Forecasts for the global offshore wind market - 400 GW by 2040 extremely positive

Posted on January 10, 2020

At 165 GW by the end of the decade and 418 GW by 2040, estimates of the development of power in the offshore wind farm category suggest a new research by Rethink Energy UK.

The expansion of offshore winds will bring this technology to provide 5% of global electricity in two decades, with installed capacity expected to rise to just 25 GW at present.
The report predicts that this growth will require investment of about $ 1.3 trillion and will lead to the creation of 8 million jobs.
More specifically, Rethink estimates that the Asia-Pacific region is in the process of overtaking Europe as the largest market for new facilities in the 2020s and China is to surpass the United Kingdom as the country with the highest installed capacity by 2020. in 2026.
As for the US market, estimates indicate that it will lag behind Europe and Asia for the next decade. The authors of the report point out that "contradictory policy as well as a lack of maritime and transport capacity" are the main causes of the slow growth of the industry.
Indeed, transport is recognized as the key challenge that must be addressed in order to ensure global growth rates for the industry.
"The emergence of cross-border networks with broader geographical boundaries, such as that of the European Union, could be a key factor and should precede other sector-related processes," the report said.
The emergence of floating wind power plants is also expected to play an important role in boosting rates for new capacity beyond 2030.

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