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
 

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