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Offshore Wind Energy Market Trends and Forecast 2014 - 2022

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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,
Transparency Market
Research
Offshore Wind Energy Market - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2014 - 2022
Published Date
29-June-2015
180 Page Report
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Press Release
Offshore Wind Energy Market Installed Capacity is Anticipated to
Reach 52,120.9 MW by 2022:Transparency Market Research
Transparency Market Research
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90, State Street, Suite 700.
Albany, NY 12207
United States
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Offshore Wind Energy Market
REPORT DESCRIPTION
Offshore Wind Energy Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2014 - 2022
The global installed capacity in the offshore wind energy market stood at 7,045.4 MW in 2013 and is
expected to reach 52,120.9 MW by 2022 at a CAGR of 25.0% from 2014 to 2022. Annual installations stood
at 1,629.4 MW in 2013 and are expected to reach 7,228 MW by 2022, at a CAGR of 19.6% from 2014 to
2022. In the 2013 to 2022 period, total capacity additions of 46,704.9 MW are expected. In terms of
investment, USD 7,875.5 million of new investments were required for capacity additions in 2013. This
number is expected to increase to USD 27,387.5 million in 2022, at a CAGR of 16.4% from 2014 to 2022.
Total investments in the 2013−2022 period for capacity additions are expected to reach USD 194,708.9
million.
Browse Offshore Wind Energy Market Report with Full TOC at
http://www.transparencymarketresearch.com/offshore-wind-energy-market.html
Europe currently is the only region which has invested significantly in developing its offshore wind energy
sector. Europe is followed by Asia Pacific, wherein China is the only country that has separate targets for
offshore wind energy installations. North America and Rest of the World (RoW) are yet to construct and
commission utility-scale offshore wind energy projects. Development of the offshore wind energy sector in
the U.S. has not yet taken off, despite numerous projects being at various stages of the planning phase.
Technology for drawing grid connections from offshore wind farms is currently present in the U.S. However,
absence of regional transmission operators (RTOs), especially in the south-east region of the country,
makes it extremely difficult for offshore wind farms to justify their costs as compared to benefits. Similarly,
restricted funding channels and negative public sentiment surrounding the technology has also taken a toll
on the offshore wind energy sector in the U.S. The Cape Wind Project is among the offshore wind energy
projects that have been involved in controversies. The Cape Wind Project, which if commissioned, would
have connected 468 MW of offshore wind energy capacity to the grid. Although not yet shelved, the
project’s future is uncertain, post the cancellation of power purchase contracts by two utilities. Similarly, in
Canada, Ontario has put a moratorium on offshore wind development activities. Amidst the low electricity
prices prevalent in Canada, it is extremely difficult to support the development of the offshore wind sector
by weighing costs against benefits.
However, in Europe, the investment climate is positive and is expected to remain so throughout the
forecast period. Europe witnessed nearly 1,567 MW of new capacity additions in the offshore wind sector in
2013, which was 34% higher than the previous year. The U.K. currently is the largest market for offshore
wind energy in Europe. With the implementation of the new Energy Act in the country in December 2013
along with the implementation of the Electricity Market Reform Package, significant capacity additions can
be expected in the future. Involvement of market players such as Siemens who have made investments, in
collaboration with Associated British Ports, for the construction of wind turbine manufacturing facilities
would go a long way in resolving supply chain bottlenecks as well as create employment (~1,000 jobs) for
locals. Despite numerous advantages, the offshore wind energy sector in the U.K. suffers from a funding
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Offshore Wind Energy Market
gap with a distinct mismatch between capacity additions planned and subsidies available under the CfD
scheme. With projects of 5 GW of capacity expected to enter the planning phase in 2015, resolution of the
funding gap issue remains to be seen. Germany’s prospects for offshore wind are even brighter with 9 GW
of new capacity in the pipeline. Currently, Germany has a share of almost 30% amongst all consented
European offshore wind farms, which are scheduled to go online within the forecast horizon. Stronger port
infrastructure and an inherent locational advantage render offshore wind energy companies operating in
the country well positioned to cater to the growing demand from both Germany as well as other European
countries.
Interactions with grid operators, however, vary significantly in different European countries. New
amendments to the German Renewable Energy Act dictate that transmission systems operators (TSOs) pay
compensation packages to offshore wind farm developers if they fail to draw grid connections on time. On
the contrary, the regulatory framework in Denmark dictates that project developers pay the costs for
drawing connections from the wind farm to the national grid. The manner in which the regulatory
framework in various countries shape the interactions between TSOs and offshore wind developers would
determine investor confidence and investments in the sector. The Netherlands, with its aggressive capacity
addition targets, has brought in several reforms directed towards the offshore wind energy sector. Apart
from an annual tendering of 700 MW, the government has also pre-designated offshore wind farm
development zones and has plans to have TSOs construct five standardized grid connection platforms,
exclusively for the ease of project developers.
The offshore wind energy sector in Asia Pacific is expected to be mostly driven by China and partly by
Japan. With recent revisions in its offshore wind energy target, China is set to add 10 GW of generating
capacity by 2020. With only 39 MW of new capacity additions in 2013, the offshore wind energy sector in
China has recently been the subject of much controversy and skepticism. Irrespective of the criticism,
China has treaded carefully when it comes to the offshore wind energy sector primarily owing to the higher
costs and operating risks involved. With 10 GW of capacity additions targeted within 2020, nearly 1 GW of
capacity additions are required annually in China post 2015. Justifying and achieving such an aggressive
capacity addition target would stretch the country’s offshore wind supply chain to its limits. Japan is also
investing in offshore wind energy post the Fukushima disaster, as a replacement to nuclear energy.
However, conflicts with the fishing industry, significantly higher water depths, and hostile operating
conditions have emerged as major hurdles. In the future, both fixed base as well as floating foundations
are anticipated to play an instrumental role in the wind energy sector in Japan. As for the Rest of the World
region, capacity additions are not expected to be realized, barring certain pilot and demonstration projects,
especially those in the offshore areas of Brazil.
Offshore Wind Energy Market: Regional Analysis
North America
•
U.S.
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Offshore Wind Energy Market
•
Rest of North America
Europe
•
U.K
•
Germany
•
Denmark
•
Belgium
•
Sweden
•
Netherlands
•
Rest of Europe
Asia Pacific
•
China
•
Japan
•
Rest of Asia Pacific
Rest of the World
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TABLE OF CONTENT
Chapter 1 Preface
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Offshore Wind Energy Market
1.1 Report Description
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
Chapter 2 Executive Summary
2.1 Global Offshore Wind Energy Market
Chapter 3 Offshore Wind Energy Market – Industry Analysis
3.1 Introduction
3.2 Value Chain Analysis: Offshore Wind Energy Market
3.3 Market Drivers
3.3.1 Numerous Advantages Over Its Onshore Counterpart Is Significantly Bolstering Capacity
Additions In The Offshore Wind Sector
3.3.1.1 Cumulative Installed Capacity for Onshore and Offshore Wind Power, 2007 – 2013 (MW)
3.3.2 Conducive Incentive Mechanisms And Regulatory Frameworks For The Offshore Wind Energy
Sector Increasing Investments And Accelerating Capacity Additions
3.3.3 Increasing Utilization Of Project Financing In Offshore Wind Energy Projects Is Expected To
Increase Investor Confidence And Speed Up Capacity Additions
3.4 Market Restraints
3.4.1 Higher Capital Costs Associated With Projects Are Hampering Brisk Capacity Additions
3.4.2 Presence Of Bottlenecks In The Supply Chain Hampers Brisk Project Development Activities In
The Offshore Sector
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3.5 Market Opportunities
3.5.1 New Offshore Projects Using Floating Wind Turbines Are Expected To Result In A Spurt Of Project
Development Activities In Deepwater Locations
3.6 Porter’s five forces analysis: Offshore Wind Energy Market
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat from new entrants
3.6.4 Degree of competition
3.6.5 Threat from substitutes
3.7 Offshore Wind Energy Sector – Deal Analysis
3.7.1 Vestas Wind Systems A/S (Vestas) and Mitsubishi Heavy Industries Ltd. (MHI) Joint Venture
3.7.2 Areva S.A and Gamesa Corporación Tecnológica (Gamesa) Joint Venture
3.7.3 Siemens AG acquisition of A2SEA A/S
3.8 Offshore Wind Energy Sector – Capital Cost Analysis
3.8.1 Conceptualization Costs
3.8.1.1 Global Offshore Wind Energy Market, Conceptualization Cost Breakdown, By Cost
Component, 2014
3.8.2 Wind Turbine Costs
3.8.2.1 Global Offshore Wind Energy Market, Wind Turbine Cost Breakdown, By Cost Component,
2014
3.8.3 Balance of Plant Costs
3.8.3.1 Global Offshore Wind Energy Market, Balance of Plant Cost Breakdown, By Cost
Component, 2014
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3.8.4 Installation Costs
3.8.4.1 Global Offshore Wind Energy Market, Installation Cost Breakdown, By Cost Component,
2014
3.8.5 Total Lifetime Costs
3.8.5.1 Global Offshore Wind Energy Market, Total Lifetime Cost Breakdown, By Cost Component,
2014
3.9 Offshore Wind Energy Sector – Cost Reduction Opportunity Analysis
3.9.1 Turbine Cost
3.9.1.1 Global Offshore Wind Energy Market, Turbine Cost Reduction Opportunities, By Reduction
Factors, 2014
3.9.1.2 Global Offshore Wind Energy Market, Turbine Cost Reduction Possibilities, By Percentage
Reduction & Probability, 2014
3.9.1.3 Europe Offshore Wind Energy Market, Average Installed Turbine Size, By Capacity per
Turbine, 2000 – 2013
3.9.2 Foundation Costs
3.9.2.1 Global Offshore Wind Energy Market, Foundation Cost Reduction Opportunities, By
Reduction Factors, 2014
3.9.2.2 Global Offshore Wind Energy Market, Foundation Cost Reduction Possibilities, By
Percentage Reduction & Probability, 2014
3.9.3 Grid Connection Costs
3.9.3.1 Global Offshore Wind Energy Market, Grid Connection Cost Reduction Possibilities, By
Percentage Reduction & Probability, 2014
3.9.4 Installation Costs
3.9.4.1 Global Offshore Wind Energy Market, Installation Cost Reduction Opportunities, By
Reduction Factors, 2014
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Offshore Wind Energy Market
3.9.4.2 Global Offshore Wind Energy Market, Installation Cost Reduction Possibilities, By
Percentage Reduction & Probability, 2014
3.10 Market Attractiveness Analysis
3.10.1 Market Attractiveness Analysis of Global Offshore Wind Energy Market, by Region, 2013
Chapter 4 Offshore Wind Energy Market: Regional Analysis
4.1 Offshore Wind Energy Market: Regional overview
4.1.1 Global Offshore Wind Energy Market, volume and revenue share by region, 2013 and 2022
4.2 North America
4.2.1 North America Offshore Wind Energy Market, volume share by country, 2013 and 2022
4.2.2 North America Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.2.3 North America Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.2.4 North America Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.2.5 The U.S.
4.2.5.1 The U.S. Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.2.5.2 The U.S. Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.2.5.3 The U.S. Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.2.5.4 Offshore Wind Energy Project List: The U.S.
4.2.6 Rest of North America
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Offshore Wind Energy Market
4.2.6.1 Rest of North America Offshore Wind Energy Market estimates and forecast, 2013 – 2022
(MW) (USD Million)
4.2.6.2 Rest of North America Offshore Wind Energy Market Annual Capacity Additions, 2013 –
2022 (MW)
4.2.6.3 Rest of North America Offshore Wind Energy Market Annual Investments [Revenue], 2013
– 2022 (USD Million)
4.2.6.4 Offshore Wind Energy Project List: Rest of North America
4.3 Europe
4.3.1 Europe Offshore Wind Energy Market, volume share by country, 2013 and 2022
4.3.2 Europe Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD Million)
4.3.3 Europe Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.3.4 Europe Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD Million)
4.3.5 U.K
4.3.5.1 U.K Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD Million)
4.3.5.2 U.K Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.3.5.3 U.K Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.3.5.4 Offshore Wind Energy Project List: U.K
4.3.6 Germany
4.3.6.1 Germany Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.3.6.2 Germany Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.3.6.3 Germany Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
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4.3.6.4 Regulatory Snapshot – Germany Offshore Wind
4.3.6.5 Offshore Wind Energy Project List: Germany
4.3.7 Denmark
4.3.7.1 Denmark Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.3.7.2 Denmark Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.3.7.3 Denmark Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.3.7.4 Offshore Wind Energy Project List: Denmark
4.3.8 Belgium
4.3.8.1 Belgium Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.3.8.2 Belgium Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.3.8.3 Belgium Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.3.8.4 Permitting and Licensing – Belgium Offshore Wind Sector
4.3.8.4.1 Domain Concession
4.3.8.4.2 Construction Authorization and Operating License
4.3.8.4.3 Submarine Cable License
4.3.8.5 Offshore Wind Energy Project List: Belgium
4.3.9 Sweden
4.3.9.1 Sweden Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
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4.3.9.2 Sweden Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.3.9.3 Sweden Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.3.9.4 Offshore Wind Energy Project List: Sweden
4.3.10 Netherlands
4.3.10.1 Netherlands Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW)
(USD Million)
4.3.10.2 Netherlands Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.3.10.3 Netherlands Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022
(USD Million)
4.3.10.4 The Dutch Offshore Wind Development Plan
4.3.10.5 Regulatory Snapshot – Netherlands Offshore Wind
4.3.10.5.1 Designated Wind Farm Zones
4.3.10.5.2 Government Siting Decision
4.3.10.5.3 Site Data Provision
4.3.10.5.4 Allocation of Grid Connection
4.3.10.5.5 Tendering of Grants
4.3.10.6 Offshore Wind Energy Project List: Netherlands
4.3.11 Rest of Europe
4.3.11.1 Rest of Europe Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW)
(USD Million)
4.3.11.2 Rest of Europe Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022
(MW)
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4.3.11.3 Rest of Europe Offshore Wind Energy Market Annual Investments [Revenue], 2013 –
2022 (USD Million)
4.3.11.4 Offshore Wind Energy Project List: Rest of Europe
4.3.12 Europe Offshore Wind Energy Market, Company Market Share, By Annual Installation and
Cumulative Capacity, 2010 and 2014
4.3.13 Europe Offshore Wind Energy Market, Foundation Trends Analysis, 2010 – 2014 (Units)
4.4 Asia Pacific
4.4.1 Asia Pacific Offshore Wind Energy Market, volume share by country, 2013 and 2022
4.4.2 Asia Pacific Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.4.3 Asia Pacific Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.4.4 Asia Pacific Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.4.5 China
4.4.5.1 China Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.4.5.2 China Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.4.5.3 China Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.4.6 China Offshore Wind Energy Market, Company Market Share, By Cumulative Capacity, 2013
4.4.6.1 Foundation Type Analysis: China Offshore Wind
4.4.6.2 Current Challenges – China Offshore Wind
4.4.6.2.1 Project Developer Challenges
4.4.6.2.2 Turbine Manufacturer Challenges
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Offshore Wind Energy Market
4.4.6.2.3 Substructure Challenges
4.4.6.2.4 Installation and Connectivity Challenges
4.4.6.3 Offshore Wind Energy Project List: China
4.4.7 Japan
4.4.7.1 Japan Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.4.7.2 Japan Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022 (MW)
4.4.7.3 Japan Offshore Wind Energy Market Annual Investments [Revenue], 2013 – 2022 (USD
Million)
4.4.7.4 Offshore Wind Energy Targets – Japan
4.4.7.5 Offshore Wind Energy Project List: Japan
4.4.8 Rest of Asia Pacific
4.4.8.1 Rest of Asia Pacific Offshore Wind Energy Market estimates and forecast, 2013 – 2022
(MW) (USD Million)
4.4.8.2 Rest of Asia Pacific Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022
(MW)
4.4.8.3 Rest of Asia Pacific Offshore Wind Energy Market Annual Investments [Revenue], 2013 –
2022 (USD Million)
4.4.8.4 Offshore Wind Energy Project List: Rest of Asia Pacific
4.5 Rest of the World
4.5.1 Rest of the World Offshore Wind Energy Market estimates and forecast, 2013 – 2022 (MW) (USD
Million)
4.5.1.1 Rest of the World Offshore Wind Energy Market Annual Capacity Additions, 2013 – 2022
(MW)
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Offshore Wind Energy Market
4.5.1.2 Rest of the World Offshore Wind Energy Market Annual Investments [Revenue], 2013 –
2022 (USD Million)
Chapter 5 Company Profiles
5.1 Siemens Wind Power
5.1.1 Company Overview
5.1.2 Product Portfolio
5.1.3 Financial Overview
5.1.4 Business Strategy
5.1.5 Recent Developments
5.2 Vestas Wind Systems A/S
5.2.1 Company Overview
5.2.2 Product Portfolio
5.2.3 Financial Overview
5.2.4 Business Strategy
5.2.5 Recent Developments
5.3 Goldwind Science and Technology Co., Ltd.
5.3.1 Company Overview
5.3.2 Product Portfolio
5.3.3 Financial Overview
5.3.4 Business Strategy
5.3.5 Recent Developments
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Offshore Wind Energy Market
5.4 Gamesa Corporacion Tecnologica SA
5.4.1 Company Overview
5.4.2 Product Portfolio
5.4.3 Financial Overview
5.4.4 Business Strategy
5.4.5 Recent Developments
5.5 GE Wind Energy
5.5.1 Company Overview
5.5.2 Product Portfolio
5.5.3 Financial Overview
5.5.4 Business Strategy
5.5.5 Recent Developments
5.6 Sinovel Wind Group Co., Ltd.
5.6.1 Company overview
5.6.2 Product Portfolio
5.6.3 Business Strategy
5.7 Dong Energy A/S
5.7.1 Company Overview
5.7.2 Product portfolio
5.7.3 Financial Overview
5.7.4 Business Strategy
5.7.5 Recent developments
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Offshore Wind Energy Market
5.8 Suzlon Group
5.8.1 Company Overview
5.8.2 Product Portfolio
5.8.3 Financial Overview
5.8.4 Business Strategy
5.8.5 Recent Developments
5.9 Nordex SE
5.9.1 Company Overview
5.9.2 Product portfolio
5.9.3 Financial overview5.9.4 Business strategy
5.9.5 Recent developments:
5.10 China Ming Yang Wind Power Group Limited
5.10.1 Company overview
5.10.2 Product portfolio
5.10.3 Financial overview
5.10.4 Business strategy
5.10.5 Recent developments
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