Global investment in offshore wind energy will increase as countries move towards cleaner energy sources, Rystad Energy reported.
According to experts, investments in this area will more than double and reach $102 billion in 2030 compared to $46 billion last year.
“The driving force behind this growth is a significant increase in capacity in Europe, which strengthens the region’s position as a world leader in offshore wind energy,” the report says.
Investment in wind power is expected to be $53 billion in 2030, up from $15 billion in 2021.
The Americas have been slow to build wind farms, but things are starting to change now. Thus, in the current year, capital expenditures in this industry are projected at $3.3 billion compared to $0.7 billion a year earlier. They could rise to almost $15 billion at the end of the current decade.
Meanwhile, investment growth in China, which is currently a significant player in the offshore wind power market, will slow down, analysts at Rystad said. In 2020, they amounted to almost $25 billion, twice the figure in Europe.
However, in 2030, China’s capital expenditures in this industry are expected to be only $7.7 billion. This is due, in particular, to the dynamics of emerging markets, which reduces the cost of increasing energy capacities.
“Offshore wind power is set to grow significantly this decade, with operational capacity expected to exceed 265 GW in 2030,” said Rystad analyst Anubhav Venkatesh.
“As the world moves towards a greener energy balance, investment in the offshore wind sector will grow.”