BAKU, Azerbaijan, December 8. Global annual offshore wind installations are forecast to grow by 50 percent to over 30 GW in 2027, the International Energy Agency (IEA) said, Trend reports via the latest Renewables 2022 publication from the Agency.
According to the outlook, the EU, the US, and China are expected to be the main contributors to the offshore wind capacity additions.
"Taking long lead times and existing auctions and leasing schedules into consideration, further upside potential is possible but limited. Accordingly, offshore wind capacity growth is 20 percent higher in the accelerated case, with China claiming the majority," the Agency noted.
However, despite the envisaged growth, annual offshore wind capacity additions are projected to decrease by more than 30 percent in 2022 year-on-year, because "China’s record expansion of last year will halve now that developers are no longer rushing to beat subsidy phaseouts," the IEA added.
Meanwhile, as the Agency forecasts, global renewable energy capacity is expected to increase by almost 2,400 GW (almost 75 percent) from 2022 through 2027.
This year’s forecast has been revised upwards by almost 30 percent from last year’s, despite energy market turbulence, mainly because China, Europe, the US, and India are carrying out the existing policies, regulatory and market reforms, and new policies in order to combat the energy crisis faster than expected, the report said.