Page 16: of Offshore Engineer Magazine (Mar/Apr 2021)

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MARKETS OFFSHORE WIND 2021

Te Year When Ofshore

Wind Takes Of in the U.S.

As of mid-March 2021, there were at least 30 offshore wind projects in the planning stage representing an $87.5bn CAPEX and $2.8bn annual OPEX opportunity that are forecast to be developed within this decade.

All graphics: WER Database

By Philip Lewis IMA/WER fter several false starts, 2021 is the year when the project pipeline within this decade. offshore wind industry begins to realize its poten- These are the fndings shared in a recent report on the US tial. At least 30 offshore wind projects are forecast offshore wind market in this decade by World Energy Re- to be developed within this decade. Ports, fabri- ports (WER).

A cators, component manufacturers, vessel operators, engineer- The 170+ page report examines the business conditions ing frms and lenders will beneft from the $87.5B CAPEX, likely to drive offshore wind project development in the US $2.8B annual OPEX, and $12.5B DECEX opportunity. within this decade, forecasts the number, CAPEX, OPEX and

Despite being the 2nd largest global market for onshore timing of projects, and provides a roadmap to accessing these wind, the United States is today a minor player in offshore market opportunities. wind in comparison to the European and Asian offshore wind markets. Two operational projects for a total 42MW of in- OFFSHORE WIND OVERVIEW stalled capacity were installed in the USA at the end of 2020 From the frst eleven 450kW WTG 5MW Vindeby Wind- versus a global offshore installed base of 34GW. farm, commissioned in 1991 in Denmark, offshore wind has 2021 will deliver a step change in offshore wind activity grown to reach 34GW cumulative installed capacity by the in the US as the journey accelerates to develop the 27.6GW end of 2020 provided by 18 countries. 16 OFFSHORE ENGINEER OEDIGITAL.COM