- China to overtake U.K. and lead installations by 2022
- BNEF increases U.S. forecast by 85% on new state targets
The global offshore wind market is set to grow at a 16 percent compound annual rate from 2017 to 2030, reaching a cumulative capacity of 115 gigawatts compared with 17.6 gigawatts today, according to Bloomberg New Energy Finance. The core markets of the U.K., Germany, Netherlands and China will drive installations, but in the next decade, Taiwan and the U.S. will also become gigawatt markets. BNEF expects annual installations to peak in 2027. After 2028, the expiry of offshore wind subsidies and a lack of regulatory transparency will result in a slowdown.
BNEF clients can see the full report, the “2H 2017 Offshore Wind Market Outlook”, here.
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Bloomberg New Energy Finance (BNEF) is an industry research firm focused on helping energy professionals generate opportunities. With a team of experts spread across six continents, BNEF provides independent analysis and insight, enabling decision-makers to navigate change in an evolving energy economy.