The production costs – Levelised Cost of Electricity (LCOE) – of offshore wind turbines have fallen by 68 percent between 2012 and 2021. NREL (National Renewable Energy Laboratory) and the Berkeley LAB showed in April this year that production costs could fall by a further 49 percent by 2050 (source: Global Off-shore Wind Report 2021).
The offshore wind market has grown by 22 per cent every year over the past decade. The global share of electricity production is currently just under 7%. Europe leads the way with a 70% share. Asian markets are expected to take the lead in a few years. As governments around the world steadily raise targets for new wind power installations, the future looks even more promising. Growth in this sector is expected to reach 30% by 2030.
From now until 2050, the offshore wind market will be central to driving the inevitable decarbonisation. Since the production of electricity and the consumption of electricity do not coincide and are subject to fluctuations, the temporary overproduction of electricity must be stored. This is where hydrogen (green hydrogen production) plays a central role.