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Offshore wind investments to reach $810 billion by 2030 – Rystad Energy

With the global installed offshore wind capacity expected to exceed 250 GW by 2030, the combined capital and operational expenditure for the decade is set to reach $810 billion, signaling an increasing shift of investments from oil and gas to renewable energy technologies

Oslo, April 30 - Neftegaz.RU. The offshore wind industry has nearly tripled its size since 2016, with global installed capacity expected to grow to an estimated 109 GW by 2025 and rise further to 251 GW by 2030, amounting to a 22% growth a year on average.
This massive boost in capacity will involve a steep increase in global spending, Rystad Energy said.

The analyst estimates that total expenditure will amount to $56 billion this year with almost 13 GW of new capacity to be commissioned, resulting in a cumulative global installed capacity to 46 GW.
Yearly spending will continue to rise to $126 billion in 2030, after a short-lived dip in 2022 and 2023.

Rystad Energy states:
  • In fact, 2030 will be the year of the inflection point when offshore wind capex will be on par with offshore oil and gas greenfield capex (excl. exploration work), at about $100 billion
Europe, as the most mature market, is expected to continue dominating in offshore wind spending this decade, totaling about $300 billion.

China dominated annual spending between 2019 and 2021 due to its substantial annual capacity additions.
This decade, the country is forecast to spend about $110 billion.

Petra Manuel, offshore wind analyst at Rystad Energy, said:
  • The colossal level of investments anticipated in the offshore wind industry this decade reflects the ambitious targets set by companies and governments alike
  • As the market matures and economies of scale are achieved, investments could surge further, sparking even more installed capacity
In March, the US set a target of 30 GW of installed offshore wind capacity by 2030 and embarked on speeding up its environmental review and permitting processes to be able to reach the target.

Rystad Energy expects North and South America will only start spending substantial amounts on offshore wind in 2023.

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Source : Neftegaz.RU


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