ARTICLE

Global Offshore Wind Market Set to Grow Sixfold by 2030

Views Of General Electric Co.'s First U.S. Offshore Wind Farm — The GE-Alstom Block Island Wind Farm stands in this aerial photograph taken above the water off Block Island, Rhode Island, U.S., on Wednesday, Sept. 14, 2016. The installation of five 6-megawatt offshore-wind turbines at the Block Island project gives turbine supplier GE-Alstom first-mover advantage in the U.S. over its rivals Siemens and MHI-Vestas. Photographer: Eric Thayer/Bloomberg

January 8, 2018

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

China to overtake U.K. and lead installations by 2022
BNEF increases U.S. forecast by 85% on new state targets

Global offshore wind cumulative installation forecast

Source: BNEF

The global offshore wind market is set to grow at a 16 percent compound annual rate from 2017 to 2030, reaching a cumulative capacity of 115 gigawatts compared with 17.6 gigawatts today, according to Bloomberg New Energy Finance. The core markets of the U.K., Germany, Netherlands and China will drive installations, but in the next decade, Taiwan and the U.S. will also become gigawatt markets. BNEF expects annual installations to peak in 2027. After 2028, the expiry of offshore wind subsidies and a lack of regulatory transparency will result in a slowdown.

BNEF clients can see the full report, the “2H 2017 Offshore Wind Market Outlook”, here.

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