According to a new market report published by Credence Research “Global Offshore Wind Energy Market– Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the offshore wind energy market volume is expected to reach to 49,931.6 MW by 2025
Market Insights
Offshore wind energy (offshore wind power) is the conversion of wind’s kinetic energy into electrical energy. Uniform and high speeds of wind can be harnessed in offshore environment since it accounts to nil obstruction to wind force. Multiple windmills together constitute to a wind farm. These farms are constructed in the water bodies usually oceans to harvest the energy of wind and convert it into electrical energy.
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The offshore wind installations reduces the impact on real estate as in onshore installations. Moreover, wind speed is uniform and consistent in offshore installations, which increases the efficiency of electricity generation. Thus, the offshore wind energy is highly attractive and more promising in terms of power generation and grid connections.
Some of the restraining factors of offshore wind installations are wind turbines are exposed to high humidity and salt contents, which affects service life of components due to corrosion, oxidation and increased repair and maintenance costs. In general, the offshore installation costs are much higher than onshore. The repair maintenance and overhauling operations are also high cost and time consuming as it requires expensive marine operations involvement and are comparatively dangerous. The offshore wind farms operate at high speeds compared to onshore wind farms, hence offshore turbines are more susceptible to high rate of wear and tear, maintenance and repair of moving parts.
In the early 2017, Denmark has come up with new recycling process of offshore wind turbine blades, made up of fiberglass. When the wind turbine is de-commissioned, the blades may fall off to the landfill area where it may take many years to decompose. The blades can now be recycled and applied as sound barriers of vehicular traffic along major roads.
The key players, developers, suppliers and service providers are Siemens-Gamesa, MHI Vestas Wind Systems A/S, DONG Energy, VattenFall, E.on, GE Wind, Sinovel Wind Group Co. Ltd., Nordex S.E, China Ming Yang Wind Power Group Ltd, Alstom, Senvion Ltd., Clipper Wind power, and DOOSAN Heavy Industry & Construction.
Key Trends:
Rising investor confidence in the offshore wind energy market. More financial institutions and Governmental agencies actively investing in the market for development of offshore wind farms.
Deployment of 8MW and above wind turbine in European and Chinese farms and its introduction in the respective countries for proposed offshore wind power projects
Deployment of 8MW and above wind turbine in European and Chinese farms and its introduction in the respective countries for proposed offshore wind power projects
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Table of Content
Chapter 1. Preface
1.1. Report Scope and Description
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Top Down & Bottom Up Approach
1.3.3.1 Top-Down Approach
1.3.3.2 Bottom-Up Approach
1.3.4. Phase III – Expert Panel Review
1.3.5. Assumptions
1.4. Global Offshore Wind Energy Market: Market Segmentation
1.1. Report Scope and Description
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Top Down & Bottom Up Approach
1.3.3.1 Top-Down Approach
1.3.3.2 Bottom-Up Approach
1.3.4. Phase III – Expert Panel Review
1.3.5. Assumptions
1.4. Global Offshore Wind Energy Market: Market Segmentation
Chapter 2. Executive Summary
2.1. Market Snapshot: Global Offshore Wind Energy
2.1.1. Global Offshore Wind Energy Market Volume (MW) and Value (US$ Bn), By Foundation Type, 2016
2.1.2. Global Offshore Wind Energy Market Volume (MW) and Value (US$ Bn), by Water Depth, 2016
2.1.3. Global Offshore Wind Energy Market Volume (MW) and Value (US$ Bn), by Geography, 2016
2.1.4. Offshore Wind Energy Generation Cost Reduction
2.1.4.1. Installation Cost Reduction
2.1.4.2. Electricity Generation Cost Reduction
2.1. Market Snapshot: Global Offshore Wind Energy
2.1.1. Global Offshore Wind Energy Market Volume (MW) and Value (US$ Bn), By Foundation Type, 2016
2.1.2. Global Offshore Wind Energy Market Volume (MW) and Value (US$ Bn), by Water Depth, 2016
2.1.3. Global Offshore Wind Energy Market Volume (MW) and Value (US$ Bn), by Geography, 2016
2.1.4. Offshore Wind Energy Generation Cost Reduction
2.1.4.1. Installation Cost Reduction
2.1.4.2. Electricity Generation Cost Reduction
Chapter 3. Offshore Wind Energy Market: Market Dynamics and Future Outlook
3.1. Market Overview
3.2. Drivers
3.2.1. High Advantages of Offshore Wind Power Generation Over Onshore
3.3. Challenges
3.3.1. High CAPEX in Setting-up of New Wind Farms
3.4. Opportunities
3.4.1. New Offshore Projects in Europe and Asia Pacific Regions to Boost Overall Cumulative Capacity Addition
3.5. Attractive Investment Proposition, by Geography, 2016
3.6. Competitive Analysis: Market Positioning of Key Market Players, 2016
3.1. Market Overview
3.2. Drivers
3.2.1. High Advantages of Offshore Wind Power Generation Over Onshore
3.3. Challenges
3.3.1. High CAPEX in Setting-up of New Wind Farms
3.4. Opportunities
3.4.1. New Offshore Projects in Europe and Asia Pacific Regions to Boost Overall Cumulative Capacity Addition
3.5. Attractive Investment Proposition, by Geography, 2016
3.6. Competitive Analysis: Market Positioning of Key Market Players, 2016
Chapter 4. Global Offshore Wind Energy Market, by Foundation Type, 2015 – 2025 (MW, US$ Bn)
4.1. Overview
4.1.1. Global Offshore Wind Energy Value Share, by Foundation Type, 2016 & 2025 (Value, %)
4.2. Monopile
4.3. Jacket
4.4. Tripod
4.5. Floating
4.1. Overview
4.1.1. Global Offshore Wind Energy Value Share, by Foundation Type, 2016 & 2025 (Value, %)
4.2. Monopile
4.3. Jacket
4.4. Tripod
4.5. Floating
Chapter 5. Global Offshore Wind Energy Market, by Water Depth, 2015 – 2025 (MW, US$ Bn)
5.1. Overview
5.1.1. Global Offshore Wind Energy Value Share, by Water Depth, 2016 & 2025 (Value, %)
5.2. Shallow Water (Up to 29m deep)
5.3. Transient Water (30-60m deep)
5.4. Deep Water (Above 60m deep)
5.1. Overview
5.1.1. Global Offshore Wind Energy Value Share, by Water Depth, 2016 & 2025 (Value, %)
5.2. Shallow Water (Up to 29m deep)
5.3. Transient Water (30-60m deep)
5.4. Deep Water (Above 60m deep)
Chapter 6. Global Offshore Wind Energy Market, by Geography, 2015 – 2025 (MW, US$ Bn)
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