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

People & Company News

Traders Scramble for Caribbean Crude Storage

Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash

Liam Means Business for Shipping Cluster

Enterprising student Liam Finch has been putting his summer days to good use by working on an important survey for the Isle of Man Shipping Association (IOMSA).

3 Resuced from Sunken Fishing Vessel

The Coast Guard rescued three individuals from a 75-foot fishing vessel that sank approximately 12 miles southwest of Point Au Fer in the Gulf of Mexico, Monday.

Shipbuilding

G E Shipping Takes Delivery of Bulker

The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel was ordered

China’s Shipyards Face Tough Times

As the shipping market continues its prolonged downturn five shipyards have filed for bankruptcy this year, reports SCMP.   China's leading private shipyards

Ferguson to Build Two CalMac Ferries

Scottish minister Nicola Sturgeon have named Ferguson shipyard as the preferred bidder for a £97 million contract for the biggest new ferries on the Clyde since

Workboats

The Hour of Power

Hybrid Marine Technology and Green Ports In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power.

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

MN 100: Bordelon Marine

The Company: Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The

Finance

Traders Scramble for Caribbean Crude Storage

Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash

Liam Means Business for Shipping Cluster

Enterprising student Liam Finch has been putting his summer days to good use by working on an important survey for the Isle of Man Shipping Association (IOMSA).

Nominations Invited for BIMCO Awards

BIMCO, the world’s largest international shipping association is now calling for nominations for its prestigious awards, to be presented in Hamburg in November 2015.

Wind Power

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

MHI, SBG Invest in Wind Energy Startup Altaeros Energies

Mitsubishi Heavy Industries, Ltd. ("MHI") and the Suhail Bahwan Group ("SBG") have invested in Altaeros Energies, a Massachusetts-based technology company, to

What Have We Learned From Hurricane Katrina?

To mark the 10th anniversary of Hurricane Katrina, specialist insurer Allianz Global Corporate & Specialty (AGCS) has released a report analyzing windstorm risks

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.6991 sec (1 req/sec)