“From a policy perspective, Europe is showing the way in the evolution of how offshore wind projects are supported.”
The offshore wind market has increasingly improved in select countries where development ambitions are matched with supportive policy. Europe’s industry-leading countries are well into a transition phase to more market-oriented policies that track and fluctuate alongside broader market rates. Click to tweet: According to a recent report from @NavigantRSRCH, offshore wind capacity reached nearly 12 GW by the end of 2015.
“Most of the operational capacity in leading countries such as Germany and the United Kingdom have been enabled by renewable energy generation mandates,” says Jesse Broehl, senior research analyst with Navigant Research. “From a policy perspective, Europe is showing the way in the evolution of how offshore wind projects are supported.”
The European offshore wind market dynamics are informing how the rest of the world will likely move from an incentives perspective. According to the report, recent project tenders, construction activity, turbine orders, and financing arrangements are showing that these mechanisms are able to lower the cost of wind energy to the consumer and taxpayer while still enabling an offshore wind market to build at substantial capacity.
The report, Offshore Wind Market Update, provides global and country-level analyses of the major offshore wind power markets. The study includes assessments of key policies, incentives, and regulatory and permitting environments, plus an overview of wind project construction and advanced development underway. Global market forecasts for offshore wind power capacity, segmented by project status and country, extend through 2020. Turbine vendor data is provided, including overall global market shares and more granular installed capacity by country and by wind turbine vendor. Also detailed are average rotor diameters and turbine nameplate ratings by installed year, along with the shifting market share diversification of offshore foundation types. 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 Navigant, 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 the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. 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, Offshore Wind Market Update, 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 Navigant undertakes any obligation to update any of the information contained in this press release or the report.