The 2020 Global Offshore Wind Annual Market Report issued from the Renewables Consulting Group (RCG) presents that more than 200 GW of new offshore wind projects have been announced since the beginning of 2020. It accounts for more than 44% of all global capacity at the pre-construction or early development phase.
Lots of new projects has been announced from Spain to Estonia in Europe, Colombia to Brazil in the Americas and Australia to the Philippines in the APAC region, the technology has been adopted by markets at contrasting levels of socio-economic development and distinct geographies.
Supply chain constraints across all regions, as well as undefined development frameworks and route to market mechanisms, will limit deployment of capacity across the sector through to 2030. The rate of deployment in the near-term should not be underestimated, however the ambition of government authorities and investors may exceed sector capability in some areas.
Commenting on the Global Offshore Wind: Annual Market Report, RCG’s COO, Dr Lee Clarke said:
“This year’s Annual Market Report is an invaluable data source and its findings clearly demonstrate that global offshore wind continued to its impressive growth in all sectors during 2020. With a steady and predictable framework, we continue to see positive developments emanating from emerging markets, such as in the APAC and the Americas regions. The ongoing maturation of technology and declining costs for offtake have inspired governments and investors to embrace offshore wind, with many authorities touting offshore wind as a cornerstone to a green economic recovery in the wake of a global recession.” – Lee Clarke, COO
RCG’s full analysis and forecasts can be viewed in its Global Offshore Wind: Annual Market Report. The 191-page summary includes details on each offshore wind market with analysis of the resources that will allow projects to reach route to market, financial close, and commissioning milestones. It contains more than 150 detailed charts, 45 tables and numerous maps.