The global offshore wind segment is likely to grow seven-fold by 2030, mainly driven by capacity additions from three major markets: China, the U.K. and the U.S.
China will lead the race, with more than 25% of new offshore wind capacity expected to be added by 2030, followed by the U.K. (16%) and the U.S. (11%). China is poised to dominate due to its conducive policy initiatives and presence of national or provincial governments’ targets, resulting in building a sizable offshore project pipeline, says GlobalData, a data and analytics company.
“GlobalData’s analysis reveals that China is anticipated to spearhead the global capacity from 2021 onwards, shaping above 25% of the global cumulative installed capacity by 2030. It is expected that by 2030, the global offshore wind capacity is set to surpass 203 GW, led by major contributions from China (41.6 GW), the U.K. (27.5 GW) and the U.S. (18.9 GW),” says Ankit Mathur, practice head of power at GlobalData.
“The growing appetite for expanding the sustainable power in the country’s power generation mix has set the tone for expansion in the Chinese uncharted waters. Beyond the benefits of green power, the growth in the Chinese offshore wind sector is set to provide large employment opportunities across the sectors and value chain, and play a key role in long-standing economic activities,” he adds.
GlobalData’s power database has tracked around 60 GW of ventures in the pipeline under different stages of development. The Chinese offshore wind industry is currently dominated by state-owned Chinese energy firms while foreign players are teaming up with the Chinese companies to become part of this long-term sizable market opportunity.
China has exceptional wind resource potential with an estimation of harnessable onshore potential of 2,380 GW and 600 GW of offshore potential. With several deep-sea ventures distancing above 40 kms from the shore, key sites for project construction are identified, across the nation, with wind speeds extending from 6-10 m/s.
Photo: GlobalData’s landing page