 2017 capacity of 2.8 GW…China was responsible for almost half of the world’s $25 billion investment in offshore wind energy in 2018, spending $11.4 billion on 13 new offshore wind projects…Asian economies [led by China, India, Japan, South Korea, Taiwan, and Vietnam] have a cumulative 100GW of offshore wind capacity in the pipeline for 2030…” click here for more

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