A vast untapped
POWERING THE WORLD
The world is transitioning to a low carbon future in which clean, affordable, renewable electricity powers our daily lives. Global electricity consumption is a £2+ trillion annual global market, which is growing year on year. The ocean’s offshore winds are an immense source of renewable energy, and they will form a vital part of the world’s decarbonisation efforts. There is enough energy in the ocean’s winds to power the entire planet, yet currently this vast resource is largely untapped.
OFFSHORE WIND ENERGY
Whilst offshore winds in shallow waters have been harnessed by fixed bottom wind turbines the wind and wave energy in deep water remains largely unharnessed and represents around 80% of the exploitable energy resources of our oceans. It is now clear that offshore wind, of which floating offshore wind will form a significant part, will play a crucial role in achieving global net zero targets.
FLOATING OFFSHORE WIND GLOBAL MARKET
- Rapid growth forecast with compound annual growth of 33% to 2030.
- Reaching 13.5GW installed capacity by 2030.
- 57GW+ total FLOW installed capacity by 2035.
Floating offshore wind is a maturing global market with a deployment and cost trajectory that is expected to follow a similar path as early stage fixed offshore wind.
FORECAST GLOBAL INSTALLED CAPACITY
The UK is leading the market for floating offshore wind with a 18GW+ pipeline and planned capacity of 5GW by 2030. Europe is targeting 300GW of offshore wind by 2050 and floating wind is expected to deliver 60GW+ of that capacity. In the USA there is already 4.6GW of leased seabed allocated to floating wind in California and between South Korea and Japan they are planning 12.8GW of floating wind by 2035.