The
global installed capacity in the offshore wind energy market stood at
7,045.4 MW in 2013 and is expected to reach 52,120.9 MW by 2022 at a
CAGR of 25.0% from 2014 to 2022. Annual installations stood at
1,629.4 MW in 2013 and are expected to reach 7,228 MW by 2022, at a
CAGR of 19.6% from 2014 to 2022. In the 2013 to 2022 period, total
capacity additions of 46,704.9 MW are expected. In terms of
investment, USD 7,875.5 million of new investments were required for
capacity additions in 2013. This number is expected to increase to
USD 27,387.5 million in 2022, at a CAGR of 16.4% from 2014 to 2022.
Total investments in the 2013−2022 period for capacity additions
are expected to reach USD 194,708.9 million.
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Europe
currently is the only region which has invested significantly in
developing its offshore wind energy sector. Europe is followed by
Asia Pacific, wherein China is the only country that has separate
targets for offshore wind energy installations. North America and
Rest of the World (RoW) are yet to construct and commission
utility-scale offshore wind energy projects. Development of the
offshore wind energy sector in the U.S. has not yet taken off,
despite numerous projects being at various stages of the planning
phase. Technology for drawing grid connections from offshore wind
farms is currently present in the U.S. However, absence of regional
transmission operators (RTOs), especially in the south-east region of
the country, makes it extremely difficult for offshore wind farms to
justify their costs as compared to benefits. Similarly, restricted
funding channels and negative public sentiment surrounding the
technology has also taken a toll on the offshore wind energy sector
in the U.S. The Cape Wind Project is among the offshore wind energy
projects that have been involved in controversies. The Cape Wind
Project, which if commissioned, would have connected 468 MW of
offshore wind energy capacity to the grid. Although not yet shelved,
the project’s future is uncertain, post the cancellation of power
purchase contracts by two utilities. Similarly, in Canada, Ontario
has put a moratorium on offshore wind development activities. Amidst
the low electricity prices prevalent in Canada, it is extremely
difficult to support the development of the offshore wind sector by
weighing costs against benefits.
However,
in Europe, the investment climate is positive and is expected to
remain so throughout the forecast period. Europe witnessed nearly
1,567 MW of new capacity additions in the offshore wind sector in
2013, which was 34% higher than the previous year. The U.K. currently
is the largest market for offshore wind energy in Europe. With the
implementation of the new Energy Act in the country in December 2013
along with the implementation of the Electricity Market Reform
Package, significant capacity additions can be expected in the
future. Involvement of market players such as Siemens who have made
investments, in collaboration with Associated British Ports, for the
construction of wind turbine manufacturing facilities would go a long
way in resolving supply chain bottlenecks as well as create
employment (~1,000 jobs) for locals. Despite numerous advantages, the
offshore wind energy sector in the U.K. suffers from a funding gap
with a distinct mismatch between capacity additions planned and
subsidies available under the CfD scheme. With projects of 5 GW of
capacity expected to enter the planning phase in 2015, resolution of
the funding gap issue remains to be seen. Germany’s prospects for
offshore wind are even brighter with 9 GW of new capacity in the
pipeline. Currently, Germany has a share of almost 30% amongst all
consented European offshore wind farms, which are scheduled to go
online within the forecast horizon. Stronger port infrastructure and
an inherent locational advantage render offshore wind energy
companies operating in the country well positioned to cater to the
growing demand from both Germany as well as other European countries.
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Interactions
with grid operators, however, vary significantly in different
European countries. New amendments to the German Renewable Energy Act
dictate that transmission systems operators (TSOs) pay compensation
packages to offshore wind farm developers if they fail to draw grid
connections on time. On the contrary, the regulatory framework in
Denmark dictates that project developers pay the costs for drawing
connections from the wind farm to the national grid. The manner in
which the regulatory framework in various countries shape the
interactions between TSOs and offshore wind developers would
determine investor confidence and investments in the sector. The
Netherlands, with its aggressive capacity addition targets, has
brought in several reforms directed towards the offshore wind energy
sector. Apart from an annual tendering of 700 MW, the government has
also pre-designated offshore wind farm development zones and has
plans to have TSOs construct five standardized grid connection
platforms, exclusively for the ease of project developers.
The
offshore wind energy sector in Asia Pacific is expected to be mostly
driven by China and partly by Japan. With recent revisions in its
offshore wind energy target, China is set to add 10 GW of generating
capacity by 2020. With only 39 MW of new capacity additions in 2013,
the offshore wind energy sector in China has recently been the
subject of much controversy and skepticism. Irrespective of the
criticism, China has treaded carefully when it comes to the offshore
wind energy sector primarily owing to the higher costs and operating
risks involved. With 10 GW of capacity additions targeted within
2020, nearly 1 GW of capacity additions are required annually in
China post 2015. Justifying and achieving such an aggressive capacity
addition target would stretch the country’s offshore wind supply
chain to its limits. Japan is also investing in offshore wind energy
post the Fukushima disaster, as a replacement to nuclear energy.
However, conflicts with the fishing industry, significantly higher
water depths, and hostile operating conditions have emerged as major
hurdles. In the future, both fixed base as well as floating
foundations are anticipated to play an instrumental role in the wind
energy sector in Japan. As for the Rest of the World region, capacity
additions are not expected to be realized, barring certain pilot and
demonstration projects, especially those in the offshore areas of
Brazil.
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Offshore
Wind Energy Market: Regional Analysis
North
America
- U.S.
- Rest of North America
Europe
- U.K
- Germany
- Denmark
- Belgium
- Sweden
- Netherlands
- Rest of Europe
Asia
Pacific
- China
- Japan
- Rest of Asia Pacific
Rest
of the World
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