Quest Offshore Wind Turbine Index June 2020

June’s Offshore Wind Turbine Index Sees an Increase of 291 Turbines Since May

The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for offshore wind*, shows 264 global projects for June a gain of seven projects, comprising 14,641 individual turbine units representing a CapEx of $408 billion. This month sees 61,871 MW in Europe (a net gain of 2,533 MW) followed by 41,549 MW in Asia/Pacific (a modest gain of 17 MW). The Unites States sees 26,782 MW (a net gain of 1,995 MW) representing Equinor’s 133-unit Beacon Wind project off the coast of Massachusetts that will deliver renewable power to more than a million households in the Northeast. The United Kingdom added 199 Turbines representing a net CapEx increase of $3.4 billion.

At present, the distribution of projects between Asia Pacific and Europe is about equal. However, total CapEx and MW density are much higher in Europe at $189 billion and 61.9 GW, respectively, compared to $134 billion and 41.5 GW in Asia Pacific.
Total projected CapEx for Fixed Wind stands at $340 billion on 197 projects, comprised of 12,519 turbines. These projects represent 111,329 MW of future global nameplate capacity. Asia Pacific is presently the most active market for Fixed Wind comprising 88 projects totaling 4,645 turbines led by Japan, Taiwan, Vietnam and South Korea. Europe ranks second by region with 78 projects comprising 5,721 Fixed turbines led by England and Ireland, the Netherlands, Poland and France.
Total projected CapEx for Floating Wind stands at over $68 billion allocated to 67 projects, containing 2,122 turbines. These projects represent a global nameplate capacity of 20,175 MW. Europe leads Floating Wind activity totaling 752 turbines across 33 projects led by England, Ireland, Spain and France. Asia Pacific ranks second with 711Floating turbines on 21 projects led by Japan, Taiwan and South Korea.

*The Total Addressable Market represent the 264 global projects which are either under development, planned or possible tracked by Q FWE’s proprietary Q Vision database

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