Market Research Report
Global Offshore Wind Development Growing Rapidly
|Published by||Navigant Research||Product code||924383|
|Published||Content info||22 Pages; 10 Tables, Charts & Figures
Delivery time: 1-2 business days
|Global Offshore Wind Development Growing Rapidly|
|Published: February 6, 2020||Content info: 22 Pages; 10 Tables, Charts & Figures||
Offshore wind is growing rapidly, as it offers a unique value proposition: It is an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is located-often areas where the onshore wind resource is more difficult to develop. Additional key factors driving offshore wind project development include higher wind speeds, higher plant load factors, more stable power generation, almost limitless space offshore for turbine installations, and rapidly declining costs.
The cost proposition is proving compelling. A decade ago in the infancy of offshore wind, there were concerns that offshore would be too expensive to grow at large scale and be competitive with traditional market prices. However, projects in multiple markets are moving toward construction without subsidies and willing to take fluctuating market prices. Offshore wind is also expanding to new markets as cost reductions in the technology and demand for renewable energy become attractive to governments, power utilities, and other stakeholders.
This Navigant Research Strategy Insight report discusses the main regional and country markets driving offshore wind. It discusses trends and data on a megawatt level for 10-year forecasts through 2028 for global regions and countries contributing to offshore wind gains. The report also discusses the policies and market dynamics affecting the offshore market and provides recommendations for offshore wind market participants.