Growth Opportunities in the Offshore Wind Turbine Market, Forecast to 2025

Growth Opportunities in the Offshore Wind Turbine Market, Forecast to 2025

Growth will be Supported by Technological Innovations and Steady Price Reductions

RELEASE DATE
26-Nov-2019
REGION
Global
Deliverable Type
Market Research
Research Code: K3F3-01-00-00-00
SKU: EG02038-GL-MT_23818
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Description

Offshore wind energy involves the harvesting of wind power by setting up wind turbines in bodies of water, usually on the seafloor. Owing to the higher wind velocities in offshore locations, offshore wind turbines deliver greater power than their onshore counterparts. Higher offshore wind velocities also translate into higher capacity utilization factors (CUF) verifying the superior performance of offshore wind turbines, with offshore turbines providing a CUF of approximately 38% as compared to 27% for onshore turbines. In addition, offshore wind turbines also address the issue of land availability afflicting the onshore wind market. Such advantages encourage the steady uptake of offshore wind turbine technology in recent years.

Country-specific clean energy targets aimed at remedying climate change and the presence of strong regulatory support drive the growth of the global offshore wind turbine market. The growing interest of the corporate sector in procuring wind power to meet its renewable energy targets and the advancements in offshore wind turbine technology boost the demand for offshore wind turbine power. The development of floating offshore wind turbines is expected to significantly augment growth by opening up previously inaccessible offshore locations for the installation of wind turbines.

Due to the harsh environments of offshore wind farm locations, the structure, foundation, mechanical components, wind blades, and other elements have to be designed to withstand these demanding conditions. As a result, offshore wind energy has a higher levelized cost of energy (LCOE) than onshore wind. However, costs have been decreasing owing to advancements in wind power technologies.

Innovations in turbine technology such as bigger capacity wind turbines, two-bladed turbines, modular turbines, and 3D printing have brought down the overall cost of offshore wind power by reducing the initial investment as well as the operation and maintenance (O&M) costs. Another breakthrough technological advancement that is driving the growth of the offshore wind market is Big Data analytics and the Internet of Things (IoT). Leveraging Big Data analytics and IoT, real-time monitoring of remote and difficult-to-access offshore locations helps ensure accurate predictive maintenance activities and eliminates unnecessary routine maintenance.

Europe is the most developed market for offshore wind turbines, with Asia-Pacific expected to occupy the leading position in the next 5 or 7 years. The UK, Germany, and Denmark drive the offshore wind market in Europe while Japan, Taiwan, and South Korea drive the demand in the Asia-Pacific region. The North American market is expected to start picking up in the near future, as several projects are scheduled to go online in the next few years. Emerging markets, especially Taiwan, offer significant growth opportunities for the offshore wind market.

Table of Contents

Key Findings

Key Findings (continued)

Key Findings (continued)

The Purpose of this Experiential Study

5-Step Process to Transformational Growth

Strategic Imperatives for Offshore Wind Turbine Participants

Scope of the Study

Drivers and Restraints

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Drivers Explained (continued)

Drivers Explained (continued)

Drivers Explained (continued)

Restraints Explained

Restraints Explained (continued)

Restraints Explained (continued)

Global Hotspots

Revenue Forecast by Region

Revenue Forecast by Region Discussion

Annual Installed Capacity Forecast by Region

Annual Installed Capacity Forecast by Region Discussion

Europe

Europe (continued)

Key Country Profile—UK

Key Country Profile—Netherlands

Key Country Profile—France

Asia-Pacific

Asia-Pacific (continued)

Key Country Profile—China

Key Country Profile—India

North America

North America (continued)

Country Profile—US

Rest of World

Pricing Trends

Pricing Trends Discussion

Macro-to-Micro Visioning

New Business Models—PPAs

Disruptive Technologies

Disruptive Technologies (continued)

Disruptive Technologies (continued)

Disruptive Technologies (continued)

Disruptive Technologies (continued)

Disruptive Technologies (continued)

Disruptive Technologies (continued)

Disruptive Technologies (continued)

Industry Mega Trends—Connectivity and Convergence

Industry Mega Trends—Connectivity and Convergence (continued)

Competitive Landscape Trends—Market Share

Competitive Landscape Trends—Market Share Analysis

Competitive Landscape Trends—Competitive Environment

Competitive Landscape—Offshore Wind Turbine Component Companies

Growth Opportunity 1—Expansion to the Floating Wind Market

Growth Opportunity 2—Improvement in Drivetrain and O&M

Growth Opportunity 3—Growth Partnerships

Strategic Imperatives for Success and Growth

Identifying Your Company’s Growth Zone

Growth Opportunities 1–7: Vision and Strategy

Growth Opportunities Matrix

Growth Strategies for Your Company

Prioritized Opportunities Through Implementation

Legal Disclaimer

List of Exhibits

List of Exhibits (continued)

Offshore wind energy involves the harvesting of wind power by setting up wind turbines in bodies of water, usually on the seafloor. Owing to the higher wind velocities in offshore locations, offshore wind turbines deliver greater power than their onshore counterparts. Higher offshore wind velocities also translate into higher capacity utilization factors (CUF) verifying the superior performance of offshore wind turbines, with offshore turbines providing a CUF of approximately 38% as compared to 27% for onshore turbines. In addition, offshore wind turbines also address the issue of land availability afflicting the onshore wind market. Such advantages encourage the steady uptake of offshore wind turbine technology in recent years. Country-specific clean energy targets aimed at remedying climate change and the presence of strong regulatory support drive the growth of the global offshore wind turbine market. The growing interest of the corporate sector in procuring wind power to meet its renewable energy targets and the advancements in offshore wind turbine technology boost the demand for offshore wind turbine power. The development of floating offshore wind turbines is expected to significantly augment growth by opening up previously inaccessible offshore locations for the installation of wind turbines. Due to the harsh environments of offshore wind farm locations, the structure, foundation, mechanical components, wind blades, and other elements have to be designed to withstand these demanding conditions. As a result, offshore wind energy has a higher levelized cost of energy (LCOE) than onshore wind. However, costs have been decreasing owing to advancements in wind power technologies. Innovations in turbine technology such as bigger capacity wind turbines, two-bladed turbines, modular turbines, and 3D printing have brought down the overall cost of offshore wind power by reducing the initial investment as well as the operation and maintenance (O&M) costs. Another breakthrough technological advancement that is driving the growth of the offshore wind market is Big Data analytics and the Internet of Things (IoT). Leveraging Big Data analytics and IoT, real-time monitoring of remote and difficult-to-access offshore locations helps ensure accurate predictive maintenance activities and eliminates unnecessary routine maintenance. Europe is the most developed market for offshore wind turbines, with Asia-Pacific expected to occupy the leading position in the next 5 or 7 years. The UK, Germany, and Denmark drive the offshore wind market in Europe while Japan, Taiwan, and South Korea drive the demand in the Asia-Pacific region. The North American market is expected to start picking up in the near future, as several projects are scheduled to go online in the next few years. Emerging markets, especially Taiwan, offer significant growth opportunities for the offshore wind market.
More Information
Deliverable Type Market Research
No Index No
Podcast No
Author Sama Suwal
Industries Energy
WIP Number K3F3-01-00-00-00
Is Prebook No
GPS Codes 9AFE-A4,9B00-A4,9851,GETE