Opportunities for historically significant development have emerged in the offshore wind power business in response to the growing complexity of problems caused by climate change and energy consumption. According to a study in Securities Times, analysts anticipated that by the year 2025, China’s new offshore wind power projects are expected to have shown a compound growth rate of 32 percent from 2020.
A massive offshore wind turbine that boasts the world’s greatest per-unit capacity has recently moved off the production line in the Fujian province of East China. This event marks a breakthrough in the production of high-end wind turbines. According to China Three Gorges Corporation, the 16-megawatt wind turbine features a hub that is 146 meters in height, which is equivalent to the height of a 50-story building. Additionally, the China Three Gorges Corporation claims that the wind turbine has the world’s longest impeller diameter at 252 meters and the lightest weight per megawatt.
The 14th Five-Year Plan (2021-25) for the Development of Renewable Energy was issued in June by nine government ministries, including the National Development and Reform Commission and the National Energy Administration. The plan calls for the construction of five major offshore wind power bases across China: one on the Shandong Peninsula, one in the Yangtze River Delta, one in southern Fujian, one in eastern Guangdong, and one in the Beibu Gulf.
Since the beginning of this year, the provinces of Guangdong, Jiangsu, Zhejiang, Shandong, Fujian, and Hainan have each made public their respective implementation plans for the development of offshore wind power. According to Securities Times, the advent of historically significant development prospects in the offshore wind power business coincides with the intensification of challenges posed by climate change and energy concerns.
In a previous report, the Global Offshore Wind Alliance stated that the capacity of offshore wind farms would need to increase to more than 2000GW in 2050, up from just over 60GW at the present time, in order to prevent a rise in global average temperature of more than 1.5 degrees Celsius. The Global Wind Energy Council, an international trade organisation located in Belgium, forecasts that new offshore wind power installations will increase to 22.5GW in 2021, up from 1.2GW in 2012. This represents an average annual growth rate of 20-30 percent. GF Securities forecast that China will post elastic growth between the years 2022 and 2025, essentially keeping pace with the expansion of offshore wind development throughout the world. It is anticipated that new offshore wind power projects in China would reach 16GW by the year 2025, with a compound growth rate of 32 percent from 2020.