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Offshore wind spending set to average almost €15 billion per year over the
next ten years
Now in its fifth edition, the new Douglas-Westwood (DW) World Offshore Wind
Market Forecast provides a ten year view of the sector through to 2022.
The last five years saw global capital expenditure increase significantly,
however DW predict that over the next decade this spending will level off at
approximately €15 billion per year. New global installations are expected to
average just over 3,000MW per year during this period.
The increase in turbine capacity is considered to be one of the key factors for
reducing the cost of energy, and European offshore wind developers will be
specifying larger wind turbines with capacities of 5MW or greater. The size of
the components for these future wind turbines will create unique challenges for
installers, foundation designers and service providers.
As the industry seeks to reduce costs, a new generation of wind turbines
designed around the unique requirements of the offshore environment are being
rolled out with European project developers increasingly choosing to specify
larger models with power outputs of 5 MW or more. The size of the components for
these future wind turbines creates a unique set of challenges for installers,
foundation designers and service providers.
A new manufacturing supply chain focused on the Northern European markets is
slowly developing to meet demand with significant investments being made in
aspects such as port infrastructure and foundation manufacturing capacity. At
the same time, it will be crucial to leverage the experience and additional
supply chain capacity from the offshore oil and gas sector.
The report provides detailed market forecasts through to 2022 and is essential
reading for companies working within the offshore wind sector. The report
Key drivers – a discussion of factors driving offshore wind installation
activity including low carbon targets, rising energy demand and the need to
replace power generation capacity.
Commercial insights – including analysis of cost pressures on capital,
life-time costs, risk factors and typical financing models.
Technology Review – analysis of R & D priority areas.
Supply chain – a review of the main players, strengths & weaknesses of
contracting strategies and supply chain development challenges.
Ten-year market forecast – for new capacity, capital expenditures,
operating expenditure, wind turbines, support structures, cabling, substations
Country analysis – detailed operational & capital expenditure forecast,
including by capacity and segment analysis.
Why Purchase the World Offshore Wind Market Forecast?
The Douglas-Westwood approach to market forecasting is trusted by sector players
worldwide. Clients include project developers, original equipment manufacturers,
installation contracts and public sector clients. Our proven process includes:
Industry consultation – discussion with a wide-range of companies
including: project developers, equipment manufacturers, and installation
contractors. Throughout the report we highlight pertinent quotes, related to
specific aspects of the market.
Unique and proprietary data – detailed by project in our in-house
databases. Updated year-round from published sources and insight gained from
Methodology – our forecast provides one ‘medium-case’ scenario for market
activity, drawn from our databases, which enables the forecasts to be
established on a project-by-project basis; taking into account factors such as
project size, location, financial backing and progress to date.