Offshore Wind Market in Netherlands is grow at 12% CAGR from 2017 to 2024

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Global Offshore Wind Market to reach 60 GW by
2024 Global Market Insights Inc.
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Key Insights from Offshore Wind Market

• The global Offshore Wind Market share report
  provides numbers for applications and regional
  segments of the industry covering historical as
  well as forecast data for decision makers.
• Offshore Wind Market size will surpass 60 GW by
  2024. Increasing measures to reduce the
  greenhouse gas emission along with growing
  electricity demand will significantly drive the
  global offshore wind market size. In 2016, the
  member countries of the European Union announced
  their plan to achieve 21 renewable energy
  targets by 2020 through concurrently reducing the
  GHG emission level to 26 from 1990 level.
• Rising investment towards the development of
  clean energy sources from financial institutions
  including International Finance Corporation
  (IFC), Asian Development Bank (ADB) and the World
  Bank will upsurge the market share. The
  Government of UK has established the Offshore
  Wind Investment Organization (OWIO) to promote
  investments towards sustainable energy resource
  integration. The country has further acknowledged
  the green investment bank to raise and circulate
  funds across clean energy projects.

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Continued...

• UK offshore wind market will witness strong
  growth subject to favorable government measures
  to support the development of sustainable
  technologies. Regulators have introduced
  Contracts for Difference to ensure long term
  stable revenues from electrical infrastructure
  projects across the country. The Reform further
  lays provisions to ascertain viable returns to
  investors along with encouraging investments
  through leveraging schemes.
• High-end research initiatives to cater to the
  competitive energy industry through efficient and
  cost-effective technology will drive the market
  size. In 2017, German Federal Network Agency
  launched an offshore wind tender for 1.5 GW to
  lower the generation tariff. The government of
  Netherlands is also targeting to reduce the
  overall cost by 40 over the next decade. In
  2017, Siemens and Statoil in collaboration have
  established a 30 MW floating wind farm across
  Norway under the Hywind Scotland project.

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Continued...

• Wires and cables in 2016 accounted for over 2 of
  the offshore wind market revenue share. Expanding
  microgrid networks favored by advancing
  distributed generation technology will embellish
  the business landscape. In 2016, Belgiums
  Tideway awarded USD 14.1 million contract to
  Prysmian for supplying 33 kV inter array
  submarine cables for a 309 MW power project.
• China market is set to expand to over 12 GW by
  2024. Clean energy capacity addition target
  accompanied by exponentially rising energy demand
  will uplift the industry size. Increasing
  government aided funds coupled with asset and
  financial leveraging facilities towards
  development of sustainable energy projects will
  further stimulate the business outlook. In 2017,
  State Power Investment Corporation announced its
  plan to develop 800 MW wind farm across coast of
  Yancheng and Jiangsu.
• Key players across the offshore wind market
  include Doosan Heavy Industries Construction,
  Adwen, MHI vestas, Senvion, Sinovel Wind, and
  Siemens.

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Global Offshore Wind Market, By Region, 2016
(Cumulative Capex, USD Billion)

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360 Analysis

• By Component
• Floating turbines are gaining significant
  momentum across the Asia Pacific Europe
  offshore wind market due to reduced visual
  pollution by providing simultaneous accommodation
  to fishing and shipping lane. In 2016, Norwegian
  offshore oil and gas group developed worlds
  first 30 MW floating plant across Scotlands
  Aberdeenshire coast with total investment of USD
  199 million.
• By Region Trends
• The U.S. offshore wind market was valued over USD
  140 billion in 2016. Federal government
  initiatives to meet the clean energy capacity
  addition targets will positively influence the
  countrys industry landscape. The country has
  synchronized its first 30 MW project in 2016
  across Block Island. Citi and GE Energy Financial
  Services provided tax equity financing to the
  deep-water wind farm.
• Competitive Market Share
• Key participants in offshore wind market include
  Siemens, Adwen, Senvion, MHI vestas, Sinovel
  Wind, Doosan Heavy Industries Construction

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