Quest Offshore Wind Turbine Index June 2021

Q FWE’s Offshore Wind Turbine Index Rises to 23,132 Turbines in June

The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for global offshore wind*, rises to 23,132 Turbines in June, an increase of 1,844 Turbines since March.

With the addition of 31 new global offshore wind projects since March, Q FWE are tracking 435 projects denoting a CapEx of $769.6 billion, a quarter over quarter gain of $143.3 billion.  While Asia Pacific continues to lead Europe in total project count (197), Europe maintains it lead in total CapEx and MW density at $335.6 billion and 104.4 GW, respectively.  Asia Pacific ranks second with a total CapEx of a $291.4 billion and 85.6 GW of planned capacity additions in the pipeline.  The Americas led by the USA Atlantic market is sizeable with a total Capex of $126.2 billion and projected capacity additions of 42 GW.

Since last quarter, Australia is the most active region with 7,090 MW of newly announced capacity additions and overall CapEx now totaling $33.8 billion related to five fixed and three floating projects.  By country, the United Kingdom ranks second with 4,788 MW of capacity additions from 368 Floating Turbine units. Meaningful capacity additions by country across Europe included 3,030 MW in Sweden, 2,000 MW for Iceland, 1,500 MW in Ireland and 1,146 MW added in Norway. Asia/Pacific sees sizeable additions of 10,606 MW with New Zealand gaining 2,010 MW from 134 Floating units and Taiwan adding 946 MW.  In total for Asia, this represents a gain of 787 wind turbines across 13 projects with 569 of these units dedicated to Floating.  The Americas sees 50 active projects representing $126.2 billion in CapEx led by 23.9 GW in the US Atlantic and 18.1 GW off Brazil.  In South America, Brazil was buoyant adding 3,600 MW of shallow water Bottom-fixed projects.

For Floating wind, Quest Floating Wind Energy’s Q Vision illustrates a Total Addressable Market in CapEx of $192.8 billion adding $74.6 billion in the quarter.  Notable gains were led from Europe with 588 Floating units and in Asia Pacific with 569 units denoting a CapEx of $37.1billion and $34.8 billion, respectively.  At $89 billion, Europe maintains its lead in Floating wind activity volumes with 2,027 Floating turbines on 80 projects representing an installed capacity of 23,786 MW led from a sizeable quarterly gain of 8,316 MW.  The UK and Sweden lead new Floating additions numbering 449 units representing an installed capacity of 6,400 MW.  Asia Pacific ranks second overall totaling 1,925 Floating turbine units across 49 projects led by South Korea (741 units), Australia (386 units), Japan (333 units) and Taiwan 250 (units).  We are tracking 15 Floating projects in the USA comprising 485 units denoting an installed capacity of 4,657 MW.

For Fixed wind, total projected CapEx stands at $576.8 billion across 292 projects comprising 18,745 turbines.  These global projects represent 186,295 MW of future nameplate capacity with thirty-four percent of this capacity already earmarked for Asia Pacific.  Q FWE are tracking 7,367 Bottom-fixed turbines concentrated in South Korea, Japan, Vietnam and Taiwan across 148 projects.  Regionally Europe ranks second with 98 wind projects comprising 7,774 Fixed turbines led by the UK, Netherlands, Poland, Denmark, Sweden and France.  Europe represents 80,640 MW of nameplate capacity, a gain of 4,519 MW since last quarter.  Fast growing Fixed markets are the USA at $73.4 billion and South America at $48.2 billion, Australia $14.1 billion and Iceland $8.7 billion.

*The Total Addressable Market represents the 435 global projects which are either under development, planned or possible tracked by Q FWE’s proprietary Q Vision database.


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