Global Offshore Wind Turbine Market 2020 research report presents you an in-depth analysis of market size, share, growth, trends, cost structure, CAGR, statistical and comprehensive data of the global market.
Worldwide “Offshore Wind Turbine Market” report 2020 sheds light on key attributes of industry which contains market dynamics and growth of Offshore Wind Turbine industry in upcoming years. This report also provides in-depth information of major key players, segmentation and applications and geographically analysis and contains information about Industry overview, Definition, Specifications, raw material and Suppliers, Cost Structure Analysis, RandD Status and Technology Source. Offshore Wind Turbine market report presents the proficient and detailed analysis of the present situation of industry.
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The wind power sector has progressed significantly since the installation of the first offshore wind farm in 1991, by Elkraft (now Orsted) at Vindeby, Denmark. Although, offshore wind accounts for marginal 0.2% of the global electricity generation, factors such as technology advancement, policy support, and a maturing supply chain are making offshore wind an increasingly viable option for renewables-based electricity generation. The global offshore wind power installations reached 4,334 MW, thereby increasing the cumulative installed capacity of offshore wind capacity to 18,814 MW. Although 84% of the total offshore wind installations are in the European waters, the governments outside the European region, particularly in the Asia-Pacific and North America have set an ambitious target for the installation of offshore wind farms in their respective territorial waters. Installations are also moving further from shore into deeper waters with a substantial increase in the height of the turbine and the associated capacity. Moreover, growing investments for the development of offshore wind farms is expected to further supplement the demand for offshore wind turbines during the forecast period, which in turn, is expected to offer enormous potential for growth for the market players.
Top Manufacturers Listed in the Offshore Wind Turbine Market Report are:
Detailed Overview about Offshore Wind Turbine Market:
Falling Cost Supplementing Offshore Wind Installation
The cost of offshore wind projects in 2016 on an average were considered 150% higher than onshore wind and slightly more than 50% higher than utility-scale solar photovoltaic (PV) projects. However, the outcome of recent auctions in Europe that are scheduled to enter into operation in the early 2020s depicts a step reduction in costs, with an increasing trend toward unsubsidized offshore merchant wind power. The cost of subsidies has halved in the United Kingdom since 2015, witnessing a record decrease from GBP 120 per MWh to GBP per 57.50 MWh in 2019. A similar drop in bids was also seen in Netherlands and Denmark, for offshore wind farm development. Improved logistics and OandM costs, coupled with turbines getting bigger in size, have resulted in significant cost-reduction. With offshore wind installation being in the development phase as compared to other forms of renewables, the cost of offshore wind utilization is expected to fall further. Such a dramatic improvement in costs is expected to be a powerful stimulus for policy support and investment across the globe, resulting in an increased demand for wind turbine during the forecast period.
Europe to Maintain High Growth Rate
In 2019, a 3.14 GW of record installation was witnessed in the European offshore wind industry, corresponding to 560 new offshore wind turbine installations across 17 wind farms. Although, the share of Europe reduced from approximately 90% in 2016 to 84% in 2019 in the total wind power installations, the total turbine installation was 13% higher than the previous record in 2015. Fourteen projects came online in 2019 including Europe’s first floating offshore wind farm. Furthermore, 6 new offshore wind project received Final Investment Decision (FID) in 2019, with numerous new projects are scheduled for FID in the coming year. This, in turn, is expected to present Europe as an excellent business destination for players involved in the wind farm business during the forecast period.
China Set to Become New Hotspot
In 2019, China alone witnessed an offshore installation of 1.16 GW with installation spread across 18 wind farms. The Jiangsu province alone leads the total installation with 968 MW in 2019. The country has set a target of 5 GW of offshore wind installation by 2020, which in turn, is expected to supplement the demand for wind turbines in the country. Policy support, falling cost, and improving logistics are expected to be instrumental in growing offshore wind turbine installation.
Key Developments in the Market
April 2018: Jan De Nul Group and Hitachi Ltd, has signed a contract for the manufacturing and installation of 21, 5.2MW wind turbines for the Changhua Offshore Wind Farm Project in Taiwan
January 2018: Imenco won the contract for world’s largest offshore wind farm
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Moreover, development policies and plans are discussed as well as manufacturing processes and cost structures. This report also states Offshore Wind Turbine market trend, import/export, supply and consumption figures as well as cost, price, revenue and gross margin by regions, and other regions can be added.Offshore Wind Turbine market forecast For the period of 2020-2023, this study provides the Offshore Wind Turbine sales, revenue and market share for each player covered in this report.
Reasons to Purchase the Offshore Wind Turbine Market Report:
– The report analyses how the shift towards safety will drive the global Offshore Wind Turbine market.
– Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
– Study on the product type that is expected to dominate the market.
– Study on the regions that are expected to witness fastest Offshore Wind Turbine Market growth during the forecast period.
– Identify the latest developments,Offshore Wind Turbine market shares and strategies employed by the major market players.
– Analyzing what will be the Offshore Wind Turbine Market size.
Major Points from Table of Contents:
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