Thursday, September 29 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Sep 26
Week of Sep 19
Week of Sep 12
Week of Sep 05
Week of Aug 29
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Global offshore wind market to reach 330 GW by 2030 - WoodMac

    May 18, 2022 - SeeNews Renewables


      May 18 (Renewables Now) - Investments in the global offshore wind industry are projected to hit USD 1 trillion (EUR 950.6bn) by 2031, with the cumulative installed turbine capacity seen to mark an almost ten-fold growth by 2030, Wood Mackenzie says in a report.

      The research and consultancy group, part of Verisk, anticipates that 24 countries around the world will have large-scale offshore wind parks, as compared to nine at present, which will bring the world’s total installed capacity to 330 GW by 2030 from 34 GW in 2020.

      According to the report, as investments grow, the criteria for winning tenders will no longer be driven by price proposals alone. A set of four major criteria is also expected to come on the scene – local content, systems integration, ecological mitigation and sustainability, with the focus on each set to differ in the individual markets.

      “As more companies bid, lease payments skyrocket and subsidies drop, project returns are falling. Cost competitiveness will always remain a central element of winning in offshore wind; however, a new set of factors beyond bidding price is gaining traction, and this will determine who wins and who loses in the industry,” explained Soeren Lassen, Head of Offshore Wind Research. He went on to say that the new parameters are seen to help deal with larger hurdles that could not be overcome otherwise.

      Wood Mackenzie expects nearly 80% of the offshore turbine capacity that will go online by 2030 to be influenced by local content policies. According to it, the integration of offshore wind capacity with other technologies will also significantly weigh on tender outcomes amid the world’s efforts for decarbonisation. The sustainability of a project will be measured in terms of recyclability and emissions mitigation.

      The researchers’ data shows that price and local content policy are regarded as major criteria in tenders in several Asian markets and the US, while in most countries in Northern Europe all criteria are considered, to some extent.

      (USD 1.0 = EUR 1.052)


    Other Articles - Utility Business / General


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.