February 26 (Renewables Now) - The world is expected to deploy more than 69 GW of new offshore wind power capacity in the period between 2018 and 2027, Navigant Research says in a new report.
The cumulative operational offshore wind capacity on a global level is anticipated to surpass 100 GW by 2030 as the industry is expanding “at a steady pace,” and takes hold of new markets thanks to continued technology cost reductions, according to the analyst.
“Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy,” said senior research analyst Jesse Broehl. Nevertheless, just a narrow pool of wind turbine manufacturers are providing the market due to its “capital-intensive nature,” he added.
In regional terms, offshore wind is gaining speed and becoming more cost-effective, especially in Europe where competitive tenders are being held. The transition to market-oriented policies and highly competitive bidding has already begun in countries like the UK, the Netherlands, Denmark, Germany and Belgium and is also on the move in the US, Navigant said.