Big Oil and deep water to drive offshore wind to become $1.4trn market by 2050

15/05/2020 10:32 Wind

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Worldwide construction of new offshore wind power plant is set to gear up exponentially with some 135GW of new turbines added in the coming decade en route to a 600GW market worth $1.4trn by 2050, as the industry wades out into deeper waters and heavily capitalised players, led by the oil operators, ramp up spending, according to the latest research from IHS Markit.

The Paris-headquartered analyst group believes the current 250GW pipeline of projects in development will spur rapid global industrialisation of the sector from today’s Eurocentric installed fleet of 28GW, while offshore wind’s levellised cost of energy (LCOE) is cut from the current North Sea best-practice of €60/MWh ($65/MWh) by a further 44% by 2030 and 57% by mid-century.

 

“Larger turbines executed in deeper waters and farther from shore that will need massive investment to be deployed is the clear message,” said senior analyst Andrei Utkin. “The future for offshore wind is prominent, with 175GW expected to be operational by 2030 – coming from Europe and China mainly, which will account for 80% of installed capacity by then.”

Source: rechargenews.com

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