Offshore wind market to expand to 40 GW by 2020 - GlobalData
North Hoyle offshore wind farm in UK. Author: Ingy The Wingy. License: Creative Commons.
Sep 16, 2014 - Оffshore wind installations worldwide are expected to grow to 39.9 GW by 2020 from 7.1 GW in 2013, according to GlobalData’s latest report on the global offshore wind turbine and foundations market.
This would translate into a compound annual growth rate (CAGR) of 28% over the period, the research and consulting firm said on Tuesday. It noted that the offshore wind market stood at just 900 MW in 2006 and jumped to 7.1 GW last year at a CAGR of 33.9%.
Mainly thanks to installations off the coasts of the UK, Germany, Denmark and Belgium, the specific renewable energy market segment grew by 1.6 GW in 2013 alone. China, along with the UK and Germany, will be the main contributors to the projected offshore wind capacity jump by the end of the decade.
“Offshore wind power is increasingly being explored for its high yield, due to stronger and more consistent winds compared to onshore, and the scope that this provides for the construction of large-scale projects,” said Swati Singh, power analyst at GlobalData. She mentioned environmental concerns and the lack of skilled personnel as some of the main factors that may hinder market growth. Still, offshore’s share in the global wind market is seen to rise to 6.1% by 2020 from 2.2% in 2013, as more and more countries embrace that technology, Singh added.