Sourcing Renewables, Wind - February 23, 2021
Cumulative offshore wind to top 200GW by end of decade
BloombergNEF (BNEF) announced that it expects the cumulative capacity of offshore wind to top the 200GW mark, reaching 206GW by the end of the decade.
While 2020 was a slow year for global installations, with just 6GW of new capacity coming online, a statement from BNEF estimates a rebound in 2021, driven by activity in China. While installations are expected to dip for a few years, acceleration in year-on-year growth should start from 2024, with global installations peaking in 2030 at 28.5GW, triple the current level of installations. Among the largest contributors to the 2030 results will be China, U.K., U.S., Germany, and Taiwan.
The statement notes that reaching these annual volumes means expanding the current supply chain. Distributing supply chain resources effectively between global regions is integral to the globalization of the industry.