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China: Offshore wind

Market opportunity: Offshore wind

Key details

Opportunity: Offshore wind

Country: China

Sector: Energy

Summary

The offshore wind market in China has overtaken UK to become the largest in the world, with a total grid-connected capacity of 12.15GW at the end of August 2021, including 3.15GW of new installation since January 2021.

China's 14th Five Year Plan has set a target of 30GW by 2025. Over 20GW is expected to be built and connected to the grid from 2021 to 2025.

With the national subsidy being lifted after 2022, cost reduction and efficiency improvement will remain the key priority for developers and supply chains.

Floating wind is in the early stages of establishment, but has recently become a hot spot for key developers.

Scale of opportunity

After the 2021 construction peak, average CAPEX for offshore wind projects in China is expected to drop by 13% to ¥13500/kw (£1500/kw).

Because of this, about £30 billion is expected to be spent on newly built offshore wind projects between 2021 and 2025.

You can learn more about current opportunities in South China's offshore wind market by watching this market insight webinar from the China-Britain Business Council on YouTube.

Eligible companies

This opportunity is open to:

  • Supply chain companies with expertise and experience in substructure design, ROV, cable protection, and Operations and Maintenance (O&M) in both fixed-bottom and floating offshore wind
  • Companies with innovative technologies that can significantly reduce cost in construction and O&M

Register your interest

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Register your interest

Register your interest

Get in touch with our in-market specialists to find out more about this export opportunity.