SOURCE: MarketResearch.com

MarketResearch.com

November 08, 2011 09:08 ET

Global Offshore Wind Market to Grow 37% Annually Through 2020

ROCKVILLE, MD--(Marketwire - Nov 8, 2011) - MarketResearch.com has announced the addition of the new report "Offshore Wind Power Market Analysis and Forecast to 2020 - China's Capacity Investments Position It to Overtake Germany by 2018, Second only to the UK," to their collection of Wind Power market reports. For more information, visit http://www.marketresearch.com/GBI-Research-v3759/Offshore-Wind-Power-Forecast-China-6622990/

According to the report, the global offshore wind market will to grow at a CAGR of 37% from 4.8 GW in 2011 to reach 80 GW in 2020.

During 2001-2010 the installed capacity of offshore wind globally grew from 54 MW to 2,862.9 MW at a CAGR of 55.5%. The growth in capacity during this period was driven by the commissioning of new offshore wind farms with installed capacities of 2,119 MW in the UK in 2010 and 749 MW in Denmark in 2007. During the forecast period 2011-2020 the total global offshore wind installed capacity is expected to grow at a CAGR of 36.8% from 4,782.9 MW to 80,044.5 MW. The sudden rise in capacity in 2020 is mainly due to a capacity addition of 13 GW expected in UK and 2000 MW in China.

The UK and Denmark are the leaders in terms of installed capacity with 1341.2 MW and 853.7 MW respectively in 2010. A large number of active wind farms are operational in these countries and they have identified a number of sites along their coasts which are favorable for offshore wind power. These countries have allocated budgets and set targets to encourage the use of renewable sources for energy production. China is gradually increasing its offshore wind power potential and is planning to introduce new offshore wind farms in the future.

China has introduced a number of new offshore wind farms and is planning to reach more than 11 GW of offshore wind capacity by 2020. The government of China is committed to developing the country's massive wind resources due to its need for increasing power generation capacity to support a growing economy. The cumulative capacity comparison chart shown in figure 1 depicts China's increasing dominance in the global offshore wind power generation market. In 2010, China's share in the global offshore wind power market was 4% which is expected to rise to 10.3% in 2015 and 14.3% in 2020.

In order to drive wind power development, the Chinese National Energy Administration has selected locations in provinces with the best wind resources and set targets for each of them to reach by 2020. The expected high growth in the cumulative installed capacity in China is mainly due to a high capacity offshore wind farms planned for the future, namely Pingtan offshore wind farm in the East China Sea with a capacity of 1,500 MW, Lufeng Jiahu Bay Offshore Wind Power Plant in South China sea with a capacity of 1,250 MW, Hebei offshore wind farm in the Yellow Sea with a capacity of 1000 MW capacity and Bohai Bay offshore wind farm with a capacity of 1000 MW.

For more information, visit http://www.marketresearch.com/GBI-Research-v3759/Offshore-Wind-Power-Forecast-China-6622990/

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