Through the following series of charts, we look into the ambitious future plans that Chinese provinces have set for both the short and long term.
China bracing itself for new challenges
With plans to quadruple existing capacity by 2035 and expand into deeper waters that lie further from shore a new set of more difficult challenges are expected in the coming years.
While China has so far managed to succeed beyond expectations, newer targets appear to have one lingering hurdle: a shortage of vessels in domestic waters.
As developers raced to complete their ongoing projects by the end of 2021 to benefit from the expiring subsidies, the Chinese offshore wind industry did something unprecedented - purchasing and borrowing vessels from the North Sea. This option might not be sustainable in the coming years, as the supply in the North Sea (and by extension the rest of the world) struggles to keep up with the ever-increasing demand.
Will China be able to overcome this challenge, and stay on track with its targets? Contact Spinergie to find out about this developing situation and discover more cutting-edge analysis for the offshore wind market.