GLOBAL OFFSHORE WIND MARKET & FORECAST REPORT
(2021 – 2034)
This comprehensive 168-page report dedicated to global offshore Fixed and Floating wind illustrates the growing market opportunities across the supply chain over the next ~15 years including the most active developers, potential market size, pertinent project activity details and other vital metrics illustrated by region and construction timeline.
Renewables are considered one of the primary fuels to satisfy the world’s growing energy demand and wind is a vital component. Many countries are looking-to offshore as a more beneficial effective environment to harvest larger volumes of wind energy. The offshore wind sector continues to deliver increasing numbers of offshore wind farms across the world and until recently, have exclusively been developed with ‘Bottom-fixed’ structures in relatively shallow water, near-to-shore. With the advent of Floating wind and its enormous growth potential, there will be new developments further from shore and in deeper water.
Cumulatively installed offshore wind capacity reached 32.5 GW in operation worldwide by the end of 2020 buoyed by 5.2 GW of newly added global capacity additions from both Bottom-fixed and Floating. In 2020, there were 5.2 GW of newly added global capacity additions for offshore wind (Bottom-fixed and Floating) bringing the total installed offshore wind capacity in operation to 32.5 GW worldwide. In fact, the top five offshore wind markets, ranked by capacity in operation, are the UK (10.4 GW), Germany (7.7 GW), China (7.1 GW), The Netherlands (2.6 GW) and Belgium (2.3 GW).
Q FWE is passionate about the ultimate potential for offshore wind and the force of influence it2will demonstrate over time across the renewables landscape. This report entitled Global Offshore Wind Market and Forecast Report, Volume 2, is a comprehensive review of the global offshore wind market’s total potential in addition to a unique focus on Bottom-fixed and Floating market segments together and separately. Please note that Q FWE also maintains comprehensive market intelligence, ‘Deep Data’ and reports on the FloatngWindMarket exclusively, so we are your GO TO source for continual, in-depth analysis across the sector.
Major Report Findings
• Over the forecast period analyzing contract awards to 2034 and project start-ups to 2035,
Quest has identified projects representing more than 208 GW of offshore wind scheduled for
commissioning worldwide, a number that will grown exponentially following the addition of
newly sanctioned projects and accelerated commercialization. In total, 21,117 Wind Turbine
Generating units are forecast globally to 2035 signifying a nameplate capacity of 207,741 MW
and capital spending of $609 billion.While the mix between Fixed and Floating is 85% to 15%,
respectively (on a MW basis), a regional analysis signifies a 43% share of capital spend to
Europe followed by AsiaPac at 37%, and The Americas with a 20% portion.
• A year-over-year comparison to the global opportunity pipeline sees CapEx gains exceeding
$180 billion with new Bottom-fixed wind projects surging in all core regions. Shown Right,
AsiaPac sees CapEx gains of $70 billion while increases in Europe are $61 billion followed by
$50 billion in The Americas.
• Globally, the 50% increase in turbine units to 18,038 was led from Europe with the addition
of 2,243 units followed closely by AsiaPac with 2,331 and The Americas seeing a net gain of
• The United Kingdom is the most active European sector counting 23 ‘Under development’
projects denoting a spend of $58 billion. France ranks second with 14% of the spend, $15
billion, for three projects offshore Normandie (Dunkirk, Saint-Brieuc, Saint-Nazaire); and five
others (Calvados, Courseulles-sur-Mur, Dieppe-Le Tre’port, Fe’camp, ILes d’Yeu et de
Noirmoutier). Poland, Germany and The Netherlands round-out the top five countries and
collectively represent 21% of the spend, $24 billion.
• Europe’s Top 10 Developers collectively represent about 70% of the capital spending for
Fixed wind these are: Orsted, Equinor, Vattenfall, Shell, Iberdrola, EON, EDF, SSE Renewables,
RWE and Ocean Winds. ’Under development’ projects denote 51% of the CapEx ($112.4
billion) while 32% ($69 billion) of spend is tied to ‘Planned’ projects. Projects with status
‘Possible’ represent (17% ) of the total ($37.5 billion).
• The Asia Pacific’s concentration by Developer is highly fragmented compared to other
regions. The Top 10 Developers collectively represent about 43% of the capital spending for
Fixed wind at $78.3 billion these are: The Korea Electric Power Corp. (KEPCO), Enterprize
Energy of Vietnam, Orsted, Copenhagen Infrastructure Partners/Offshore Energy, Pacifico
Energy KK, Mainstream Renewable Power, EnBW Energie, Saemangeum and Japan Wind
Development. ‘Under development’ projects denote 16% of the CapEx ($29 billion) while
32% ($58 billion) of spend is led from ‘Planned’ projects. Projects with status ‘Possible’
represent (52% ) of the total ($93 billion).
• The vast majority of Developer activity in The Americas with status ‘Under development’ is
held by the Top 10 who collectively represent about 97% of the capital spending for Fixed
wind at $106 billion these are: Orsted, Neoenergia, Equinor, Avangrid Renewables, Dominion
Resources, Votu Wind, Vineyard Wind, EDF, Shell and PrimoEnergia.
• Floating wind is a global opportunity ramping-up for commercialization across six to ten
distinct markets. Over the long-term, Floating wind is projected to become a critical
component of the energy mix. The pace and rhythm of this nascent market is profound, with
upward projections of potentially 180 GW of installed capacity by 2050, comprising nearly
13,000 Floating turbine units.
• The Floating opportunity pipeline continues to gain momentum. A year-over-year
comparison (Jan. 2021 vs. Jan. 2020) to our Floating wind outlook reveals Double Digit
increases with the number of Projects up 61% while the total number of Units gaining by 25%
and TotalMWrising 14%.
• Likewise, CapEx gains of nearly $33 billion new Floating wind projects surging in Asia Pacific
and Northern Europe with spending increases of $19 billion and $17 billion, respectively. In
Asia, there are nearly 6 GW of projects earmarked for South Korea alone led by these
Developers: TOTAL Energies, Ocean Winds/Aker Offshore Wind, Equinor, MOTIE and
• Current tenders for commercial-scale Floating offshore wind farms, in a number of key
regions, are accelerating the potential for rapid growth. As an example, the ongoing
ScotWind seabed licensing round will include a carve-out for floating projects in Scottish
waters. ScotWind awards are expected to be announced during the first half of 2021. It is
estimated that 10 new sites will eventually be chosen for wind farm developments.
• We observe that moving forward, Developers are mainly de-coupled from technology and
now start each early development project with an agnostic-based technology approach; this
results in each company working with a variety of Floater designs and designers. Q FWE
developed an infographic “Developers’ Floater Technology DNA” to highlight these
relationships which is detailed in sister report to our companion report entitled “Global
FloatingWindMarket and Forecast Report 2021-2034”, Volume 3.