Quest Offshore Wind Turbine Index Jun 2022


Q FWE’s Offshore Wind Turbine Index Eclipses $1.24 Trillion Dollars CapEx in June 2022

The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for global offshore wind*, rises to 34,584 Turbines in June 2022, an increase of 2,021 Turbines since March. With the addition of 23 new global offshore wind projects during Q2, Quest Floating Wind Energy (Q FWE) are actively tracking 581 projects (with statuses Possible, Planned, Pre-development and Under development)representing $1.24 trillion in CapEx, a $102.7 billion quarter over quarter gain.

Europe surpasses Asia Pacific in total project count (254) vs. (235) and maintains its dominance in total CapEx and MW density at $558.7 billion and 179.1 gigawatts (GW), respectively. Asia Pacific follows with 123.6 GW of future projects denoting a total CapEx of a $398.5 billion. South America surpasses North America with a CapEx of $165 billion adding $36 billion since March. North America remains active representing a total Capex of $125 billion led by the USA Atlantic market.

For fixed-bottom wind, QOWTI’s projected CapEx stands at $864 billion across 361 projects comprising 25,538 turbines. Following 16,857 MW of fixed capacity additions this quarter globally, Europe represents115,754 MW of nameplate capacity followed by The Americas denoting 93,873 MW with Asia Pacific standing at 76,773 MW. The largest fixed-bottom capacity contributions by country this quarter are Brazil at 9,000 MW representing 600 fixed turbine units (FTUs) for Total Energies and Sweden with 7,200 MW. At press time, Ocean Winds announced the launch of OW Brazil to invest in offshore wind project development opportunities namely licensing of 15 GW in the states of Piauí, Rio Grande do Norte, Rio de Janeiro and Rio Grande do Sul.

For floating wind, Quest Floating Wind Energy’s Q Vision illustrates a Total Addressable Market in CapEx of $383 billion, a gain of $24.8 billion in the quarter. New Zealand led quarterly additions with over 4 GW from 268 floating turbines denoting $11 billion in CapEx. Asia Pacific now totals 3,634 floating turbine units across 75 projects led by South Korea (1,348 units), Australia (953 units), Japan (512 units), New Zealand(402 units) and Taiwan (330 units). Europe continues its buoyant pace adding 507 floating turbines climbing to 63,368 MW of nameplate capacity. Sweden announced 310 turbines with 4,650 MW of capacity while Italy continues to strengthen from last quarter’s record activity adding another 136 floating turbines with the regions planned capacity now reaching 14,490 MW.

The trend towards Increases in average turbine capacities is leading to bright spots in achieving early cost reductions ahead of 2030 according to Quest FWE’s Q Vision analytics with CapEx per MW closing-in on$3.0 million for fixed compared to $3.3 million for floating.

*The Total Addressable Market represents the 581 global projects which are either under development, pre-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 fixed bottom 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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