DW: Offshore Wind to See over €200Bn CapEx Invested in Next Decade
Over €200bn of Capital Expenditure will be invested in the offshore wind sector over the next decade, resulting in forecast cumulative capacity of ~74GW by 2025. This will be driven by a large number of developments taking place in the UK, Germany and China and strengthened by the growth of new entrants to the offshore wind sector, such as France and the USA.
These are amongst the findings of the new seventh edition of the Douglas-Westwood (DW) World Offshore Wind Market Forecast, which provides a ten-year view of the sector through to 2025.
Report author, Celia Hayes, commented: “2015 was a strong year for the offshore wind industry, with over 3.8GW of capacity installed. The offshore wind market will experience high levels of activity over the next few years, as countries within Europe aim to meet their 2020 targets. Capacity additions will peak in 2022 with 9.2GW of capacity installed.
“The UK will add circa 10GW of capacity over the next decade, with most of this activity expected to occur by 2022, as Round 3 developments take place. Germany will also install over 10GW but has a longer term outlook, with activity levels peaking in 2021. China is expected to install over 10GW of capacity, lower than previously expected but still representing a strong growth market.
“Emerging markets include countries such as the USA and France, who are expected to have their first operational wind farms in 2016 and 2017 respectively. The USA is expected to install 1.8GW of offshore capacity over the next decade, and France 3.2GW. Other emerging markets include countries with historically low levels of offshore wind activity, such as Sweden, Denmark and Belgium, who are all set to grow significantly over the forecast period.”
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