Offshore wind could grow more than 650% by 2030, becoming a key power generation technology, according to IRENA. In a new analysis released by the International Renewable Energy Agency (IRENA), Innovation Outlook: Offshore Wind, offshore wind power has the potential to grow from 13 GW in 2015, to 100 GW in 2030.

According to the energy agency, the report provides an overview of the future developments that will drive the offshore wind power boom, including technology advancements and further cost declines.

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Adnan Z. Amin, director-general of IRENA commented: “Offshore wind power is poised to become a leading power generation technology in a decarbonised global economy. Now that onshore wind power is cost-competitive with conventional power generation technologies, more attention is shifting to offshore applications, characterised by high technical power generation potential.”

The report notes that technological advancements in the sector will drive the offshore wind boom. The report highlights upcoming innovations that will enable sector development, including next generation wind turbines with larger blades, and floating turbines, which will open up new markets in deeper waters. These advancements, combined with other sector developments, will reduce average costs for electricity generated by offshore wind farms by 57% over time – from $170 per MWh in 2015 to $74 per MWh in 2045.

Source: IRENA