The authors of Wood Mackenzie Power & Renewables’ latest report on the global wind power market highlight the Asia Pacific region, in addition to Europe, as a key region for offshore wind energy.
“Aggressive renewables targets in India and explosive growth in the offshore sector are expected to drive a 10-year compound annual growth rate (CAGR) of 12.2% in the Asia Pacific region, excluding China,” said the authors of Wood Mackenzie Power & Renewables Global Wind Power Market Outlook Update: Q1 2019 report.
“Cumulative offshore capacity in the region will reach almost 19 GW from just 111 MW at the end of 2018, led by growth in Japan, Taiwan and South Korea.” They describe growth in the region as a whole as 'explosive.'
“China’s market recovery will continue, supporting 250 GW of capacity through to 2028. The annual share of offshore wind in China will average 18% of annual capacity from 2022 to 2028, as a result of onshore grid constraints and saturation,” said one of the authors of the report, Luke Lewandowski.
In Europe, said the consultants, the transition to auctions will support a new level of annual offshore wind capacity additions, with the region expected to average 20 GW annually.
“Offshore remains central to Europe’s outlook, comprising more than 25% of new capacity over the outlook (CAGR of 14%) and penetrating new markets in southern and eastern Europe,” said Mr Lewandowski.
The report said that 50.2 GW of new wind power was added globally in 2018, a 4% increase year-on-year, which is the third highest annual total on record.