News

Offshore wind market potential

Over €51 billion is expected to be spent on new offshore wind installations over the next five years, according to a new report by Douglas-Westwood.

The World Offshore Wind Market Forecast 2012-2016 reveals that the world will see new installed capacity amounting to 15 GW over the period, averaging 3 GW per annum; up from 600 MW per annum in the five years to 2011.

Report co-author, Ian Jones, commented, “The UK, Germany and China will be the largest individual markets, which together will install over 80% of new global capacity. Both the UK and German markets benefit from...a developing supply chain around the North Sea region. In the UK market, ever larger projects are helping to build momentum prior to the start of construction activity on Round 3 and Germany will start to see multiple commercial-scale offshore wind farms come online. Meanwhile in China, the government is aiming to stimulate another major industry, as seen recently in the case of onshore wind.”

With several credible wind turbine options now available to project developers, supplier competition is increasing, although Douglas Westwood believes Vestas and Siemens will continue to dominate the market with their proven designs.

Share this article

More services

 

This article is featured in:
Wind power

 

Comment on this article

You must be registered and logged in to leave a comment about this article.