Utility-scale wind turbine energy technology has developed rapidly over the past 20 years, from a few hundred kilowatts to multi-megawatt installations capable of producing enough electricity to power thousands of households. As windfarms increase both in physical size and generation capacity, with turbines growing from 2-3 megawatt (MW) today to typically 5 MW onshore and even up to 15 MW offshore, so does the need for technical innovation.
Installed capacity for global wind power is expected to grow at 5.3 percent between 2019 and 2025. According to the ‘Future of Wind’ report published by the International Renewable Energy Agency (IRENA), global wind power is expected to reach over 6,000 GW by 2050.
Since 2019, onshore wind power has emerged as one of the world’s most valued renewable energy sources and accounts for the largest share of growth in renewables-based energy generation. However, as the onshore market gradually reaches a saturation point, the offshore wind sector has been fast gaining momentum and is expected to witness a significant compact annual growth rate (CAGR) in the near future.
Europe is still leading the way, with installed capacity growing by nearly 30 percent each year, while the UK and Germany remain the two largest offshore wind markets. Asia-Pacific is one of the most mature and competitive regions in the wind power market, with solid demand from China. Ambitious plans in Taiwan, Japan, Vietnam and Korea will contribute to boosting demand for offshore wind in the area. But the coming decade will also see a great number of large-scale offshore windfarms installed off the US coast, with a high likelihood to see this trend accelerated by the new Biden administration.