Annual Offshore Wind Installations to Triple This Decade, says Report

The offshore wind industry is emerging unscathed from the Covid-19 pandemic. By the end of the decade, according to the expectations of Bloomberg New Energy Finance (BNEF), cumulative capacity to breach the 200GW mark, reaching 206GW.

February 19, 2021. By Manu Tayal

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The offshore wind industry is emerging unscathed from the Covid-19 pandemic. By the end of the decade, according to the expectations of Bloomberg New Energy Finance (BNEF), cumulative capacity to breach the 200GW mark, reaching 206GW.

Although, 2020 was a slow year for global installations, with just 6GW of new capacity coming online, there will be a rebound in 2021, driven by China, said the report.

Following that, installations look set to dip for a couple of years before accelerating – growing year-on-year from 2024, it added.

According to BNEF, global installations will peak in 2030 at 28.5GW – triple the current level of installations. Reaching these annual volumes means expanding the current supply chain. Distributing supply chain resources effectively between global regions is integral to the globalization of the industry.

However, the report suggested that turbine manufacturers like MHI Vestas, Siemens Gamesa and GE will have to carefully consider where they set up factories. The supply chain must strike a balance: satisfying local content requirements whilst maintaining global resilience and keeping costs down.

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