World's offshore wind capacity to grow by 51% in 2015, hit 82 GW in 2023

Dec 22, 2014 - The offshore wind sector will see annual installations jump by 51% in 2015, then fall by over 60% in 2016 only to revive again and achieve strong long-term growth rates in 2017 and thereafter, Make Consulting says.

In 2023, the total offshore wind capacity will be 82 GW, or 9.3% of all wind power generation capacity installed both on- and offshore.

Make Consulting explained that the drop in 2016 would be the result of Britain’s transition to the Contracts for Difference (CfD) scheme and a decline in Germany installations after a nearly 2-GW peak in 2015. Yet, between 2017 and 2023 Europe is expected to keep installing 3 GW to 5 GW of turbines at sea each year.

The market researcher’s forecast for 82 GW in 2023 compares to a bit over 9 GW of grid-connected offshore wind at end-2014. Make sees the Asia-Pacific region as the top market in nine years with 40.4 GW installed in 2023. China is the main driver, while Japan, South Korea and Taiwan will also help. Europe, meanwhile, will have 39.4 GW of wind power capacity at sea by that time, while the US will have reached only 2.2 GW.

Make also expects to see the levelised cost of electricity (LCOE) for offshore wind drop to EUR 84 (USD 103)/MWh in 2025 from EUR 150 per MWh at present.

(EUR 1 = USD 1.226)

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