The annual investment in global offshore wind turbines, foundations and balance of plant was worth an estimated $8 billion in 2013. The global offshore wind energy market registered substantial growth between 2006 and 2013. Offshore wind energy installed capacity increased at a Compound Annual Growth Rate (CAGR) of 33.9%, from 0.9 Gigawatts (GW) in 2006 to 7.1 GW in 2013, of which 1.6 GW came online in 2013. This was driven by major offshore wind power markets, namely the UK, Germany, Denmark and Belgium.
The offshore market is expected to become one of the biggest renewable power market segments during the forecast period (2014-2020). The UK, Germany and China will be major offshore wind power drivers, with a number of projects currently in the planning and construction stages. With an increasing number of countries exploiting offshore wind potential during the forecast period, offshore wind power is expected to increase from 7.1 GW in 2013 to 39.9 GW in 2020 at a CAGR of 28%.
UK Emerges as Largest Offshore Wind Power Market in 2013
The UK was the global leader in the offshore wind power market in 2013 with a cumulative installed capacity share of 52.1%, supported by aggressive targets, policy support and a shift towards a greener energy base.
The UK offshore wind power market is expected to continue its growth momentum between 2014 and 2020. The country's growing concern over climate change and the security of the energy system will provide enough impetus for the renewable industry, especially the offshore wind industry, to continue its growth trajectory. Offshore wind generation has a critical role to play in delivering the UK's renewable energy targets and ensuring supply security. The last decade has seen offshore wind progress from an immature technology into a proven technology, which is expected to be a significant contributor to the achievement of the UK's renewable targets. Against this backdrop, offshore wind power installations in the UK will increase during the forecast period. Cumulative offshore wind power installations are expected to increase from 4.3 GW in 2014 to 11 GW in 2020.
Offshore Wind Power Market Share to Continue to Grow during Forecast Period
With an increasing number of countries exploiting offshore wind potential between 2014 and 2020, the share of offshore wind in the global wind power market is expected to have reached 6.1% by 2020.
Key Topics Covered:
1 Tables & Figures
2 Introduction
3 Global Wind Power Market
4 Global Offshore Wind Power Market
5 Offshore Wind Foundation Market, Global
6 Offshore Wind Power Market, UK
7 Offshore Wind Power Market, Germany
8 Offshore Wind Power Market, Denmark
9 Offshore Wind Power Market, Belgium
10 Offshore Wind Power Market, China
11 Offshore Wind Power Market, South Korea
12 Offshore Wind Power Market, US
13 Appendix
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