Offshore Wind Energy Market: Snapshot
Offshore wind energy is characterized by a number of advantages in comparison to onshore wind energy. Higher wind speeds can be harnessed within offshore environments and this is a prime factor providing impetus to the overall market for offshore wind energy. In this market, cost reductions are seen across the entire value chain, starting from cabling cost, installation expenditures, and turbine costs. The amount of cost reductions taking place in the market between 2014 and 2024 would depend on the predicted annual capacity additions within the offshore wind energy sector. Thus, offshore wind energy technology will have to continuously compete with other types of renewable energy technologies in addition to its own onshore counterpart.
The global offshore wind energy market is predicted to touch 52,120.9 MW in 2024, from 7,045.4 MW in 2013, rising at a remarkable CAGR of 25.0% over the forecast period. In terms of annual installations, the market is predicted to touch 7,228 MW by 2024, starting from 1,629.4 MW in 2013, expanding at a whopping 19.60% CAGR over the forecast period. The growing advantages of offshore wind energy over onshore counterpart will provide impetus to the development of the market for offshore wind energy. In addition, regulatory frameworks and promising incentive mechanisms for offshore wind energy sector are raising investments and fuelling capacity additions. This factor will positively impact the development of the global offshore wind energy market.
Increasing Investor Confidence Due to Growing Utilization of Project Financing to Bode Well for Market
Furthermore, the growing use of project financing within offshore wind energy projects is predicted to raise investor confidence and will expedite capacity additions, thus driving the overall market. New offshore projects utilizing floating wind turbines are poised to result in numerous project development activities within deep-water locations.
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This is a key opportunity seen in the market for offshore wind energy. On the other hand, the increasing capital costs involved in projects are impeding brisk capacity additions in the market, thus inhibiting market development.
Huge Investments in Offshore Wind Energy Sector to Bring European Offshore Wind Energy Market at Forefront
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and Rest of the World (RoW). Amongst these, Europe emerged as the only region which has heavily made investments in making the offshore wind energy sector and is trailed by Asia Pacific. In Asia Pacific, China has emerged as a key nation that has made particular targets in offshore wind energy projects.
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On the other hand, other regions such as North America and RoW are still to make and commission utility-scale offshore wind energy projects. The European offshore wind energy market has evolved over many years and has countries such as Germany, Denmark, Belgium, and the UK as top market leaders. In the coming years, though robust development rates in installation are predicted to take place in Asia Pacific, still the bulk of installations is predicted to happen in Europe. In this region, nations such as France, the UK, the Netherlands, and Germany are poised to augment the development within annual capacity additions in this sector.
The prominent players in the global offshore wind energy market are China Ming Yang Wind Power, Suzlon, Nordex, Dong Energy, GE Wind Energy, Sinovel Win, Gamesa, Siemens, and Vestas, among others.
