Offshore Wind Market

This will contribute to the country’s 2030 renewable energy targets.

Monopile installation for the facility has also been completed.

Two recent reports from the Global Wind Energy Council show offshore wind’s significance in the country’s economy.

It installed 47 wind turbines with a total capacity of 376MW.

This is up from only 27.3GW in end-2021. 

The company will launch two new projects in the country. 

This is particularly due to the expansion of wind turbine manufacturer Mingyang.

It is projected to reach nearly 55GW in 2031. 

China has an 80% share in the total installations last year.

The GWEC marked this as the industry's “best-ever” year.

Capital expenditure in the market is expected to drop to $7.7b in 2030.

Woodmac expects 24 countries to have large-scale offshore wind farms.