A new study has named 54 markets globally, including Vietnam in the Asia-Pacific top eight, that show huge potential for floating offshore wind power development.
Floating offshore wind (FOW), based on floating rather than fixed structures, offers new opportunities and alternatives. Basically, it opens the door to sites further offshore by allowing the deployment of wind turbines in larger and deeper offshore areas with higher wind potential.
FOW can play a significant role in helping countries achieve their net-zero targets, according to the new report - Floating Offshore Wind International Market Opportunities, developed by ORE Catapult's Floating Offshore Wind Center of Excellence in collaboration with Offshore Wind Consultants.
The study shows 22 markets with opportunities for near-term development (2022-2035) and 32 markets for the 2035-2050 period, a longer term. Topping near-term candidates is the UK with a score of 92.3, with eight in Asia-Pacific: Japan (92.3), South Korea (88), Taiwan (87.6), mainland China (77.9), Vietnam (68.1), the Philippines (65), Australia (58.3), and India (49.9).
With its lengthy coastline and wind resources, Vietnam has great potential for offshore wind development, the report said. The country aims to have 54 gigawatts of offshore wind capacity by 2045 and has set potential sites for FOW development.
"This study provides an insight into the where, when and how floating offshore wind can develop to become a global industry, and hence plays a critical role in delivering a global net-zero. The study pinpoints the leading markets to deliver on a possible 10 GW by 2030, and identifies how these markets can pave the way for widespread deployment across the globe in the later 2030s and 2040s," said Ralph Torr, head of floating wind at ORE Catapult.
"Installed floating wind capacity currently sits at 0.2 GW. To support 2050 net-zero objectives [across the world], this capacity will need to grow exponentially," he added.
ORE Catapult's Floating Offshore Wind Center of Excellence displayed a full list of 22 potential near-term markets in the report. The top 10 listed in order of readiness include the UK, Japan, France, South Korea, Taiwan, Norway, U.S., mainland China, Portugal, and Ireland.