Offshore Vessels and Cables Market - Market Size, Competitive Landscape and Key Country Analysis to 2020, New Study on ASDReports

Wednesday 26 November 2014, Amsterdam

Market Research Report Press Release Huge Offshore Wind Power Plans are Expected to Boost Capacity to 39 GW by 2020 Offshore wind power has the potential to become a major source of energy and, with a significant number of large projects in the construction and planning stages, is expected to register substantial growth between 2014 and 2020. The UK government has announced tenders for 32.2 Gigawatts (GW) of offshore wind power, scheduled for completion by 2020, and the US envisions the production of around 54 GW of electricity from offshore wind, a target to be achieved by 2030. China produced 428.6 Megawatts (MW) from offshore wind in 2013 and under its 12th Five-Year Plan (2011–2015) announced targets of 5 GW by 2015 and 30 GW by 2020. Other European countries such as Germany, Denmark and Belgium also have offshore projects under construction. As an increasing number of countries exploit offshore wind potential during the 2014–2020 forecast period, capacity is expected to increase from 7.1 GW in 2013 to 38.9 GW by 2020 at a Compound Annual Growth Rate (CAGR) of 27%.

Offshore Wind Turbine and Foundation Installation Vessel Market to Reach Around $3 Billion by 2020
Offshore wind projects are more expensive than their onshore counterparts because the structures are larger, the logistics involved in installing towers are more complex, and the costs associated with foundations, construction, installation and grid connection are higher. Installation costs are dominated by offshore installation vessels, wind turbine erection and cable-laying. Offshore wind turbine and foundation installation vessel market size stood at $0.47 billion in 2013 and grew to an estimated $0.56 billion in 2014 due to the increase in installed capacity. They are estimated to rise to $2.93 billion in 2020 at a CAGR of 30%. Global annual offshore wind power capacity will see a huge increase from 1.7 GW in 2013 to 7.8 GW in 2020, which will also benefit the ancillary industries’ markets which include offshore vessels.

Annual Consumption in the Offshore Wind Export Cables Market to Increase to more than 1,200 Kilometers by 2020
The global market for export cables is estimated at 537 kilometers (km) in 2013. The rising number of wind farms and their increasing distance from shore will boost growth to 1,263 km in 2020 at a CAGR of 13% during the forecast period 2014–2020. The global market for inter-array cables is also expected to increase from an estimated 432 km in 2013 to 657 km in 2014, and is expected to continue to grow to 1,588 km in 2020 at a CAGR of 20%. Offshore turbines will have to be spaced further apart as they continue to grow in size, in turn increasing the requirement for inter-array cables.
Offshore Vessels and Cables Market - Market Size, Competitive Landscape and Key Country Analysis to 2020

Offshore Vessels and Cables Market - Market Size, Competitive Landscape and Key Country Analysis to 2020

Publish date : November 2014
Report code : ASDR-160252
Pages : 84

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