More than 69GW of new offshore wind capacity is expected to be installed by 2027, exceeding 100GW of operating capacity by 2030, according to a new report by Navigant Research.
In its Market Data: Offshore Wind Market and Turbine Vendor Assessment report, Navigant writes that offshore wind will play an increasing role in the global energy transition to a more diverse and flexible energy economy.
Although offshore wind is annually installed less than onshore wind, it remains an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is located, the company said.
The sector is also regionally becoming more cost-effective with each successive competitive tender in Europe, as well as the start of competitive bidding in the U.S., Navigant added.
“Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy,” said Jesse Broehl , Senior Research Analyst with Navigant Research.
“However, due to the capital-intensive nature of this market, the market share analysis by country shows that an increasingly narrow pool of wind turbine manufacturers is providing to this fast-growing market.”