Quest Offshore Wind Turbine Index March 2021

Q FWE’s Offshore Wind Turbine Index Springs to 21,288 Turbines in March

The Quest Offshore Wind Turbine Index (QOWTI), which tracks the Total Addressable Market for global offshore wind*, Springs to 21,288 Turbines in March, an increase of 3,495 Turbines since December.

This quarter shows 404 global projects, a gain of 82 projects since December, comprising 21,288 individual turbine units representing a CapEx of $626.3 billion.  While Asia Pacific continues to lead Europe in total project count (186), Europe leads all regions in total CapEx and MW density at $268.8 billion and 91.6 GW, respectively.  Asia Pacific ranks second with a total CapEx of a $232.9 billion and 74.9 GW of planned capacity additions in the pipeline.  The Americas led by the USA Atlantic market is sizeable with a total Capex of $124.6 billion and projected capacity additions of 43.3 GW.

Since last quarter, Europe is the most active region with a gain of 1,729 wind turbine units signifying 22,374 MW of newly announced capacity additions.  The United Kingdom is by far the most active country adding 618 Turbine units denoting 8,817 MW of capacity additions. The bulk of these, to be Developed by TOTAL Energies, BP and RWE, are newly planned Bottom-fixed opportunities situated in the Irish Sea and North Sea representing over $8 billion in CapEx.  Asia/Pacific sees sizeable additions of 18,486 MW with South Korea gaining 15,134 MW and Japan adding 3,170 MW.  This represents a gain of 1,692 wind turbines across 42 projects with 279 of these units dedicated to Floating.  The Americas led by Colombia sees 74 offshore wind turbine additions since December totaling $4.5 billion in CapEx.

For Floating wind, Quest Floating Wind Energy’s Q Vision illustrates a Total Addressable Market in CapEx of $118.1 billion with Europe growing to $51.9 billion, Asia Pacific totaling $50.4 billion and the USA at $15.8 billion.   Europe leads overall Floating wind activity volumes with 1,439 Floating turbines on 63 projects representing an installed capacity of 15,470 MW.  Ireland, Spain and the UK lead new Floating additions numbering 398 units totaling an installed capacity of 4,607 MW.  Asia Pacific ranks second totaling 1,356 turbines across 42 projects led by South Korea and Japan.  We are tracking 14 Floating projects in the USA comprising 435 units denoting an installed capacity of 4,257 MW.

For Fixed offshore wind, total projected CapEx stands at $508.2 billion across 285 projects comprising 18,058 turbines.  These global projects represent 176,764 MW of future nameplate capacity with thirty-five percent of this capacity already earmarked for Asia Pacific.  Q FWE are tracking 7,149 Bottom-fixed turbines across 144 projects concentrated in South Korea, Japan, Vietnam and Taiwan.  Regionally Europe ranks second with 100 wind projects comprising 7,474 Fixed turbines led by the UK, Netherlands, Poland, Denmark, Sweden and France.  Europe represents 76,121 MW of nameplate capacity, a gain of 16,700 MW since last quarter.  Fast-growing Fixed markets are the USA at $71.6 billion and South America at $37.2 billion.

*The Total Addressable Market represents the 404 global projects which are either under development, planned or possible tracked by Q FWE’s proprietary Q Vision database.

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