Page 30: of Maritime Reporter Magazine (April 2021)

OFFSHORE WIND 2021

The Year When

Offshore Wind

Takes Off in the U.S.

All graphics: WER Database

By Philip Lewis IMA/WER fter several false starts, 2021 is the year when the likely to drive offshore wind project development in the US offshore wind industry begins to realize its poten- within this decade, forecasts the number, CAPEX, OPEX and tial. At least 30 offshore wind projects are forecast timing of projects, and provides a roadmap to accessing these

Ato be developed within this decade. Ports, fabrica- market opportunities. tors, component manufacturers, vessel operators, engineering ? rms and lenders will bene? t from the $87.5B CAPEX, $2.8B Offshore Wind Overview annual OPEX, and $12.5B DECEX opportunity. From the ? rst eleven 450kW WTG 5MW Vindeby Wind-

Despite being the 2nd largest global market for onshore farm, commissioned in 1991 in Denmark, offshore wind has wind, the United States is today a minor player in offshore grown to reach 34GW cumulative installed capacity by the wind in comparison to the European and Asian offshore wind end of 2020 provided by 18 countries. markets. Two operational projects for a total 42MW of in- Europe has played the leading role to date, accounting for stalled capacity were installed in the USA at the end of 2020 73% of capacity and a signi? cant industrial base for wind versus a global offshore installed base of 34GW. farm component manufacture and logistics capabilities. 2021 will deliver a step change in offshore wind activity China has recorded a surge in capacity since 2015 to reach in the US as the journey accelerates to develop the 27.6GW 23% of global capacity by the end of 2020. project pipeline within this decade. The largest three markets at the end of 2020, the UK, China,

These are the ? ndings shared in a recent report on the US and Germany, accounted for ~78% of global installations. offshore wind market in this decade by World Energy Re- Whereas the European, Chinese, Taiwanese, and Vietnam- ports (WER). ese markets will continue to remain strong throughout the de-

The 170+ page report examines the business conditions cade, we expect to welcome South Korea, Japan, and the USA 30 Maritime Reporter & Engineering News • April 2021

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