# Offshore Wind Power and Its Economic Potential

- Link: https://greenlivingguy.com/2017/02/offshore-wind-power-and-its-economic-potential/
- Published: 2017-02-23T14:22:25-05:00
- Author: greenlivingguy

⌊Infographic titled “Floating Wind Farm Power: Offshore Energy for the Future” showing
Siemens 6 MW wind turbines, global market zones, and a height comparison to the 
Eiffel Tower.⌉⌊Infographic titled “Floating Wind Farm Power: Offshore Energy for
the Future” showing Siemens 6 MW wind turbines, global market zones, and a height
comparison to the Eiffel Tower.⌉Floating wind farms harness offshore wind with Siemens
6 MW turbines—bringing clean energy to deep-water regions worldwide.

# Offshore wind could grow more than 650% by 2030, becoming a key power generation technology

Tokyo, Japan, 31 October 2016 – Offshore wind power has the potential to grow from
just 13 gigawatts (GW) in 2015, to 100 GW in 2030, according to new analysis from
the International Renewable Energy Agency (IRENA). Innovation Outlook: Offshore 
[Wind](https://greenlivingguy.com/2015/02/commercial-leases-offshore-wind-power-massachusetts/),
launched today at the World Wind Energy Conference in Tokyo, provides an overview
of the future developments that will drive the offshore wind power boom, including
technology advancements and further cost declines.

“Offshore wind power is poised to become a [leading power generation technology](https://greenlivingguy.com/2024/03/ge-vernova-a-game-changer-in-the-onshore-wind-industry/)
in a decarbonised global economy,” said Adnan Z. Amin, Director-General of [IRENA](https://greenlivingguy.com/2016/07/statement-from-irena-on-completion-of-first-round-the-world-solar-flight/).“
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 potentially.”

## Technology innovation will be a key driver of 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 per cent over time – from USD 170 per megawatt hour (MWh)
in 2015 to USD 74 per MWh in 2045.

“The potential for offshore wind is enormous, but to realise it, governments must
support technology innovation, and implement mechanisms to reduce technical risk
and finance costs,” said Stefen Gsaenger, Secretary-General of the World Wind Energy
Association. “This report from IRENA helps [lay the foundation](https://greenlivingguy.com/2015/03/swiss-eprix-law-change-lays-foundation/)
for this needed action.”

### Innovation Outlook:

Offshore Wind provides a set of recommendations. That’s for the effective implementation
of policy mechanisms and incentive programs. Those that would allow offshore wind
technology to realise its potential. Especially to decarbonize the energy market.
Recommendations include provisioning targeted research and development funding. 
Also and supporting information sharing and skills development. That’s amongst other
measures.

In addition, the report is also part of the Innovation Outlook series. One which
highlights innovations and future outlooks for various renewable energy technologies.
Innovation Outlooks are also available for mini grids. Finally and advanced liquid
biofuels.

Download Innovation Outlook: Offshore Wind [http://bit.ly/2eIXuLh](https://www.irena.org/publications/2016/Oct/Innovation-Outlook-Offshore-Wind)

Source: International Renewable Energy Agency (IRENA)