The Carbon Trust has forecast that 70GW of floating wind capacity could be installed globally by 2040.
On 14 July, it published the latest summary findings from its Floating Wind Join Industry Project (JIP). Its summary report of Phase II projected that there will be up to 10.7GW of floating wind installed by 2030. The 70GW forecast to be installed by 2040 was estimated to have a project value of £195bn, “demonstrating the opportunity for the supply chain globally to support and invest in floating wind”.
Despite these figures, the report stressed technology development challenges to commercialisation remain. Phase II of the project found that next generation turbines only need minor modifications for floating, though new vessels or alternative lifting solutions are needed for floating offshore heavy lift operations. There were also found to be no quick win solutions for floating monitoring or inspection.
Dan Kyle Spearman, Manager of the Floating Wind JIP, said it was clear floating wind offers technology and supply chain investment opportunities. Spearman added: “We expect that it will become a key sector for low carbon power generation and economic growth in geographies where deeper waters do not allow for bottom-fixed offshore wind turbines. The time is now for the floating wind industry to look to pre-commercial and commercial projects to deliver the cost reduction necessary for the sector to compete with other renewable energy options.”