Quest Offshore Wind Turbine Index March 2023

Q FWE’s Offshore Wind Turbine Index Grows to $2.2 Trillion CapEx in 1Q 2023

With the addition of 115 new global offshore wind projects over the Last Twelve Months (LTM), Quest
Floating Wind Energy (Q FWE) are actively tracking 752 projects (with statuses Under development, Predevelopment,
Planned and Possible) representing $2.2 trillion in CapEx, a $1.06 trillion year over year (YoY)
gain. The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for
global offshore wind*, rises to 51,431 Turbines in March 2023, an increase of 18,868 Turbines over the LTM.

 

Pacific-USA made significant contributions over the LTM adding 9.4 GW of nameplate capacity
representing a $46.9 billion gain in CapEx. Europe surpassed Asia Pacific in total project count (319)
vs. (276) and eclipses all regions as measured in total CapEx ($878.2 billion) and MW density (250.5
gigawatts). Regionally, Asia Pacific follows with 165.2 GW of future projects denoting a total CapEx of a
$590.3 billion, representing a YoY gain of $108 billion. South America continues to outpace North America
with a CapEx of $519.6 billion adding a whopping $390 billion in CapEx over the LTM. Led by the USA
Atlantic market, North America remains buoyant representing a total Capex of $215.1 billion, denoting a
$112.6 billion YoY gain.

Fixed-bottom Wind

For fixed-bottom wind, QOWTI’s projected CapEx stands at $1.5 trillion across 463 projects comprising
38,587 turbines. Following 207,135 MW of global fixed capacity additions over the LTM, South America
stands at 178,864 MW, with Europe at 139,975 MW of nameplate capacity followed by Asia Pacific
representing 116,461 MW and The Americas denoting 41,979 MW.
Brazil led the world in YoY fixed-bottom wind project additions with the largest net gain of 8,399 WTG
units (turbines) followed by Asia Pacific (2,882) where Australia led country distributions at (943),
followed by Taiwan (878), Japan (412), South Korea (400) and Vietnam (183).

Floating Wind

For floating wind, Quest Floating Wind Energy’s Q Vision illustrates a Total Addressable Market in CapEx of
$699 billion, a sizeable YoY gain of $341 billion. Europe maintains a 59% share of global floating CapEx ($412.7 billion) whilst also continuing to lead the world in project additions with over 54.6 GW from 3,399 floating turbines over the LTM denoting CapEx of $226.9 billion. Italy measured the largest net gain of 895 floating turbine units followed by
United Kingdom (754), Sweden (624), Spain (472) and Ireland (459). Europe now totals 7,576 floating
turbine units representing a total capacity of 110,712 MW across 179 projects.

*The Total Addressable Market represents the 700+ 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.