According to a new report released by Navigant Research reveals that, in total, 3.3GW of offshore wind capacity was installed across the globe last year.
The world has now almost reached 17GW of total offshore wind capacity.
The report, titled ‘Offshore Wind Market and Project Assessment 2017’, has analysed world-wide offshore wind markets on a country basis.
The research has accounted for policies, incentives, and regulatory environments, as well as market shares and market forecasts.
Offshore wind is increasingly becoming more cost effective, with the cost of installing and running farms dropping.
The report suggests that countries such as the Netherlands, Denmark, Germany, the UK, and Belgium are leading the way in establishing policies that can lower the costs of offshore projects.
“While the onshore wind market is larger in terms of total megawatt plant capacity added annually, offshore wind is growing more quickly,” reported Senior Research Analyst at Navigant Research, Jesse Broehl.
“It is forecast to grow at an 11.1% compound annual growth rate between 2017 and 2022, compared to single-digit growth rates for onshore wind.”
The report also claims that there is 7.9GW of capacity currently under construction, predominantly in Europe and China.