Over 69GW of new offshore wind capacity is expected to be installed between 2018 and 2027, according to a new report from Navigant Research.
By 2030, global offshore wind installed operating capacity will exceed 100GW, according to the study.
Navigant senior research analyst Jesse Broehl said: “Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy.
“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.”
Regionally, offshore wind is quickly becoming more cost-effective with each successive competitive tender in Europe, according to Navigant, with industry-leading countries, such as the UK, the Netherlands, Denmark, Germany, and Belgium, well into a transition phase to market-oriented policies that include highly competitive bidding for power contracts.
Meanwhile competitive bidding has also begun in the US ahead of offshore project installations along the north-eastern seaboard, the consultancy observed.