Quest Offshore Wind Turbine Index Sept 2021


Q FWE’s Offshore Wind Turbine Index Rises to 24,810 Turbines in September

The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for global offshore wind*, rises to 24,810 Turbines in September 2021, an increase of 1,678 Turbines since June.

With the addition of 40 new global offshore wind projects during Q3, Quest Floating Wind Energy (Q FWE) are tracking 469 projects denoting a CapEx of $843.9 billion, realizing a quarter over quarter gain of $74.4 billion.  Europe now leads in total project count (204) over Asia Pacific (203) and maintains its dominance in total CapEx and MW density at $385.2 billion and 116.7 gigawatts (GW), respectively.  Asia Pacific ranks second with a total CapEx of a $308.2 billion and 89.7 GW of future projects.  The Americas led by the USA Atlantic market is sizeable and growing with a total Capex of $150.5 billion and projected capacity additions of 48.6 GW.

Ireland led all other regions in the quarter with 8,385 MW of newly announced capacity additions placing the country’s total CapEx at $52.7 billion related to 15 fixed and 11 floating projects.  Throughout Europe, the United Kingdom ranks second with 2,704 MW of capacity additions from 256 floating turbine units (FTU’s). Spain was third adding 698 MW of capacity additions related to 68 floating units. Asia Pacific sees sizeable additions of 4,077 MW with South Korea gaining 2,138 MW from 105 turbine units. Taiwan added 99 fixed units denoting 906 MW.  Taiwan is a bright spot with Iberdrola most recently announcing three new offshore wind development projects on the west coast with a combined potential capacity of approximately six gigawatts (6 GW). Interestingly, water depths at the projects are appropriate for both fixed-bottom and floating offshore wind technology.  Led from Brazil, The Americas added 165 fixed-bottom units in Q3 representing 2,530 MW of nameplate capacity and CapEx totaling $7.3 billion.

For floating wind, Quest Floating Wind Energy’s Q Vision illustrates a Total Addressable Market in CapEx of $219 billion adding $26.2 billion in the quarter.  Notable gains were led from Europe with 526 floating turbine additions followed by Asia Pacific with 67 units denoting a CapEx of $21.2 billion and $4.4 billion, respectively.  At $110 billion, Europe maintains its lead in floating wind activity volumes with 2,553 floating turbines on 95 projects representing an installed capacity of 29,060 MW led from a sizeable quarterly gain of 5,274 MW.  The UK (encompassing Scotland of course) and Ireland lead new floating additions during the quarter numbering 390 units representing an installed capacity of 4,714 MW.  Ocean Winds and Aker Offshore Wind very recently unveiled ambitious plans to make Scotland a “global leader” in floating offshore wind “delivering green energy at scale” with their proposed six gigawatt (6 GW) development in the Outer Moray Firth provided the partners secure a license in the recently completed ScotWind auction.  Asia Pacific ranks second overall totaling 1,992 floating turbine units across 51 projects led by South Korea (727 units), Japan (414 units), Australia (386 units) and Taiwan (250 units).  Quest FWE are tracking 14 floating projects in the USA, nine off the West coast, comprising 435 units denoting an installed capacity of 4,257 MW.

For Fixed wind, total projected CapEx stands at $624.9 billion across 309 projects comprising 19,830 turbines.  These global projects represent 198,610 MW of future nameplate capacity with one-third of this capacity already earmarked for Asia Pacific.  Quest FWE are tracking 6,606 fixed-bottom turbines concentrated in South Korea, Japan, Vietnam and Taiwan across 141 projects.  Regionally Europe ranks first with 8,397 Fixed turbines across 109 wind projects led by the UK, Ireland, Poland, Sweden, Netherlands, Sweden, France and Denmark.  Europe represents 87,596 MW of nameplate capacity, a gain of 6,956 MW since last quarter.  Fast growing Fixed markets are South Korea, Taiwan and Vietnam totaling $142 billion, the USA at $78 billion with Norway and Ireland totaling $39.5 billion.

*The Total Addressable Market represents the 469 global projects which are either under development, planned or possible tracked by Q FWE’s proprietary Q Vision database. Due to the ‘closed’ nature of the Chinese market, China and parts of India are largely excluded from our coverage (these areas predominately utilize bottom fixed turbine foundations).

 

For more information on the Offshore Wind market, please contact us at +1 (281) 725-7664 or email Andrew.Chadderdon@questfwe.com.


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