European offshore wind companies look to China for expansion
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 Taiwan, which they may use as a base to set up operations off mainland China. Meanwhile, MHI Vestas Offshore Wind is opening an office in Japan 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.
This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

China’s market to be bigger than the U.K. or Germany by 2022

China could make up a third of the total market by 2030

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.