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Subject
Offshore wind costs and potential.
Significance
The International Energy Agency (IEA) released a report on October 25 estimating that offshore wind capacity will rise 15-fold over the next two decades. Costs have been falling ahead of expectations and further cost reductions will help the sector to build more momentum.
Impacts
North European turbine producers and wind project developers see huge export potential, but Chinese firms will provide stiff competition.
Offshore construction vessels will support rising offshore wind deployment and help to bolster currently weak shipyard order books.
Governments and regulators will create supportive policies for offshore wind, but this will occur gradually and differently across regions.
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2019
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