China’s offshore wind to grow to 97GW by 2031: report
This represents an annual growth rate of 14.3%.
Offshore wind in China is expected to see a “strong growth” by 14.3% annually to reach 97 gigawatts in 2031, Fitch Solutions reported.
China will account for 87% of Asia’s total offshore wind capacity, and 39% globally.
“Offshore wind development in Mainland China is supported by the large availability of favorable locations and its increasing cost-competitiveness with other technologies in the market,” the report read.
Offshore wind is also expected to rapidly grow in the US, which is seen to account for 14% of global growth over the next decade.
Installed capacity in the US stood at 28 megawatts in 2021.
“Offshore wind development has lagged regional peers in recent years due to a lack of support at the federal level, however this has changed with the administration of President Joe Biden which has established federal development goals and funded research and development programs,” Fitch noted.