Offshore Wind Energy Market Reports 2014 – 2022
Offshore wind energy is one of the latest energy generation mechanisms to emerge on to the global power scenario. Traditionally dominated by fossil fuels, renewable sources of power started to come to the fore with growing acknowledgement of the massive environmental damage caused by the consumption of fossil fuels. Solar and wind energy were among the renewable energy generation modalities that found most commercial success. Offshore wind energy is the latest offshoot of technical development of wind energy generation, and has emerged strongly in recent years to become a major renewable power source.
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According to research conducted by U.S.-based market intelligence firm Transparency Market Research, the global offshore wind energy market installed capacity was 7,045.4 MW in 2013 and is expected to grow to 52,120.9 MW by 2022. This represents a sturdy CAGR of 25% from 2014 to 2022. In terms of annual installations, the offshore wind energy market totaled 1,629.4 MW in 2013. Annual installations in the market are expected to reach 7,228 MW by 2022, growing at a CAGR of 19.6%.
Europe Leading Global Offshore Wind Energy Market
Europe is comfortably ahead of North America, Asia Pacific, and Rest of the World in the geographical hierarchy of the global offshore wind energy market. Early and collective acknowledgement of global climate change and government encouragement to energy generation renewable power sources across Western Europe has helped the offshore wind energy market massively.
The low-lying countries of Central Europe, Belgium and the Netherlands, are among the leaders in power generation from offshore wind turbines. Scandinavian neighbors Denmark and Sweden are also among the global leaders in offshore wind energy generation. Widespread regulatory support and a favorable investment environment is propelling the offshore wind energy market in these countries.
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A major advantage offshore wind energy farms hold over their terrestrial counterparts is that they don’t spoil the scenic beauty of their surroundings. The constant noise of wind turbines can also become a major annoyance in many localities, the risk for which is also eliminated by offshore construction of wind farms.
High Capital Costs, Supply Bottlenecks Hindering Offshore Wind Energy Market
Due to it still being early days for the offshore wind energy harnessing technology, it can be prohibitively expensive to construct new offshore wind energy farms. Even taking into account government subsidies and incentives, creation of new offshore wind energy farms is still an expensive process. This is a major restraint acting against the global offshore wind energy market.
Due to the remote sites of many offshore wind farms, the supply chain can be disrupted very easily, leading to further setbacks for the market.
Mergers and acquisitions and joint ventures have been the go-to solution for major players in the global offshore wind energy market to offset the high costs of constructing new offshore wind farms from scratch. Notable recent deals in the global offshore wind energy market include the joint ventures by Vestas Wind Systems A/S and Mitsubishi Heavy Industries Ltd., and by Areva S.A. and Gamesa. A notable acquisition is Siemens AG taking over A2SEA A/S.
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