European Offshore Wind Players Look To China For Growth

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  • China’s market to be bigger than the U.K. or Germany by 2022
  • China could make up a third of the total market by 2030

Global cumulative installation forecast

Source: Bloomberg New Energy Finance. Note: ‘Other’ includes Finland, France, Ireland, Italy, Japan, Korea, Taiwan, U.S., Norway, Portugal, and Sweden.

The global offshore wind market will almost double by 2020, and China will be the fastest-growing region outside core markets in Europe. Installations in China will surpass those in the U.K. and Germany in 2022, according to the latest forecast from Bloomberg New Energy Finance. European offshore wind turbine companies are looking for routes to market or gain a foothold in the region. Dong Energy A/S and Macquarie Group Ltd. currently own stakes in projects in Taiwan. MHI Vestas Offshore Wind A/S is opening a regional office in Japan. They expect these bases to make the leap into China a little easier.

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Bloomberg New Energy Finance (BNEF) is an industry research firm focused on helping energy professionals generate opportunities. With a team of experts spread across six continents, BNEF provides independent analysis and insight, enabling decision-makers to navigate change in an evolving energy economy.
 
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