1Q 2020

Global Offshore Wind Development Growing Rapidly

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 the onshore wind resource is more difficult to develop. Additional key factors driving offshore wind project development include higher wind speeds, higher plant load factors, more stable power generation, almost limitless space offshore for turbine installations, and rapidly declining costs.

The cost proposition is proving compelling. A decade ago in the infancy of offshore wind, there were concerns that offshore would be too expensive to grow at large scale and be competitive with traditional market prices. However, projects in multiple markets are moving toward construction without subsidies and willing to take fluctuating market prices. Offshore wind is also expanding to new markets as cost reductions in the technology and demand for renewable energy become attractive to governments, power utilities, and other stakeholders.

This Guidehouse Insights Strategy Insight report 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.

Pages 22
Tables | Charts | Figures 10
  • What are the incentive structures, subsidy support levels, and other policies driving the offshore wind markets?
  • Which countries are the top offshore wind energy markets and why, and how are they changing?
  • Which countries and regions will be the top offshore wind energy markets by 2028?
  • How much in megawatts can be expected in all markets by country and region through a 10-year forecast?
  • What are the specific drivers and challenges for the regional offshore wind power markets?
  • What companies are the top offshore wind turbine manufacturers globally?
  • Wind turbine manufacturers
  • Electricity generation utilities
  • Wind turbine component suppliers
  • Industrial manufacturers
  • Ocean vessel manufacturers and operators
  • Government agencies
  • Policymakers
  • Investor community

Spark

Context

Recommendations

Offshore Wind Power Growing Much Faster Than Onshore

Wind Turbine OEMs Active in the Offshore Sector

The US Offshore Wind Market Shows Substantial Potential and High Growth

Policies and Goals Driving US Offshore Wind Development

US States Award Offshore Wind Leases in Federal Waters

North America Offshore Wind Growing Rapidly

Plummeting Project Costs Aid European Offshore Wind Success

European Offshore Wind Costs Have a Big Impact on the Market

Top Offshore Wind Project Developers and Owners

European Offshore Wind Growth Is Expected to Pick Up

Germany Remains a Leading Offshore Wind Market

The Netherlands Has Ambitious Offshore Plans

UK Offshore Market Bringing More Capacity Online

Other European Offshore Developments Continue

China Leads the Asia Pacific Offshore Market

China’s Ambitious Offshore Wind Policies Dominate the Asia Pacific Forecast

Onshore Wind and Solar PV Still Favorable in Latin America and Middle East & Africa

Offshore Wind Is Becoming an Integral Part of the Clean Energy Future

Be Prepared for Offshore Wind to Buck the Decentralization Trend

Look for Increased Offshore Wind Placement in Close Proximity to Dense Population Centers Where Large-Scale Solar PV Is at a Relative Disadvantage

Expect Countries and Companies Looking for Cost-Effective Resources to Recognize the Fast Decreasing Offshore Wind Costs

  • Annual Wind Capacity, Onshore vs. Offshore: 2019-2028
  • Annual Offshore Wind Capacity by Region, World Markets: 2019-2028
  • Cumulative Capacity of Top Offshore Wind Turbine Vendors by Market Share, World Markets: 2018
  • Annual Offshore Wind Capacity, US: 2019-2028
  • Offshore Wind Contract Prices by Project and Year: 2010-2026
  • Annual Offshore Wind Capacity by Country, Europe: 2019-2028
  • Annual Offshore Wind Capacity by Country, Asia Pacific: 2019-2028
  • US State Policy Renewable Energy Targets
  • Awarded US Federal Offshore Wind Leases
  • Top 20 European Offshore Wind Developers and Project Owners

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