Quest Offshore Wind Turbine Index December 2019
Offshore Wind Grows at Astonishing Rate in 4th quarter
Annualized growth in 4Q/2020 has reached levels which show the massive growth potential in industrialized Offshore Wind. Global CapEx for the Floating Wind segment (vs Fixed Wind) grew by $17 billion ($48B vs $65B) in 4Q/2020, which equates to an annual growth rate of over 141%. While this growth rate may seem difficult to maintain, numerous positive comments from Major Energy Companies about the potential of Floating Wind, indicate that numerous 1000MW Floating Wind Projects may materialize fairly quickly. While growing from a larger base, Fixed Wind posted impressive growth in 4Q/2020, with an annualized growth rate of 23%.
Quest Offshore Wind Turbine Index
December 2019 QOWTI, which tracks the total addressable market, shows a rise in global turbines to 12,424 from 12,224 in November 2019, which corresponds to a rise in projected MW capacity of 2,431MW to 119,384MW. CapEx in December grew by $14.6 Billion for Fixed Wind and $2.5 Billion for Floating Wind.
Growth in Global Capacity was primarily due to the addition of the projects in the below chart. For more information on the Offshore Wind market, please contact us at email@example.com or +1 832 862 3390.
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