Ten year forecast, bright future

Floating Wind platforms will begin to deliver multiple Gigawatts of electrical power by 2024, and will accelerate to as much as 18.9 GW of capacity by 2030. This is the conclusion of a new Rethink Technology Research report from its Rethink Energy service, the first such forecast, entitled “Floating Wind on the verge of liftoff – Ten year forecast; bright future.”

After more than a decade of hard work, Wind Turbines on Floating Platforms are about to come into their own. Our forecast has a potential span of between 11.8 GW up to that impressive 18.9 GW. We believe that higher figure is more likely.

The area of doubt is the speed of adoption to full scale among the many well-known regions which are currently demonstrating floating wind or planning to. By 2035 we are pretty sure that all projects will have been caught up and the market place will reach 28 GW of capacity, and that by 2030 the LCOE (Levelized Cost of Energy) for floating wind will be down to just over $44 (US dollars) per MWh.

Early markets will include the UK, France, Portugal, Japan, the US, South Korea and Taiwan but we anticipate delays as no-one wants to be the pioneer with arrows in his or her back. All of these initial major programs are supposed to be complete by 2030, but Rethink anticipates a slow adoption towards government inspired capacity targets.

Companies mentioned in this report

Algonquin Power Fund, Alpha Wind Energy, Ampyx Power, Avangrid, Bouygues Travaux Publics, Bureau of Ocean Energy Management (BOEM), Caisse des Dépôts et Consignation, Calicya, Castle Wind, CGN Europe, Cierco Corp, Cobra, Copenhagen Infrastructure Partners, EC&R Development, EDF Renewables, EDP Renewables, Energy Infra Asset Management, E.ON, Eolfi, Equinor, European Marine Energy Centre, Febus Optics, FlowOcean, Fraunhofer Institute for Wind Energy Systems, Furukawa Electric, GE Renewables, Green Investment Group, Hexicon, Hitachi, Iberdrola, Ideol, Japan Marine United, Korea National Oil, Kraken Subsea, Principle Power, Macquarie, Mainstream Renewable Power, Marubeni, MHI Vestas, Mission Floating Wind, Mitsubishi, Mitsui Engineering & Shipbuilding, Mizuho Information & Research Institute, Naval Energies, Nippon Steel, Northcoast Floating Wind, Northland Power, Ørsted, Redwood Coast Energy, Saipem, SeaTwirl, Shell, Shimizu Corp, Siemens Gamesa, Société Générale, South Korea Engineering and Construction, Sumitomo Metal, Taiwan Power, Unitech Offshore, University of Tokyo, Wind Power Korea, WPD Offshore, Yushan Energy

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Natalia Szczepanek
Client Relations and Marketing Manager
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