Huge Offshore Wind Power Plans are
Expected to Boost Capacity to 39 GW by 2020
Offshore wind power has the potential to
become a major source of energy and, with a significant number of large
projects in the construction and planning stages, is expected to register
substantial growth between 2014 and 2020. The UK government has announced
tenders for 32.2 Gigawatts (GW) of offshore wind power, scheduled for
completion by 2020, and the US envisions the production of around 54 GW of
electricity from offshore wind, a target to be achieved by 2030. China produced
428.6 Megawatts (MW) from offshore wind in 2013 and under its 12th Five-Year
Plan (2011–2015) announced targets of 5 GW by 2015 and 30 GW by 2020. Other
European countries such as Germany, Denmark and Belgium also have offshore
projects under construction.
As an increasing number of countries
exploit offshore wind potential during the 2014–2020 forecast period, capacity
is expected to increase from 7.1 GW in 2013 to 38.9 GW by 2020 at a Compound
Annual Growth Rate (CAGR) of 27%.
Offshore Wind Turbine and Foundation
Installation Vessel Market to Reach Around $3 Billion by 2020
Offshore wind projects are more
expensive than their onshore counterparts because the structures are larger,
the logistics involved in installing towers are more complex, and the costs
associated with foundations, construction, installation and grid connection are
higher. Installation costs are dominated by offshore installation vessels, wind
turbine erection and cable-laying.
Offshore wind turbine and foundation
installation vessel market size stood at $0.47 billion in 2013 and grew to an
estimated $0.56 billion in 2014 due to the increase in installed capacity. They
are estimated to rise to $2.93 billion in 2020 at a CAGR of 30%. Global annual
offshore wind power capacity will see a huge increase from 1.7 GW in 2013 to
7.8 GW in 2020, which will also benefit the ancillary industries’ markets which
include offshore vessels.
Annual Consumption in the Offshore Wind
Export Cables Market to Increase to more than 1,200 Kilometers by 2020
The global market for export cables is
estimated at 537 kilometers (km) in 2013. The rising number of wind farms and
their increasing distance from shore will boost growth to 1,263 km in 2020 at a
CAGR of 13% during the forecast period 2014–2020.
The global market for inter-array cables
is also expected to increase from an estimated 432 km in 2013 to 657 km in
2014, and is expected to continue to grow to 1,588 km in 2020 at a CAGR of 20%.
Offshore turbines will have to be spaced further apart as they continue to grow
in size, in turn increasing the requirement for inter-array cables.
Know more about this
report at
– http://mrr.cm/ZFT
Related Report:
1st- Ireland Power Market Outlook to
2030, Update 2014 - Market Trends, Regulations, and Competitive Landscape -
visit at: http://mrr.cm/ZFq
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