Global Offshore Wind Market Grows 30%
New Wave Media
Laxman PaiNovember 12, 2019
The global offshore wind market grew nearly 30% per year between 2010 and 2018, benefiting from rapid technology improvements and about 150 new offshore wind projects are in active development around the world.Europe in particular has fostered the technology’s development, led by the United Kingdom, Germany and Denmark, but China added more capacity than any other country in 2018, says 'Offshore Wind Outlook 2019', a report funded by the governments of Denmark and Germany.Yet today's offshore wind market doesn't even come close to tapping the full potential – with high-quality resources available in most major markets, offshore wind has the potential to generate more than 420 000 TWh per year worldwide.This is more than 18 times global electricity demand today.The growth of the offshore wind industry has been fostered in European countries bordering the North Seas, where high quality wind resources and relatively shallow water have provided exceptionally good conditions in which to develop offshore wind technologies and bring them to market.Policy support has helped the European Union reach nearly 20 GW of offshore wind capacity by the end of 2018.Offshore wind is set for robust growth in the EU, with current policies aiming to multiply offshore wind capacity by 4 over the next decade.Alongside Europe, China has taken strides forward on offshore wind and now stands among the market leaders. In 2018, China added 1.6 GW of of....