Navigant: Offshore Wind Will Play Increasing Role in Global Energy Transition

A new report from Navigant Research predicts more than 69 GW of new offshore wind capacity to be installed between 2018 and 2027

Image: PixabayImage: Pixabay

A new report from Navigant Research offers a country-level analysis of all offshore wind markets, with a data focus on key market activity, installation rates, and capacity under construction or in planning.

“Offshore wind will play an increasing role in the broader global energy transition to a more diverse and flexible energy economy,” says Jesse Broehl, senior research analyst with Navigant Research. “However, due to the capital-intensive nature of this market, the market share analysis by country shows that an increasingly narrow pool of wind turbine manufacturers is providing to this fast-growing market.”

Though less offshore wind is installed annually compared to onshore wind, it remains an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is located.

Regionally, offshore wind is quickly becoming more cost-effective with each successive competitive tender in Europe. Industry-leading countries like the UK, the Netherlands, Denmark, Germany, and Belgium are well into a transition phase to market-oriented policies and include highly competitive bidding for power contracts. Competitive bidding has also begun in the US ahead of offshore project installations along the Northeastern seaboard.

An Executive Summary of the report is available for free download on the Navigant Research website.

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Navigant Research, report, study, offshore, wind energy, energy transition, capacity, global

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