Offshore Wind - Industry Overview, Challenges and Lessons Learned
Offshore wind has now become a mature commercial sector and is growing exponentially in many markets. The World Bank recently reported a technical potential of 15.6 TW of offshore wind power. This would be based on operations at a capacity factor of 50% and would satisfy half of the world's energy needs. As the world recovers from the economic impacts of the COVID-19 crisis, the "new normal" cannot be business as usual with respect to carbon emissions. Given its commercial viability and ability to be deployed at scale, offshore wind power will play a meaningful role in delivering the recovery from the current crisis.
