40GW of new offshore wind capacity will be installed over the next five years, according to the latest edition of the Global Wind Report issued by the Global Wind Energy Council (GWEC).
Overall, offshore wind would represent 15% of total installations each year, GWEC said.
GWEC expects increasing offshore installations first in Asia and then in North America to contribute to the growth. Europe is expected to remain steady with 3-4GW of annual offshore wind installations on average.
In 2019, 6.6GW of additional capacity is expected to be installed, 4.3GW in Europe and 2.3GW in Asia. 2020 will see 4.9GW of new installed capacity, 1.9GW in Europe and 3.1GW in Asia.
In 2021, 8.3GW of new capacity is projected, 3GW in Europe and 5.3GW in Asia. 9.9GW of new capacity will be added in 2022, 5.6GW in Europe and 4.4GW in Asia. In 2023, North America will add 0.8GW, Europe 4.5GW, and Asia 4.8GW, for a total of 10.1GW of newly installed capacity.
Currently, eight percent of the new installations are offshore. By 2023, this share is expected to increase to 22 percent.