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5 July 2021updated 05 Nov 2021 9:34am

Asia takes top spot in offshore wind growth – report

Falling costs boosted growth in offshore wind globally in 2020, with Asia-Pacific moving ahead of the rest of the world, reports market intelligence company the Renewables Consulting Group.

By Energy Monitor Staff

The development of more than 200GW of offshore wind projects began between the beginning of 2020 and June 2021, accounting for over 44% of all global offshore wind capacity at pre-construction or early development phase, says market intelligence company the Renewables Consulting Group in a new report.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
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Fishermen working near the Bac Lieu wind power plant in Vietnam. (Photo by Duy Khoi/AFP via Getty Images)

Maturing technology and declining costs have inspired governments and investors to embrace offshore wind, states the report.

Within the 200GW, new projects exceeding 500MW each in capacity were announced in Brazil, Ireland, Italy, Norway, South Korea, Spain, Taiwan and Vietnam between January 2020 and early 2021.

For the first time, the Asia-Pacific market portfolio surpassed the combined region of Europe, the Middle East and Africa in project development capacity.

The report also predicts the UK will lose its place as the world's top offshore wind developer by the end of the year; it will be overtaken by both Vietnam and China. Vietnam, with 0.099GW of existing capacity, has a development pipeline of 64.9GW. China has existing capacity of 9.898GW and 30.2GW under development. The UK, with existing capacity of 10.2GW, has a development pipeline of 29GW before 2030.

The report attributes growth in the Asia-Pacific region to new leasing rounds for offshore wind projects.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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