Offshore wind has the remarkable potential to fulfill global electricity demand 18 times over.
The global offshore wind market grew nearly 30% per year between 2010 and 2018, and 150 new offshore wind projects are currently in development around the world. Europe,has driven this expansion led by the United Kingdom, Germany and Denmark, but China added more capacity. In the coming decades, the United States, India, Korea, Japan, and Canada are also expected to make significant investments in offshore wind.
In the figures given by IEA, in installed capacity of offshore wind, 2018 and 2040, in stated policies scenario, Europe, China stands among the market leaders. Europe remains the technology leader to 2040, but China expands their construction capacities for offshore wind. India, Korea and Chinese Taipei including Japan and Canada, are laying the groundwork for future offshore wind development.
IEA also states that offshore wind matches the capacity factors of efficient gas-fired power plants, coal-fired power plants in some regions, exceeds those of onshore wind and is about double those of solar PV.