Offshore Wind Energy Market Projected to Develop Significantly in Future Years

Published Date : Feb 19, 2016

The Global Wind Energy Council (GWEC) states that offshore wind holds enormous potential of meeting a large portion of energy demands of the global market. If utilized properly, offshore wind can meet the overall energy demand of the U.S. four times over and that of Europe seven times over.

Being a relatively new technology as compared to the other highly popular renewable energy sources such as solar and onshore wind power, costs are expected to come down and advancements in technology are expected to make the field more cost competitive and efficient in the near future. Despite of the novelty surrounding every aspect of offshore wind energy, the technology is already being considered an important part of energy planning across the globe by governments.

More than 91% of the total installed capacity of offshore wind energy is present in northern Europe and much of the rest is present in China. Offshore wind energy forms a crucial component of Europe’s target to source at least 20% of the overall energy consumed from renewable sources by 2020. China has also set a target of installing 30 GW worth offshore wind power projects by 2020. The U.S. has excellent offshore wind resources and several offshore wind power projects are under development in the country.

Although it is one of the most talked about sectors of wind energy, it currently represents only about 2% of the global installed wind power capacity. But the several under-development projects and the rising attention being paid to the field can easily help it achieve greater heights in the coming years.

Some of the major benefits of offshore wind power also make market growth prospects look bright, including: 

  • As wind resource off the shores is much greater than on shores, it is possible to generate more energy from a fewer number of turbines.
  • Most of the largest cities of the world are located near coastlines. With offshore wind energy, large scale power development can be made possible near major demand centers. This can lead to cost competitive power supply as it will avoid the need for long transmission lines.