The global offshore wind market is set to grow at a 16 percent compound annual rate from 2017 to 2030, reaching a cumulative capacity of 115 gigawatts (GW) compared with 17.6GW today, according to Bloomberg New Energy Finance (BNEF).
The core markets of the U.K., Germany, Netherlands and China will drive installations, but in the next decade, Taiwan and the U.S. will also become gigawatt markets, according to the new report.
China is expected to take over the U.K. and lead the offshore installations by 2022, according to the report.
Looking at the U.S., BNEF increased the forecast by 85% in the new report based on new state targets, including the State of New York's 2.4GW target by 2030.
BNEF expects annual installations to peak in 2027. After 2028, the expiry of offshore wind subsidies and a lack of regulatory transparency will result in a slowdown, BNEF said.