According to Navigant Research, technology improvements and cost reductions are anticipated to continue driving offshore wind installations forward.
A new report from Navigant Research offers a country-level analysis of all offshore wind markets, including related policies, incentives, and regulatory environments, wind turbine market shares by country, and global market forecasts for offshore wind power capacity, segmented by project status and country.
The report, Offshore Wind Market and Project Assessment 2017, provides a country-level analysis of all offshore wind markets, including related policies, incentives, and regulatory environments.
What it found: Offshore wind continues to be an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is located. In addition, the resource is becoming more cost-effective with each competitive tender in Europe, with industry-leading countries such as the UK, the Netherlands, Denmark, Germany, and Belgium well into a transition phase to market-oriented policies that drive project costs down.
“While the onshore wind market is larger in terms of total megawatt plant capacity added annually, offshore wind is growing more quickly,” says Jesse Broehl, senior research analyst at Navigant Research. “It is forecast to grow at an 11.1% compound annual growth rate between 2017 and 2022, compared to single-digit growth rates for onshore wind.”
Contributing to this forecast is a substantial 7.9 GW in varying levels of construction, primarily in Europe but also increasingly in China, according to the report. Other factors driving the market include technology improvements, such as an increase in turbine blade rotor diameters exceeding 160 meters, and cost reduction strategies in power-purchase agreements and other pricing metrics.
The study assesses global wind project construction and advanced development underway. Global market forecasts for offshore wind power capacity are segmented by project status and country. Turbine vendor data is provided, including global market shares and more granular installed capacity by country and by wind turbine vendor. Also detailed are average rotor diameters and turbine nameplate ratings by installed year, along with the market share diversification of offshore foundation types.
An Executive Summary of the report is available for free download on the Navigant Research website.
Filed Under: News, Offshore wind
