Annual Offshore Wind Installations to Triple This Decade

This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

  • Offshore wind installs to increase year-on-year from 2024
  • Global installations to peak in 2030 at 28.5GW

The offshore wind industry is emerging unscathed from the Covid-19 pandemic. By the end of the decade, BNEF expects cumulative capacity to breach the 200GW mark, reaching 206GW.

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

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.

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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BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.
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