China's offshore wind energy sector is expected to boom this year onward on the back of a maturing onshore segment, and the country's accent on growth via high-quality manufacturing and consumption upgrade.
The maturing of the onshore segment has driven down costs, making this type of clean energy viable, industry insiders said.
China boasts vast resources of onshore and offshore wind energy. It plans to install 30 GW of offshore wind power capacity by 2020, from the 5 GW at the end of 2015, according to the National Energy Administration. It is also readying to build seven large-scale wind power generation plants in Gansu, Hebei, Jilin and Jiangsu provinces, and the Xinjiang Uygur and the Inner Mongolia autonomous regions in 2020.
Tom Harries, senior wind analyst at Bloomberg New Energy Finance, a provider of primary research on clean energy, said that last year saw record growth in China's offshore wind market, with commissioned capacity reaching 1.7 GW, or 39.5% of the global total of 4.3 GW.
China is one of the fastest expanding offshore wind markets. According to a November forecast from Fitch Solutions, the country is set to dominate the global market.
With the cost of offshore wind power gradually decreasing, analysts believe construction of new offshore wind farms will likely accelerate, more so because the manufacturing sector is expected to consume more power to make high-quality products for domestic consumers as well as for exporting.
Wind has become China's third-largest power resource after coal and hydro. The installed wind power capacity is expected to increase by 70 to 140 GW every year, according to the China Renewable Energy Outlook 2018, an industry report released by the China Renewable Energy Engineering Institute, a think tank linked to China's National Energy Administration.
Solar and wind-based power will account for the majority of clean power in China's energy mix by 2050, it said.
According to a report from Bloomberg New Energy Finance, China will be at the forefront of the increased generation of clean energy, taking the pole position in the wind power market shares by 2050. Its total installed capacity in wind power, covering both onshore and offshore segments, will reach 1,003 GW, accounting for 30% of the overall energy pie.
Source:sxcoal
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