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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
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Global Offshore Wind Development Growing Rapidly
Published: February 6, 2020 Content info: 22 Pages; 10 Tables, Charts & Figures
Description

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.

Key Questions Addressed:

  • What are the incentive structures, subsidy support levels, and other policies driving the offshore wind markets?
  • Which countries are the top offshore wind energy markets and why, and how are they changing?
  • Which countries and regions will be the top offshore wind energy markets by 2028?
  • How much in megawatts can be expected in all markets by country and region through a 10-year forecast?
  • What are the specific drivers and challenges for the regional offshore wind power markets?
  • What companies are the top offshore wind turbine manufacturers globally?

Who Needs This Report:

  • Wind turbine manufacturers
  • Electricity generation utilities
  • Wind turbine component suppliers
  • Industrial manufacturers
  • Ocean vessel manufacturers and operators
  • Government agencies
  • Policymakers
  • Investor community
Table of Contents
Product Code: SI-OWEF-20

Table of Contents

Spark

Context

Recommendations

Offshore Wind Power Growing Much Faster Than Onshore

  • Wind Turbine OEMs Active in the Offshore Sector

The US Offshore Wind Market Shows Substantial Potential and High Growth

  • Policies and Goals Driving US Offshore Wind Development
  • US States Award Offshore Wind Leases in Federal Waters
  • North America Offshore Wind Growing Rapidly

Plummeting Project Costs Aid European Offshore Wind Success

  • European Offshore Wind Costs Have a Big Impact on the Market
  • Top Offshore Wind Project Developers and Owners
  • European Offshore Wind Growth Is Expected to Pick Up
  • Germany Remains a Leading Offshore Wind Market
  • The Netherlands Has Ambitious Offshore Plans
  • UK Offshore Market Bringing More Capacity Online
  • Other European Offshore Developments Continue

China Leads the Asia Pacific Offshore Market

  • China's Ambitious Offshore Wind Policies Dominate the Asia Pacific Forecast

Onshore Wind and Solar PV Still Favorable in Latin America and Middle East & Africa

Offshore Wind Is Becoming an Integral Part of the Clean Energy Future

  • Be Prepared for Offshore Wind to Buck the Decentralization Trend
  • Look for Increased Offshore Wind Placement in Close Proximity to Dense Population Centers Where Large-Scale Solar PV Is at a Relative Disadvantage
  • Expect Countries and Companies Looking for Cost-Effective Resources to Recognize the Fast Decreasing Offshore Wind Costs

List of Charts and Figures

  • Annual Wind Capacity, Onshore vs. Offshore: 2019-2028
  • Annual Offshore Wind Capacity by Region, World Markets: 2019-2028
  • Cumulative Capacity of Top Offshore Wind Turbine Vendors by Market Share, World Markets: 2018
  • Annual Offshore Wind Capacity, US: 2019-2028
  • Offshore Wind Contract Prices by Project and Year: 2010-2026
  • Annual Offshore Wind Capacity by Country, Europe: 2019-2028
  • Annual Offshore Wind Capacity by Country, Asia Pacific: 2019-2028

List of Tables

  • US State Policy Renewable Energy Targets
  • Awarded US Federal Offshore Wind Leases
  • Top 20 European Offshore Wind Developers and Project Owners
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