Offshore Wind industry analysis is covered in this latest
research report that aims to help those taking daily business decisions by
providing market trends information, competitive landscape scenario, forecasts
and more.
The
recent launch of two offshore wind farms by Dong Energy is an instance
demonstrating the expansion of global Offshore Wind Market. This Denmark based
energy company has announced the inauguration of Gode Wind 1 and 2 offshore
wind farms, located 45 km off the German coast, with a combined capacity of 582
MW. With most of the regional governments & regulatory organizations
undertaking numerous initiatives to adopting renewable energy, offshore wind
industry is estimated to surpass a capacity of 60 GW by 2024, having held a
valuation of USD 60 billion in in 2016.
Europe
has been one of the most outgoing participants of global offshore wind market.
The numerous efforts taken by the regional government bodies have a key role to
play in the development of this market. In addition, the continent is home to
numerous energy companies that have been increasingly investing in R&D
activities to come up high grade technology for developing sustainable energy.
The European Union had funded a project in 2014, called the Horizon 2020, for a
valuation of almost USD 80 billion. The funding is slated to last until 2020,
and recently in 2017, the EU provided the annual budget of USD 17.83 million to
reduce maintenance costs & offshore operations by integrating monitoring
and control technologies. This program is EU’s flagship, and is anticipated to
propel Europe offshore wind industry over the years to come.
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An urgent
need to curb GHG emissions is also one of key factors fueling the growth of
offshore wind market. To fulfill this requirement coupled with the need to
provide uninterrupted electricity, the member countries of the EU, in 2016,
declared their plan to achieve 21% of sustainable energy targets by 2020.
Simultaneously, the continent aims to reduce GHG emissions by 26% from what it
was in 1990, thereby impelling the regional offshore wind industry.
The
Asian Development Bank, World Bank, and the International Finance Corporation
are some of the key financial institutions that are actively partaking in
global offshore wind market. In Europe, the Offshore Wind Investment
established by the UK Government to encourage investments in sustainable energy
will promote the deployment of clean energy projects, thereby impelling the
regional offshore wind industry. Pertaining to favorable government support, UK
offshore wind market is anticipated to witness a steady CAGR over 2017-2024. A
strict regulatory framework has facilitated the deployment of the Contracts for
Difference for ensuring long term revenues from power projects in the nation.
Recently, in 2017, a decline of 32% in offshore prices was also observed in UK.
This is another factor that is expected to push UK offshore wind industry over
the years to come.
Turbines,
one of most vital components of offshore wind market, held more than 30% of the
overall revenue share in 2016. Increasing investments toward the development of
high grade wind based technologies will augment the demand for large capacity
turbines across various geographies, thereby contributing toward the growth of
offshore wind industry. Similarly, floating turbines have been gaining
precedence, especially across the APAC and European belts. This is essentially
due to the need to simultaneously accommodate shipping and fishing activities
and reduce visual pollution. The first floating turbine encompassed a capacity
of 30 MW and was developed by the Norwegian offshore oil and gas group in 2016.
A total of USD 199 million was spent on this plant, which is located across the
Aberdeenshire coast of Scotland. A significant rise in such investments will
suitably augment Europe offshore wind market.
Germany
is another region is Europe that has been contributing significantly to
offshore wind industry, in addition to numerous other renewable energy
initiatives. The German government has mandated stringent targets for
increasing turbine capacities to generate renewable energy on a large scale. In
addition, recently, the German government, in tandem with the governments of
Belgium and Denmark, has planned to cumulatively add an offshore capacity of 60
GW by 2027.
The
regulatory bodies in Netherlands have been increasingly striving toward
promoting clean and affordable energy. On these grounds, the nation has come up
with the National Energy Agreement, under which an additional 4.5 GW of
offshore capacity is slated to be added by 2023. Recently in 2017, the nation
integrated its largest offshore farm in the North Sea that is designed to
manufacture 2.6 TWh of clean energy on an annual basis. Pertaining to the
aforementioned facts, it has been estimated that Netherlands offshore wind
market will grow at a rate of 12% over 2017-2024.
Offshore
wind industry from electrical infrastructure is expected to observe tremendous
gains, subject to the rising number of investments by key component
manufacturers across the globe. For instance, in 2016, renowned French cable
manufacturer, Nexans had been appointed by VBMS, the Netherland based subsea
power cable manufacturer, to establish a subsea connection between offshore
turbines and onshore transmission grids for its Blyth offshore wind project in
UK. This venture is considered to be the first offshore wind farm of 66 kV
capacity, developed by VBMS and EDF Energy Renewables and VBMS.
Wires
and cables, a key sub-component electrical infrastructure, is also slated to
depict steady gains over 2017-2024, after having held more than 2% of the
overall offshore wind market share in 2016. Pertaining to the rising number of
microgrid networks – courtesy, advanced distribution generation technologies,
offshore wind industry from wires and cables will grow sharply over the coming
years.
Research
and development activities are being prioritized by companies in order to
innovate high grade wind based technologies and impel offshore wind market. For
instance, in 2017, an offshore wind tender of 1.5 GW capacity was launched by
the German Federal Network Agency with an aim to reduce the generation tariff.
The Netherlands government also aims to reduce the generation costs by 40% over
the next ten years. In fact, recently in 2017, Statoil and Siemens had
collaborated under the ‘Hywind Scotland’ project to come up with a floating
wind farm in Norway. The farm encompasses a capacity of 30 MW and is expected
to heavily influence the overall offshore wind industry.
The
past decade has witnessed a bifold growth rate for global offshore wind market.
The deployment of stringent government norms to curb carbon emissions and
implement clean energy schemes will impel this market over the years to come.
Reputed biggies such as Senvion, MHI Vestas, Sinovel Wind, Siemens, Doosan
Heavy Industries & Construction, and Adwen have been adopting organic
strategies to sustain their position in the escalating offshore wind industry.
Report
Content
1.1.
Methodology
1.1.1.
Initial data exploration
1.1.2.
Statistical model and forecast
1.1.3.
Industry insights and validation
1.1.4.
Market definitions and forecast parameters
1.2.
Data sources
1.2.1.
Primary
1.2.2.
Secondary
2.1.
Offshore wind industry 3600 synopsis, 2013 – 2024
2.1.1.
Business trends
2.1.2.
Component trends
2.1.3.
Regional trends
3.1.
Industry segmentation
3.2.
Industry landscape, 2013 – 2024
3.3.
Industry ecosystem analysis
3.3.1.
Vendor matrix
3.4.
Innovation & sustainability
3.5.
Regulatory landscape
3.5.1.
U.S.
3.5.2.
Europe
3.5.3.
UK
3.5.4.
Germany
3.5.5.
China
3.6.
Cost structure analysis
3.6.1.
Capital Cost (CAPEX)
3.6.2.
Operational Cost (OPEX)
3.7.
Global offshore capacity addition targets
3.8.
Wind energy industry trends and outlook
3.9.
Industry impact forces
3.9.1.
Growth drivers
3.9.1.1.
Increasing electricity demand
3.9.1.2.
Rising investments across clean energy sector
3.9.1.3.
Declining component prices
3.9.1.4.
Growing adoption of clean energy over conventional fuel
3.9.2.
Industry pitfalls & challenges
3.9.2.1.
High Capital Cost
3.10.
Growth potential analysis
3.11. Porter's
analysis
3.12. Competitive
landscape, 2016
3.12.1.
Strategy dashboard
3.12.2.
Company market share
3.12.2.1.
Wind turbine manufacturers
3.12.2.2.
Wind farm developers/owners
3.12.2.3.
Inter-array cable suppliers
3.12.2.4.
Export cable suppliers
3.13.
PESTEL analysis
This latest Offshore Wind Market research report
offers in-depth analysis, key industry insights, market sizing & forecast
on a granular level for key products, applications across number of regional
markets. The report also analyzes the Offshore
Wind industry from business strategy perspective, describing in detail
growth drivers, pitfalls &challenges for participants, accompanied by a
detailed competitive benchmarking including company market share analysis and
detailed business profiles.
Reasons
to Buy This Report
·
Global Offshore
Wind Market size & forecast by product & application.
·
Growth drivers, pitfalls & industry
challenges.
·
Key Offshore
Wind Market growth opportunities & emerging business models.
·
Competitive benchmarking with market share
analysis and company profiles.
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