Australia, India amongst key emerging offshore wind markets
This is due to the government policies supporting the growth of offshore wind.
Australia and India are the markets to watch in terms of the emergence of offshore wind over the next 10 years due to the developments in government policies that will encourage the growth of the energy sector.
In a report, Fitch Solutions noted that it sees potential for the emergence of offshore wind in Australia despite having no deployments after the government designated its first zone for offshore wind power developments last month.
“This move gives developers more clarity to explore offshore wind in the market, with the permit allowing them to progress through project planning and consultation stages,” it said.
However, Fitch said it will still hold forecasting Australia’s offshore wind market as any project construction have yet to start.
India, meanwhile, has been studying offshore wind since 2014 following the 100MW demonstration of a project in Gujarat which is still in the planning stage.
Fitch cited the plan of the Ministry of New and Renewable Energy to hold bids for two 1GW offshore wind projects in Gujarat and Tamil Nadu.
“This will mark a significant development in India’s offshore wind sector if launched and well-received, as India has yet to develop any offshore wind. We have yet to forecast any offshore wind for India as we remain apprehensive given its poor track record of commissioning power projects on time,” it said.