(IN BRIEF) Independent energy expert and assurance provider, DNV, has conducted a survey among 244 industry professionals on the potential for mass commercialization of the floating offshore wind market. The survey found that 60% of respondents believe that floating offshore wind will reach full commercialization by 2035, with 25% thinking it will happen as early as 2030. The report highlights the importance of standardization, stable regulatory frameworks, and port infrastructure for this to happen. The study estimates that 300 GW of floating offshore wind will be installed globally over the next 30 years, requiring 20,000 turbines and significant investment.
(PRESS RELEASE) HØVIK, 22-Feb-2023 — /EuropaWire/ — Independent energy expert and assurance provider, DNV, has recently published a comprehensive research study that delves into the floating offshore wind industry and its potential for mass commercialization. The research is based on a survey conducted among 244 developers, investors, manufacturers, advisors, and operators worldwide.
The findings of the survey are encouraging, as 60% of respondents believe that floating offshore wind will reach full commercialization by 2035, and 25% are optimistic that it could happen as early as 2030. For the industry to achieve these targets, the investment potential of key markets will play a crucial role. According to the survey, the market size was the most important factor when choosing a market to invest in, followed by regulatory and political stability, and power grid suitability.
The view from the industry is clear. There is overwhelming confidence that floating wind can achieve commercial success in a little over 10 years. DNV predicts that by 2050, 15% of all offshore wind installed capacity will come from floating turbines. However, barriers must be overcome. Governments can play a leading role in making the market attractive for investment, with long-term, stable policy and regulatory frameworks, and by adapting critical infrastructure such as grids and ports. The industry itself will need to look at cost reduction through greater standardization and scale-up. As DNV we are committed to supporting the industry. This is an exciting time for the industry, as we move towards commercialization, floating offshore wind is opening new possibilities for wind power locations and will play a critical role in the transition to a cleaner energy supply,” comments Ditlev Engel, CEO, Energy Systems at DNV.
To enable the industry to scale up, it is crucial that the levelized cost of energy (LCOE) for floating offshore wind is reduced as much and as quickly as possible. DNV’s Energy Transition Outlook forecasts that levelized costs for floating offshore wind will fall by nearly 80% by 2050. Standardization, bigger turbines, industrialization, and larger wind farms were cited as the key factors for LCOE reduction. Respondents also highlighted standardization as a crucial factor to mitigate risk.
However, there are supply chain challenges that need to be addressed, as the offshore wind sector is currently facing high commodity prices and capacity limitations. The survey revealed that the lack of port infrastructure is the top risk cited by floating wind professionals. The second biggest risk was installation vessel availability, tied with capacity.
“Commercial attractiveness will rely on cost reduction and capture prices in various markets. Cost reduction does not happen by waiting, which makes it crucial that the first generation of larger floating windfarms are installed by 2030, to deliver on the promising outlook for floating wind,” explains Magnus Ebbesen, Segment Lead Floating Offshore Wind at DNV.
The study estimates that approximately 300 GW of floating offshore wind will be installed globally over the next 30 years, requiring around 20,000 turbines, each mounted on top of floating structures weighing more than 5,000 tonnes and secured with a vast number of mooring lines.
Overall, the research indicates that the floating offshore wind industry is poised for commercialization, but stable regulatory frameworks, standardization, and port infrastructure will be crucial for this potential to be fully realized.
Download the report here.
DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through its broad experience and deep expertise DNV advances safety and sustainable performance, sets industry standards, and inspires and invents solutions.
Whether assessing a new ship design, qualifying technology for a floating wind farm, analyzing sensor data from a gas pipeline or certifying a food company’s supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence.
Driven by its purpose, to safeguard life, property, and the environment, DNV helps its customers seize opportunities and tackle the risks arising from global transformations. DNV is a trusted voice for many of the world’s most successful and forward-thinking companies.
In the energy industry
DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services. As the world’s leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement, and supports customers to transition faster to a deeply decarbonized energy system.
Senior Communications Manager
Phone: +49 40 361 497 484
Segment Lead floating wind
Neil James Slater
Head of Media Relations, Energy Systems
Phone: +44 2038165702
Media Relations, Energy Systems
Phone: +33 651 69 88 64
SOURCE: DNV AS
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