Quest Offshore Wind Turbine Index December 2020
December’s Offshore Wind Turbine Index Sees an Increase of 636 Turbines
The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for offshore wind*, shows 322 global projects for December a gain of 28 projects since September, comprising 17,793 individual turbine units representing a CapEx of $505.2 billion. Although Asia Pacific continues to lead Europe in total project count, Europe leads all regions in total CapEx and MW density at $210.2 billion and 69.2 GW, respectively, compared to $174.8 billion and 56.5 GW in Asia Pacific which ranks second.
Asia/Pacific sees sizeable additions of 4,443 MW with South Korea gaining 3,003 MW and Vietnam adding 1,130 MW. This represents a gain of 495 wind turbines across 11 projects with one-third of these units dedicated to Floating. The United States leads Europe with 279 wind turbine units signifying 2,790 MW of capacity additions. Europe’s net gain of 1,464 MW is led from the United Kingdom with the addition of Orsted’s Hornsea 4 project comprising 100 Bottom-fixed turbines representing a net CapEx increase of $2.9 billion for the UK. Brazil gained three projects with 14.4 GW of nameplate capacity indicating 144 Bottom-fixed wind turbine generators. Also, several projects moved from status Planned to Under Development in the UK and Vietnam. Meaningful additions since the third quarter include four sizeable Floating projects in South Korea and six smaller Floating projects off Spain.
For Floating wind, Quest Floating Wind Energy’s Q Vision illustrates a Total Addressable Market in CapEx of $84.9 billion with Asia Pacific growing to $35.8 billion, Europe totaling $33.4 billion and the USA at $15.73 billion. Asia Pacific now leads Floating wind activity with 1,077 Floating turbines on 30 projects led by South Korea, Taiwan and Japan. Europe ranks second totaling 979 turbines across 43 projects led by the UK, Spain, France and Norway.
For Fixed wind, total projected CapEx stands at $420.3 billion on 237 projects, comprised of 15,303 turbines. These projects represent 143,656 MW of future global nameplate capacity. Asia Pacific is presently the most active market for Fixed wind comprising 114 projects totaling 5,736 turbines led by Japan, Vietnam, South Korea, Taiwan and India. Vietnam saw 187 Bottom-fixed wind turbines added with a nameplate capacity of 1.6 GW, followed by South Korea with 160 turbines and 1.4 GW, respectively. Regionally Europe ranks second with 85 projects comprising 6,205 Fixed turbines led by UK, Sweden, the Netherlands, Poland and France. This region represents 59,420 MW of nameplate capacity. Fast growing Fixed markets are the USA at $68.6 billion and South America at $35.8 billion.
*The Total Addressable Market represent the 322 global projects which are either under development, planned or possible tracked by Q FWE’s proprietary Q Vision database
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