Report: Offshore Wind Spending to Reach €51

press release
Monday, November 21, 2011

Douglas-Westwood Forecast €51 billion Offshore Wind Spend 
 
 

Over €51 billion is expected to be spent on new offshore wind installations over the next five years, according to a new report by international energy business advisors 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.
 

  • Offshore Wind Goes Mainstream
     

Report author, Frank Wright, noted, “With more than 3 GW of offshore wind now installed globally and more than 2 GW currently under construction, offshore wind is becoming a mainstream power generation sector. The supply chain is experiencing a period of growth and is becoming increasingly differentiated from the onshore wind industry. With the sector moving into the industrialisation phase, major new opportunities are becoming apparent.”


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 combination of attractive financial incentives, clear planning processes and 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.”
 

  • Increasing Scale
     

Wright concluded, “Offshore wind farms continue to increase in scale with current projects representing investment levels of €1.5 billion or more. Escalating financial requirements will place pressure on project developers, whether they are global utilities or independents and consequently a risk-sharing approach is expected in the future. With several credible wind turbine options now available to project developers, supplier competition is increasing, although DW believe Vestas and Siemens will continue to dominate the market with their proven designs.
 

“Installation vessel capacity is also ramping up with a fleet of highly specialised construction vessels under construction in the Far East and Middle East for a combination of existing operators and new entrants. As the cumulative capacity of offshore wind continues to increase, operations & maintenance (O&M) services will become an ever larger market.”

 

  • About the report:

 

The World Offshore Wind Market Forecast 2012-2016 is the 4th edition of report and examines drivers, case studies, key players, major markets and growth prospects in this increasingly dynamic sector. This report builds upon previous editions with the addition of comprehensive commercial analysis and a more detailed forecasting model. The World Offshore Wind Market Report 2012-2016 has been structured to highlight the industry trends, potential constraints and expected implications as the sector enters a major growth phase.  With over a decade of market modelling experience in the offshore wind sector, Douglas-Westwood has developed a comprehensive database of all projects worldwide. Each proposed offshore wind farm is assessed internally allowing DW to develop unique and detailed market information. All of the forecasts are based upon specific identified individual projects rather than estimations.
 
 

Full report details: http://www.douglas-westwood.com/shop/shop-infopage.php?longref=849~0
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Shipbuilding

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Rolls-Royce Expands in the Canary Islands

Rolls-Royce announced it has signed a cooperation agreement with the Astican Shipyard in Las Palmas, Canary Islands that it said will enhance the service capabilities

Workboats

Smith Brothers Chrtisten New Tug

Smith Brothers, Inc., Chesapeake Bay-based barge and marine equipment charter company, recently added the tug Capt. Kenneth to its fleet of inland and truckable tugs.

KOTUG’s Hybrid Rotortug Arrives in Rotterdam

RT Evolution, KOTUG’s new hybrid Rotortug, has arrived in the Port of Rotterdam on Saturday, Oct. 18. In the coming weeks, Damen Shipyards Group will complete

Rolls-Royce to Design, Equip Stern Trawler for Ramoen

The Armon shipyard in Gijón, Spain has entered into a contract to build a new Stern Trawler for the Norwegian fishing company Ramoen. The vessel will be a Rolls-Royce design,

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

Wind Power

Autonomous Technology for Offshore Wind Farm

ASV Ltd in association with Planet Ocean Ltd, have received funding from the GROW:OffshoreWind initiative to investigate how the use of Autonomous Surface Vehicles

A2SEA Signs for Dudgeon

Dudgeon Offshore Wind Limited has awarded the Charter for WTG transport and installation to A2SEA A/S. A2SEA shall provide the jack-up vessel Sea Installer

Drydocks World's to build BorWin3

Drydocks World signed an agreement today with Petrofac to build the BorWin3 high voltage direct current (HVDC) converter platform in the North Sea, named BorWin gamma.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1679 sec (6 req/sec)