This article first appeared on the BNEF mobile app and the Bloomberg Terminal. Global cumulative installation forecast Source: Bloomberg New Energy Finance. Note: ‘Other’ includes Finland, France, Ireland, Italy, Japan, Korea, Taiwan, U.S., Norway, Portugal, and Sweden. The global offshore wind market will almost double by 2020, and China will be the fastest-growing region outside core markets in Europe. Installations in China will surpass those in the U.K. and Germany in 2022, according to the latest forecast from Bloomberg New Energy Finance. European offshore wind turbine companies are looking for routes to market or gain a foothold in the region. Dong Energy A/S and Macquarie Group Ltd. currently own stakes in projects in Taiwan. MHI Vestas Offshore Wind A/S is opening a regional office in Japan. They expect these bases to make the leap into China a little easier. Clients can access the full report here. BNEF Shorts are research excerpts available only on the BNEF mobile app and the Bloomberg Terminal, highlighting key findings from our reports. If you would like to learn more about our services, please contact us. BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities. Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day. Sign up for our free weekly newsletter →
European offshore wind turbine companies including MHI Vestas Offshore Wind and Dong Energy are seeking to enter China's rapidly growing offshore market. Dong Energy and Macquarie Group own stakes in projects in Japan, which they may use as a base to set up operations off mainland China. Meanwhile, MHI Vestas Offshore Wind is opening an office in Taiwan and may have similar plans. With the help of the growth of the sector in China, global offshore wind energy production is forecast to nearly double between now and 2020 to 34 GW.