Offshore Wind Energy Market Evaluation Targets Advancement Anticipated until 2025
Offshore wind power market will exhibit an exponential 22.4% CAGR from 2017 to 2025, rising from a valuation of US$8,960.8 MN in 2017 to US$60,201.5 MN by 2025.
[USPRwire, Wed Mar 13 2019] Wind power generation is the extraction of kinetic energy from the wind and its conversion into any useful type of energy such as thermal, mechanical, or electric energy. This can be achieved through the use of: wind turbines to generate electricity, windmills for mechanical power, wind pumps for water-pumping or drainage, and sails to propel ships. Energy in the wind turns three, propeller-like blades around a rotor. The rotor is connected to the main shaft, which spins the generator to produce electricity. Large number of Offshore Wind Energy projects are under planning and construction phase due to the fact that offshore wind farm installations has high advantages as compared to onshore wind farm installations. High land surface requirement, high noise generation, high cost incurred in project set up and the entire value chain (including turbine and its accessories cost, cabling cost, installation costs and others) of wind energy generation from assets based on land have led to shift of focus from onshore to offshore. Advantages of offshore wind energy installations includes overall reduction in project capital expenditure, unobstructed primary fuel required for energy generation from the offshore wind turbines, which is wind.
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Offshore wind energy projects are largely being financed by the government agencies which also includes big EPC players, manufacturers, distributors and service providers. With growing population and economy there is definite need for more electricity. Paucity of land resources have encouraged the local government agencies and global renewable energy control bodies to go for alternate arrangements which is offshore installation of wind turbines. Currently, China has largest number of offshore wind energy projects under planning and construction phase which is followed by Japan and South Korea. India has the maximum potential for installed capacities and the government of India has thus decided to have a Policy that will enable optimum exploitation of Offshore Wind energy in the best interest of the nation and to achieve the its interest to develop Offshore Wind Farms. China has outlined the policies and clear mandate to accelerate and promote the development of offshore wind energy projects. New Zealand, Republic of Korea, Thailand and Japan have respectively formed governing bodies to initiate, finance, execute and maintain the proposed offshore wind farm installations for energy generation.
Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, internet sources, statistical data from government websites and trade associations/agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
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Secondary research sources which were typically referred to include but are not limited to: company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, internal and external proprietary databases as well as relevant patent and regulatory database, national government documents, statistical databases, market reports, news articles, press releases, industry magazines, webcasts specific to companies operating in the market, Platt’s Global, IEA (International Energy Agency), Lloyds Register, International modules for STCW (Standards of Training, Certification and Watch-keeping), ICS (International Chamber of Shipping), MARPOL (Marine Pollution), UNCTAD (United Nations Conference on Trade and Development), U.S. Energy Information Administration (EIA), BP Statistical Review of the World (2014), IACS (International Association of Classification Societies) and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, market reports, news articles, press releases, Global Wind Energy Council (GWEC), European Wind Energy Association (EWEA) and webcasts specific to companies operating in the marine fuel management market.
We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Key major companies operating in the offshore wind energy market include and are not limited to Sinowel Wind Group Co., Ltd., Siemens Wind Power, Dong Energy A/S, Gamesa Corporacion Technologica S.A., Nordex S.E, Vestas Wind Systems A/S, Suzlon Group, China Ming Yang Wind Power Group Ltd., GE Wind Energy, and Goldwind Science Technology Co., Ltd.
The Asia Pacific Offshore Wind Energy has been segmented as follows:
Asia Pacific Offshore Wind Energy Market: by Foundation Type Segmentation
- Others (which includes key stone twisted jackets)
Asia Pacific Offshore Wind Energy Market: by Country
- South Korea
- Rest of Asia Pacific
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