Offshore wind power development is currently concentrated primarily in Europe, which accounts for more than 8 gigawatts (GW) of offshore wind power capacity. With a number of large-scale wind power projects expected to become operational in the near future, the offshore wind power market is set to register substantial growth. Large-scale projects in Europe and Asia-Pacific are scheduled to be completed in the near future. Offshore wind power capacity increased from nearly 4 GW in 2011 to over 14 GW in 2016. With large-scale commercial offshore wind farms currently under construction and in the planning phase, offshore wind power capacity is expected to cross 40 GW by 2021. This increase will be led by the Europe region.
Global offshore capacity added nearly 2 GW in 2016, but has witnessed a decreasing trend following the 2015 capacity addition of 3.3 GW. This can be attributed to transition in the UK market support mechanism and delays in interconnections for some projects in Germany and the Netherlands. China’s annual installed capacity increased from about 360 megawatts (MW) in 2015 to over 920 MW in 2016, witnessing an upward trend in development activity after the government had issued a prioritized approval process for a list of offshore projects. Large turbine sizes are witnessing greater demand with the expectation of reduced energy costs. Floating technology is being developed in sites where the water is too deep to use fixed-bottom foundations.
During the year 2016, Europe led the market in terms of offshore wind turbine market value witnessing over US$1 billion and is estimated to reach nearly US$5 billion in 2021. It is followed by Asia-Pacific and the Americas registering values of around $850m and US$35m, respectively. The large number of offshore capacity additions in the region is driving the wind turbine market. During the forecast period, the EMEA region is expected to grow at a faster rate than all other regions, with a compound annual growth rate (CAGR) of almost 35% between 2016 and 2021. The Asia-Pacific and Americas regions are expected to witness a nominal CAGR of around 18% and around 46%, respectively, between 2016 and 2021.
The UK is the market leader in the field of offshore wind energy, possessing the largest offshore wind resources in Europe along with shallow waters and strong winds extending into the North Sea. The UK government has set a target for the achievement of 15% of energy to be generated from renewable energy sources (RES) by 2020. Offshore wind power currently accounts for around 2% of the UK’s electricity supply. The government is committed to spending up to $158 billion in the UK renewable energy sector in order to achieve a low-carbon, sustainable future.
By 2050, the government plans to be generating about 80% of the total power required in the country from renewable sources, of which nearly 50% is to be supplied by wind power. The cumulative offshore wind power installed capacities in the UK and Germany are expected to reach around 11.5 GW and 8GW, respectively, by 2021.
The report "Offshore Wind Power Equipment, Update 2017 - Global Market Size, Competitive Landscape, Key Country Analysis, and Forecast to 2021", analyzes the offshore wind power equipment market in terms of value and volume for the historical (2011-2016) and forecast (2017-2021) periods. The report covers turbines, foundation, and cables equipment market size analysis. Further classification by various capacity segments for turbines are also covered in the report. The report provides insight into the drivers and restraints affecting the offshore wind power market, competitive landscape for turbine, foundation, and cables equipment market, key projects, and key company profiles.
Companies mentioned in this report:Siemens AG, Shangai Electric, XEMC Windpower Co., Ltd., Envision, MHI Vestas, Goldwind, Doosan Heavy Industries, Ltd, GE Power, Mitsubishi Heavy Industries, Ltd, CSIC , EEW SPC, Sif Group bv, Cccc Third Harbor Engineering Co., Ltd., Shanghai Investigation and Design Institute/CCCC, Nantong Blue Island Offshore Co., Ltd., Gulf Island Fabrication/SDS.
The report analyses offshore wind power equipment market. Its scope includes -
- Analysis of the growth of offshore wind power equipment market with a focus on market value and volume in global and regional level including Asia-Pacific, Americas, and Europe
- The report provides offshore wind power equipment market analysis for key countries including the US, China, Japan, Korea, UK, Germany, Belgium, Netherlands, Denmark, and France.
- The report analyzes the offshore wind power equipment market in terms of value and volume for the historical (2011-2016) and forecast (2017-2021) periods. The report covers turbines, foundation, and cables equipment market size analysis. Further classification by various capacity segments for turbines are also covered in the report.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on offshore wind power market are discussed at country level.
- The report provides competitive landscape for turbine, foundation, and cables equipment market, key projects, and key company profiles for the year 2016.
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The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Facilitate decision-making by analyzing market data on offshore wind power equipment
- Develop strategies based on developments in the offshore wind power equipment market
- Identify key partners and business-development avenues, based on an understanding of the movements of the major competitors in the offshore wind power equipment market
- Respond to your competitors’ business structure, strategies, and prospects