Demand for Offshore Wind Power Will Increase Sixfold

Offshore wind power is still limited to a handfull of countris, among them world leaders UK and Germany accounting for 68 percent of the grid-connected capacity. But this about to change, as a new report from Wood Mackenzie Power and Renewables, says.

The pool of offshore markets will expand beyond Europe, caused by governments around the world which look to bolster their local industry and create more job opportunities for local labour forces. “While the influence of local content policies has been limited thus far, these policies will impact 72 percent of future demand,” says Soren Lassen, leading author and offshore analyst with Wood Mackenzie.

“The proliferation of demand in new markets globalizes the European supply chain and motivates the entry of new suppliers,” says Lassen. “This is particularly true when supported by local content policies as the pressures in Europe lead to consolidation across the European supply chain – especially in the installation segments.” Furthermore, the report points out that the high growth rates in offshore wind makes it increasingly attractive for oil and gas companies looking to leverage their offshore experience.

The report, Global offshore wind industry dynamics 2018, is available for purchase here.