Navigant Research Report Shows Offshore Wind Is Expanding to New Markets as Technology Prices Decline and Renewable Energy Becomes More Attractive
Despite previous concerns, projects are moving toward construction without subsidies and with willingness to endure fluctuating market prices
A new report from Navigant Research discusses the main regional and country markets driving offshore wind and analyzes trends and forecast data on a megawatt level through 2028.
A decade ago, in the infancy of offshore wind, there were concerns that it would be too expensive to grow at a large scale and compete with traditional market prices. Today, though, factors such as higher wind speeds, higher plant load factors, more stable power generation, almost limitless offshore space for turbine installations, as well as rapidly declining costs, are moving the market forward. Click to tweet: According to a new @NavigantRSRCH report, offshore wind is expanding to new markets as technology costs decrease and renewable energy becomes more attractive to governments, power utilities, and other stakeholders.
"Offshore wind is growing rapidly, as it offers a unique value proposition: It is an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is located—often areas where onshore wind or solar is more difficult or costly to develop," says Jesse Broehl, senior research analyst with Navigant Research. "Projects in multiple markets are moving toward construction without subsidies and with a willingness to take fluctuating market prices."
According to the report, stakeholders looking to succeed in this market should be prepared for offshore wind to buck the decentralization trend occurring in the broader electricity generation sector. Industry players should also look for increased offshore wind placement in close proximity to dense population centers where large-scale solar PV is at a relative disadvantage, while countries and companies looking for cost-effective resources to satisfy clean energy demand should recognize fast-decreasing offshore wind costs.
The report, Global Offshore Wind Development Growing Rapidly, discusses the main regional and country markets driving offshore wind. It discusses trends and data on a megawatt level for 10-year forecasts through 2028 for global regions and countries contributing to offshore wind gains. The report also discusses the policies and market dynamics affecting the offshore market and provides recommendations for offshore wind market participants. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, Global Offshore Wind Development Growing Rapidly, is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.