Favorable regulatory frameworks and encouraging incentive mechanisms are promoting investments and driving capacity addition in the offshore wind energy sector. The rising trend of project financing is anticipated to raise the confidence of investors and will accentuate capacity additions, thereby augmenting the global market for offshore wind energy. According to a report by Transparency Market Research (TMR), the global offshore wind energy market is estimated to expand at a phenomenal CAGR of 25.0% between 2014 and 2022, reaching 52,120.9 MW by the end of 2022. The market is poised to rise to 7,228 MW in terms of annual installations, progressing at a remarkable 19.6% CAGR during the same period.
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A TMR analyst states that, however, the growth of the offshore wind energy market will be challenged by the flourishing growth of the markets for other types of renewable energy sources along with its own onshore counterpart. Nevertheless, the advantages offered by offshore wind farms over onshore farms in terms of wind speeds and cost are providing a fillip to the market.
How are governments supporting the growth of the global offshore wind energy market?
Governments worldwide are playing a pivotal role in the growth of the global offshore wind energy. They are promoting the development of offshore wind energy farms and over the past few years, the trend has gained significant traction. Industrialized countries are expected to witness the installation of massive farms in the years to come. To put this in perspective, in August 2016, the British government showed green flag to the development of the Hornsea Project Two wind farm, which will be the world’s leading in terms of capacity when it is completed. Similarly, the first offshore wind farm in the U.S., called the Block Island Wind Farm, started delivering power to the New England grid in the country in December last year.
Which are the key regional segments in the global offshore wind energy market?
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Geographically, Europe will continue to account for the lion’s share in the global offshore wind energy market until 2022. The growing investments in the installation of offshore wind farms are likely to fuel the dominance of Europe. Countries such as the U.K., Germany, Belgium, France, Denmark, and the Netherlands will be the forefront of growth. Europe will be closely trailed by Asia Pacific. The growth of APAC can be attributed to the snowballing demand for energy owing to the rapidly growing population. China is expected to be the key revenue contributor to the region.
Some of the prominent participants in the global offshore wind energy market are Suzlon, China Ming Yang Wind Power, Dong Energy, Nordex, Sinovel Win, GE Wind Energy, Siemens, Gamesa, and Vestas.