Offshore Wind energy farms are constructed offshore on continental shelves to harvest wind energy and generate electricity. As offshore winds generate comparatively a higher energy (current) as compared to land winds. A higher contribution of electricity generation can be obtained through these installations.
The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources. However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the Offshore Wind Market. Also, high tidal winds and bad weather conditions making it difficult to access the offshore wind farms even for problem rectification and preventive maintenance will restrain the global offshore wind market.
Over the next decade, floating wind is expected to follow a cost reduction path similar to that of onshore and bottom-fixed offshore wind, making floating wind cost competitive with other renewable energy sources.
On 18 October 2017, The world’s first floating offshore wind farm started delivering electricity to the grid in the north of Scotland. The Hywind project, built by Norwegian Oil Company Statoil ASA and Masdar Abu Dhabi Future Energy Co, has five turbines floating 25 kilometers (16 miles) off the coast of Peterhead, near Aberdeen. The project has a capacity of 30 megawatts and cost about 200 million pounds ($263 million) to construct.
On 18 October 2017, Taiwan announced that it has raised its 2025 offshore wind goal to 5.5GW from the 3GW previously targeted.
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Major Points From TOC:-
1 Executive Summary
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Offshore Wind Market, By Components
7 Global Offshore Wind Market, By Location
8 Offshore Wind Market, By Region
8.1 Introduction 33
8.2 Europe 35
8.2.1 Germany 38
8.2.2 U.K. 40
8.2.3 Denmark 41
8.2.4 Netherlands 43
8.2.5 Belgium 45
8.2.6 Sweden 47
8.2.7 Rest Of Europe 49
North-America region is expected to grow at the highest CAGR:-
The offshore wind market in the Europe region is currently leading and is followed by North-America and Asia-Pacific market. But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.
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Scope of the Report:-
This study provides an overview of the global offshore wind market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Offshore Wind market by its component type, by location and by region.
Offshore Wind Market By Component Type
- Electrical Infrastructure
Offshore Wind Market By Location
- Shallow Water (< 30m Depth)
- Transitional Water (30m – 60m Depth)
- Deep Water (> 60m Depth)
Offshore Wind Market By Regions
- North America
- Asia Pacific
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