Global offshore wind market to reach nearly 40GW by 2020

The latest report by GlobalData suggests that with the continued uptake of offshore wind development, the global offshore wind power market could increase from 7.1 Gigawatts in 2013 to 39.9 GW by 2020. The Compound Annual Growth Rate would be equivalent to 28%.

Swati Singh, GlobalData’s Analyst covering power, said: “Offshore wind power is increasingly being explored for its high yield, due to stronger and more consistent winds compared to onshore, and the scope that this provides for the construction of large-scale projects.??“An additional benefit is the fact that future offshore wind power technology development will ensure a decline in the average cost per megawatt, although overall project costs are expected to rise in countries with wind farms planned in deeper water and further from the shore.” Singh went on to describe his understanding of the barriers which would hinder market growth. He said that these were environmental concerns, a lack of skilled personnel and insufficient technologies to support offshore requirements. He added:

“Despite these barriers, GlobalData expects offshore wind’s share in the global wind power market to climb from 2.2% in 2013 to 6.1% by 2020, as more countries eye the advantages of this renewable energy technology.”