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Cumulative offshore wind capacity will increase more than fivefold to reach 37 GW by 2022, аccording to Douglas Westwood. The market is predicted to grow steadily over the next 10 years, adding on average 3,2 GW each year, with the UK, Germany and China accounting for 64% of all offshore wind installations. No major project delays, 2013 will be record year for the global offshore wind industry with over 2,7 GW of new installed capacity.
Germany is anticipated to become the largest offshore wind market with 9 GW of capacity, while the UK should reach nearly 8GW. This is well below the UK’s target of 18 GW by 2020. Douglas Westwood expects the Chinese market to add on average 600 MW of new capacity each year and reaching 6,7 GW by 2020. This also falls short of China’s own projections of 30 GW by 2020.
New emerging markets including France and Sweden are overtake established offshore wind markets such as Belgium and Denmark. Based on the recorded project data, it is forecasts that the total capital expenditure of €50 billion (~$66 billion) fro, 2013 to 2020, but taking into account the additional expected expenditure, this figure could exceed €217 billion (~$286 billion).
Douglas concluded that a funding gap is likely to appear after 2014. Large utilities and public sector sources have provided most of the funding to date, but due to the ever-increasing investment there will need to be an increase in investment from other sources such as debt finance, and pension and insurance funds.
Source: Wind Power Offshore
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