Page 20: of Offshore Engineer Magazine (Nov/Dec 2022)

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Market Forecast 2023 ©Twixter/AdobeStock

OFFSHORE WIND

THEMES FOR 2023

Te drivers for global ofshore wind growth look good for 2023.

Global ofshore wind is forecast to grow from over 60 GW at the end of 2022 to 240 GW by 2030 and over 410 GW by 2035.

But the sunny outlook must be balanced with some building dark clouds. As we prepare for the new year, let us look at ten factors that will shape the ofshore wind sector in 2023.

By Philip Lewis, Research Director of Intelatus Global Partners he drivers for global offshore wind growth look scale wind farms will advance in the US, new European good for 2023. Global offshore wind is forecast Union markets (Greece, Ireland, Italy, Poland and the to grow from over 60 GW at the end of 2022 to Baltics, Portugal, Spain, etc.), Japan, and South Korea. 240 GW by 2030 and over 410 GW by 2035. Governments in Australia, India, the Philippines, Canada,

T

But the sunny outlook must be balanced with some build- Brazil and Columbia will all take steps to advance offshore ing dark clouds. As we prepare for the new year, let us look at wind project permitting.

ten factors that will shape the offshore wind sector in 2023. 3. P2X is a game changer: Power-to-X in offshore wind 1. Solid foundations: Optimism for the supply chain is terms means converting electrons to moveable and storable founded on declared and inferred offshore wind deployment molecules. Initially producing green hydrogen, the elec- targets by a growing number of countries of over 400 GW, trons will be converted to a range of hydrogen-based en- driven by energy transition and energy security policies. ergy carriers such as methanol and hydrogen for use in the 2. New kids on the block: Offshore wind activity is ex- industrial, residential, and transportation segments. Off- pected to remain strong in all established markets – China, shore wind-to-hydrogen production is moving from dem- the UK, the European Union, and Taiwan. Commercial- onstration to commercial-scale projects within this decade. 20 OFFSHORE ENGINEER OEDIGITAL.COM