Offshore wind is expected to account for a quarter of the annual global wind market by 2028, a 10 percent increase from 2019, according to a new report by Wood Mackenzie.
Wood Mackenzie noted more than 80 percent of the capacity of offshore wind slated for installation between 2019 and 2025 has been awarded already. Furthermore, the offshore wind sector has grown from a niche market to a mainstay, on track to become a mainstream source of electricity.
One growth game-changer for this market is floating wind, a sector that is steadily gaining momentum. More than 75 floating wind concepts have been introduced already, and up to 10 gigawatts of floating wind could be deployed across 10 markets by 2030 under the right conditions.
Wood Mackenzie added the market could face risks associated with lack of policy frameworks