Offshore wind capacity to more than triple

Global offshore wind capacity is expected to grow by about 27% annually on average to almost 110 GW by 2025, according to Rystad Energy. This constitutes more than a tripling of the current installed base of capacity. China is driving the global market in the short-to-medium term as developers are racing to reach full feed-in tariffs imposed by the Chinese authorities, which are set to be phased out after 2021. This is expected to lift annual capacity additions in 2021 to record levels above 13 GW, more than double the added capacity in 2020. While the activity in China is expected to slow down toward 2025, in parallel with the phasing out of feed-in tariffs, other Asian countries, the US, and Europe are expected to ramp up activity. This is forecast to surpass 15 GW of annual capacity additions in 2025.