For more than a decade, there has been a strong push towards the use of cleaner and cheap energy. The number of Offshore wind installations is on the rise, but more deployment and urgency are required to meet the Sustainable Development Scenario (SDS) trajectory.
It is anticipated that, by 2030, offshore wind energy will be cheaper, with over 50 percent drop in cost to 5.5 cents per kWh from 11.5 cents per kWh. Nevertheless, there is a huge global deficit of additional offshore wind capacity needed annually before 2030.
A new geospatial analysis on offshore wind access shows that several potential countries for close-to-shore and offshore wind sites can provide about 36,000 TWh globally per year. That is close to the global demand for electricity in 2040. However, the market is likely to accelerate at a significant pace, mostly in China and Europe.
The Growth of Offshore wind Markets
China is making tremendous expansion to accelerate the installation of offshore wind firms. But the only challenge facing China is the high cost imposed on renewable energy installation. However, the Chinese government is taking new measures to help cut the cost of renewable energy through subsidies.
On the other hand, the European nation is racing against time after a slow growth recorded back in 2018. Europe is expected to accelerate the growth following the countries’ renewable plans of achieving more new offshore wind figures by 2030.
Emerging of New Offshore Wind Markets
Japan has approved new statutes that define project development zones. The new laws are expected to mitigate grid connection challenges and expand more on large-scale projects.
Since the Biden administration took over, the United States has pledged to invest more in offshore wind energy. The main goal is to double the use of offshore wind energy to about 30 gigawatts by 2030. That will connect over 10 million American households with clean, renewable energy.
According to the recent briefs by the International Renewable Energy Agency (IRENA), which is an intergovernmental organization, China remains at the top with the most offshore wind capacity following an additional 2.3 GW of new wind installations. The United Kingdom follows second with 1.6 GW, then Germany with 1.1 GW.
Solutions and Technologies That Will Accelerate Offshore Wind Deployment
In order to achieve such enormous global potential, both private and public players need to develop reliable solutions. The wind firms need to maximize their installation windows with bigger turbines and move into deeper waters to accelerate offshore wind deployment.
Meanwhile, the renewable energy sector is also introducing floating foundation technologies that already exist in the oil and gas industry. With such commercial floating wind projects already operating and others under development, it is viable proof that floating offshore wind technologies will make the sector more competitive than before.
Offshore wind firms looking to invest in the available global markets require a smart, reliable company with cutting-edge solutions and technologies. All that will enable the firm to stand out from the competitive market and increase productivity.
Wind firms can integrate this with the help of a professional approach and Discover IQIP to provide a full range of equipment and services.
By collaborating with a specialist company, you get the best quality, state-of-the-art equipment, professional solutions, designs, and qualified service specialists on the job. You also get access to global coverage with 24/7 worldwide support.