Global Offshore Wind Energy Market: Growing Demand from Asia Pacific to Expand Installed Capacity at a CAGR of 25.0% during 2014-2022
According to a recent market research report published by Transparency Market Research, the installed capacity in the global offshore wind energy market is expected to increase at a CAGR of 25.0% during the period between 2014 and 2022. The report, titled “Offshore Wind Energy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022,” projects the annual installations in the global offshore wind energy market to reach 7,228 MW by 2022.
Browse the full Offshore Wind Energy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022 report at https://www.transparencymarketresearch.com/offshore-wind-energy-market.html
The report points out that the numerous advantages of offshore wind energy over its onshore counterpart have boosted the growth of the global offshore wind energy market. Conductive incentive mechanisms and regulatory frameworks for the offshore wind energy sector are leading to increased investments and capacity additions. The growing utilization of project financing in offshore wind energy projects is expected to increase investor confidence, thereby speeding up capacity additions. However, the report mentions that higher capital costs and the presence of bottlenecks in the supply chain are expected to hamper the market during the forecast horizon. The overall market has a huge opportunity to grow with the launch of new offshore projects using floating wind turbines that will in turn increase investments in project development activities in deepwater locations.
The report studies the global offshore wind energy market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. Currently, Europe is the largest market for offshore wind energy with significant investments on offshore wind energy projects. The favorable investment scenario in Europe is expected to continue through 2022. Back in 2013, the region registered 1,567 MW of new capacity additions in the offshore wind energy market. A number of favorable initiatives such as the new Energy Act 2013 and Electricity Market Reform Package have made the U.K. the most prominent offshore wind energy market in Europe. The Associated British Ports supports the construction of wind turbines and manufacturing facilities in the country. However, a funding gap due to the difference between planned capacity additions and available subsidies is projected to restrain the growth of the market in the U.K. Germany is also another major market for offshore wind energy and accounts for 30% of the consented offshore wind farms across Europe. Advantages in terms of location and stronger port infrastructure have made Germany a leading contender in the European market.
During the forecast horizon, Asia Pacific is expected to emerge as the next largest market for offshore wind energy. China is the only country in the region with a separate target allotment regarding offshore wind energy installations.
The report describes the competitive landscape and profiles some of the key players in the global offshore wind energy market such as Vestas Wind Systems A/S, Siemens Wind Power, Gamesa Corporacion Technologica SA, Goldwind Science and Technology Co. Ltd., GE Wind Energy, Dong Energy A/S, Sinovel Wind Group Co. Ltd., Suzlon Group, Nordex SE, and China Ming Yang Wind Power Group Ltd. The report further provides insightful information about the key players including their financial overview, product portfolio, business strategies, and recent developments.
Global offshore wind energy market has been segmented as:
Offshore Wind Energy Market: Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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