NewEnergyNews: Wind To Be A Trillion Dollar Industry

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    Friday, November 01, 2019

    Wind To Be A Trillion Dollar Industry

    The Next Trillion-Dollar Energy Industry

    Nick Cunningham, October 26, 2019 (OilPrice.com)

    “…[The global wind industry will grow by 13 percent per year, passing 20 GW of annual installations by 2030, and] become a $1 trillion business…Around 150 new offshore wind projects are expected to move forward in the next five years…The best [near-shore] offshore wind sites could supply more than the total amount of electricity consumed worldwide today [according to a new report from the International Energy Agency (IEA). The] total technical potential for the industry is 36,000 TWh per year for installations in waters less than 60 meters deep and within 60 kilometers from shore. That compares to total global electricity demand of 23,000 TWh…[And] offshore wind can also go deeper and farther from shore…

    …[F] loating offshore wind alone has the potential to meet the world’s electricity 11 times over in 2040…Wind projects onshore have lower capacity factors, which means that they do not generate power in all hours of the day. Offshore, the winds are stronger and more consistent…Offshore wind also tends to produce more electricity in winter months in the U.S., Europe and China…[And it] avoids all the land use conflict that so many other energy sources carry…[Offshore wind is still behind on cost, but] costs could fall to $60/MWh by 2030 and $45/MWh by 2040…There are some major hurdles that will require more accommodative policy support from governments…But the bottom line is that offshore wind has the potential to be a ‘game-changer’…” click here for more

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