wind energy

The UK currently leads in offshore wind energy installations, however research predicts China to take the dominant position by 2022.According to a recent study by Bloomberg New Energy Finance (BNEF), the global offshore wind market is set to grow at a 16% compound annual rate from 2017 to 2030, reaching a cumulative capacity of 115 gigawatts compared with 17.6 gigawatts today.

The core markets of the UK, Germany, Netherlands and China will drive installations, but in the next decade, Taiwan and the United States will also become gigawatt markets.

Growth of wind energy market

BNEF expects annual installations to peak in 2027 adding that after 2028, “the expiry of offshore wind subsidies and a lack of regulatory transparency will result in a slowdown.” Read more...

 

Global offshore wind cumulative installation forecast. Source: BNEF

 

 

In subsequent news, German wind turbine manufacturer, Nordex, announced on Tuesday that it has secured three contracts in the US worth a combined about 820MW, confirming the growth of the wind energy market.

The news comes less than a month after a final US tax bill retained key production credits for wind energy projects, in contrast to previous versions in which the subsidies had been significantly cut.

 

Featured image: Engineered.com