The Asian offshore wind sector will surge to 11.3GW of installed capacity by 2022 as markets open up beyond Europe for suppliers looking to enter the industry, says a new study released by Norwegian Energy Partners (Norwep).

The Asian build-out – up from less than 2GW in place at the end of last year – will be led by China, which will account for almost 70% of the installations, with Taiwan and Japan also contributing growth, according to the report prepared for Norwep by BVG Associates.

Overall the study sees 46.4GW in place off the world’s coasts by 2022, up from 18.5GW by the end of 2017.

Europe will continue its leadership role, with a 2022 capacity of 33.9GW, with the fledgling US market rounding off the total with 1.2GW in place.

Norwep commissioned the report as part of its work to help Norwegian suppliers, including those crossing over from oil and gas, find a role in the sector.

Norwep director Jon Dugstad told Recharge: “The offshore wind market is expected to consolidate in Europe and to grow rapidly in Asia over the next five years.

“The cost reduction efforts in Europe and the growth in China leaves new entrants to the industry ample opportunities both in Europe, Asia and slowly also in the US.”

Dugstad added: “Yearly investments of around € 18bn ($21bn) in 2017 growing to above € 25bn in 2022 allows for a stronger industry. We do however believe that to create a sustainable industry longer term, further growth in the years after 2022 will be of essence.

“We expect that reduced cost in Europe in combination with new markets in the Baltics, Asia, the US and the rest of the world together with the emergence of floating wind projects will get us there.”

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Asia offshore wind surge opens world of opportunities: Norwep