Quest Offshore Wind Turbine Index Dec 2021


Q FWE’s Offshore Wind Turbine Index Nears One Trillion Dollars CapEx in December 2021

The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for global
offshore wind*, rises to 28,767 Turbines in December 2021, an increase of 3,957 Turbines since
September.

With the addition of 40 new global offshore wind projects during Q4, Quest Floating Wind Energy (Q FWE)
are actively tracking 509 projects representing $969.3 billion in CapEx, a $125.4 billion quarter over quarter
gain. Asia Pacific now leads Europe in total project count (217) vs. (212) while Europe maintains its
dominance in total CapEx and MW density at $412.7 billion and 132.3 gigawatts (GW), respectively. Asia
Pacific ranks second with 100.5 GW of future projects denoting a total CapEx of a $331.9 billion. The
Americas region led by the USA Atlantic market is sizeable and growing with a total Capex of $224.8 billion
largely buoyed by the addition of $75 billion in Brazilian projects.

Following 32,237 MW of Fixed-bottom capacity additions this quarter in South America, Europe added
15,627 MW of capacity additions, nearly half of these from Ireland continuing the regions strong quarter
on quarter growth trajectory now counting 20 fixed and 12 floating projects. Italy, a rapidly developing
offshore wind market, ranked third with 4,555 MW of capacity additions from 314 floating turbine units
(FTU’s) and Sweden gaining 3,090 MW of capacity additions with the United Kingdom ranking fourth at
2,063 MW of capacity additions from 111 fixed and 61 floating turbine units. In Asia Pacific, this quarter
sees continued strength from South Korea adding 5,966 MW from 421 floating units and Australia gaining
3,438 MW of notable fixed-bottom additions.

For floating wind, Quest Floating Wind Energy’s Q Vision illustrates a Total Addressable Market in CapEx
of $252 billion adding $32.8 billion in the quarter. Asia Pacific led the quarter with 526 floating turbine
additions largely from South Korea and Japan denoting $22.1 billion in CapEx. Italy led Europe’s
contribution of 314 floating turbines adding 4,555 MW. At $124 billion representing an installed capacity
of 35,755 MW across 98 projects, Europe is driving the surge in floating wind activity volumes now standing
at 2,875 turbines strengthened by sizeable quarter on quarter capacity gains of 6,695 MW in Q4 and 5,274
MW in Q3. Asia Pacific totals 2,518 floating turbine units across 61 projects led by South Korea (1,148
units), Japan (511 units), Australia (386 units) and Taiwan (260 units). Quest FWE are tracking 14 floating
projects in the USA comprising 435 units totaling an installed capacity of 4,257 MW; nine of these are off
the West coast.

For fixed wind, total projected CapEx stands at $718 billion across 335 projects comprising 22,934
turbines; these global projects represent 245,398 MW of future nameplate capacity. Europe ranks first
regionally with 8,612 Fixed turbines across 114 wind projects led by the UK, Ireland, Poland, Sweden,
Netherlands, France, and Denmark. Europe denotes 96,528 MW of nameplate capacity, a quarterly gain
of 8,932 MW. Quest FWE are tracking 8,084 fixed-bottom turbines concentrated in South Korea, Japan,
Vietnam, Taiwan, Australia, and India across 156 projects. 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 509 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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