Report: Global offshore wind market 2019

In NORWEP and BVGAs report, Norway is considered an emerging market in offshore wind, although any major offshore wind projects are unlikely to happen in Norway until after 2024.

Globally emerging markets for offshore wind

The offshore wind markets in the world are divided between Europe, America, and the Asia-Pacific region, with the European countries as the leading markets. Among them are: Great Britain, Germany, Belgium, and the Netherlands.

BVGAs report presents a prognosis that a total of 84 GW will be installed by the end of 2024 on the global offshore wind market. It would be an increase of 30 GW from 2019. In Europe, an increase to 43 GW in 2024 is expected from 22 GW in 2019. In the Asia-Pacific region an increase to 36 GW in 2024 form 7,1 GW at the end of 2019. In America, an increase to 4,9 GW from 30 MW is expected.

Ocean winds have emerged as a key part of the future electricity mix in many countries, including the United States and the United Kingdom, where they aim for 30% of all electricity to come for ocean winds.

Technological innovation and energy costs

It is expected that total investments for offshore wind projects in the period 2020-2024 will reach EUR 178 billion. New turbines are constantly being developed such as the 8MW turbines which have been deployed in commercial projects in 2019, and with plans for 10MWplus turbines. Furthermore, an increased number of offshore wind installations are being delivered ahead of time and under budget, and innovation is being used for maintenance and service of offshore wind farms.

Continuous development of more reliable and more powerful turbines, larger projects, and more efficient processes and risk reduction all contribute to sustaining progress.

The industry is now targeting a cost level that corresponds to European wholesale prices for future projects that are to be built in the mid-2020s.


Read the full report here 

Image:  ©Equinor, Ole Jørgen Bratland

By Stig Kristian …