Offshore wind energy market size is anticipated to exceed USD 130 billion by 2023. Rising number of wind farms is expected to drive the market growth over the forecast period.
Europe offshore wind energy market is expected to dominate the global industry. The surge in the region can be attributed to increasing government policies.
The European Union is expected to have set the electricity generation targets such as 35% from the renewable and 12% from wind sources. The region is anticipated to install 40 GW of wing energy generation system over forth coming years. As of 2013, the region was estimated to produce 5 GW of this energy. In addition, the industry is likely to add up 4.5 GW of production units annually over the next seven years.
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Asia pacific offshore wind energy market size is anticipated to witness significant growth from 2016 to 2023. The region is expected to add up 1.5 GW of additional capacities annually and is estimated to be valued over USD 5 billion by 2023. Major region involved for the setup include China, Japan, Taiwan and South Korea. Industry development is also expected to drive offshore wind turbine market size.
Rising investments accompanied by technological innovations are expected to escalate cost competitiveness along with construction activities. This in turn is likely to drive industry growth over the forecast period. Flourishing construction of turbines is projected to move farms away from shore in order to resolve limited space issues near coastlines as well as to deal with constrictive environmental laws. The projects away from cost are likely to encourage high efficient turbine manufacturing and also facilities in building bigger energy farms. This in turn might lead to turbines getting bigger as well as more powerful which is ultimately expected to fuel the project output capacity.
Bigger turbines are anticipated to be more efficient in operation. The capital expenditure involved in construction is likely to drop down by 6% over the forecast period. In addition, maintenance as well as operational costs is anticipated to descend by 14%. However capacity factor is expected to increase by 12% over the several upcoming years.
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Proliferating installation of turbines is anticipated to increase the need for sighting new offshore wind sights in ever-deeper water areas. This in turn is likely to raise logistical issues for turbine installation and might hamper the industry growth. Further, new water vessels are being designed in order to set up offshore turbine systems effectively and efficiently.
Advent of new technology is expected to modify the turbine foundation design from monopole construction or gravity-based to floating foundations or jacket-style ones. This in turn is likely to benefit in dealing with increasing needs of reducing installation time as well as high costs involved in project construction. Apart from the challenges involved, the construction of offshore energy production setup is likely to furnish massive growth potential over the several upcoming years.
North America is anticipated to witness considerable growth owing to the increasing investments in offshore wind energy industry. The region is expected to invest over 1.7 billion by 2023 and is likely to set up 500 MWs of energy production units annually over the several upcoming years. U.S. offshore wind energy market is expected to dominate demand.
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