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 March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Shipbuilding

First Supramax Vessel for Japan-Italy Venture

'DACC Tirreno' was delivered at the Oshima shipyard in Japan yesterday, the first of four Supramax bulk carriers for the dACC Maritime Limited fleet, the joint

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

Workboats

Shipping Season Opens on the Mississippi

First tow marks unofficial opening to Mississippi River navigation season   M/V New Dawn arrived at Lock and Dam 2 near Hastings, Minn. Wednesday morning, marking

Two ASD Tugs Delivered to URAG

URAG has taken delivery of two ASD 2411 Tugs to add to its existing fleet. Named Brake and Perfect, the new vessels have joined their sister ship Prompt in the

Plans in Place to Test Intermodal River Transport

The Paducah-McCracken County Riverport Authority and Ingram Barge Company has announced plans to assess the viability of Intermodal River Transportation, utilizing

Finance

India May Add Japanese Soryu-Class Submarines to its Fleet

India is reportedly considering a project to incorporate six Japanese Soryu-class diesel-electric submarines into its fleet, says The Japan Times.   The Defense

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Wind Power

Lack of Ship Definition is a Threat to Investors

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly

SAL Heavy Lift Performs Offshore Windfarm Work

MV Lone proves as project platform for Wikinger wind farm   SAL Heavy Lift informs it has completed the second phase of the Wikinger Pile Testing Campaign with DP II Class vessel MV Lone.

BOEM Issues Offshore Wind Energy Research Lease

BOEM issues first wind energy research lease in Federal offshore waters   The U.S. Bureau of Ocean Energy Management (BOEM) has executed a wind energy research

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.1754 sec (6 req/sec)