The momentum of floating wind and its outlook implications
Floating wind is gaining momentum
The commercialization of floating wind has been caught in a catch-22 where capacity is needed to reduce the cost of floating wind, but cost-out is needed for governments to allocate capacity to floating wind.
The surge of the offshore wind industry carries positive spill-over effects into the floating wind industry. The 350MW+ of floating demonstrators set to be deployed by 2023 will further facilitate these spill-over effects and in turn strengthen the case for floating wind.
These positive developments have been manifested in an increased number of alliances and commercial projects targeting floating wind – 24 alliances and 17 commercial pipeline projects have been announced in 2018 to 2019.
Experienced developers are starting to position themselves more aggressively in the floating industry - 54% of the alliances signed in 2018-2019 have an experienced offshore wind developer involved while 53% of the 2018-2019 commercial floating project have experienced developers onboard.
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