OFFSHORE WIND POWER MARKET – GLOBAL MARKET SIZE, … · Offshore Wind Power Market – Global Market Size, Average Price, Turbine Market Share and Key Country Analysis to 2025 9

REFERENCE CODE GDAE1100MAR | PUBLICATION DATE JUNE 2015

OFFSHORE WIND POWER MARKET – GLOBAL MARKET SIZE, AVERAGE PRICE, TURBINE MARKET

SHARE AND KEY COUNTRY ANALYSIS TO 2025

Offshore Wind Power Market – Global Market Size, Average Price, Turbine Market Share and Key Country Analysis to 2025 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.

OFFSHORE WIND POWER MARKET – GLOBAL MARKET SIZE, AVERAGE PRICE, TURBINE MARKET SHARE AND KEY COUNTRY

ANALYSIS TO 2025

Executive Summary

Global Wind Power Market to Register Steady Growth during Forecast Period

The global wind energy market registered

substantial growth from 2007 to 2014, with total

wind power capacity increasing by XX%. Global

installed wind energy capacity increased at a

Compound Annual Growth Rate (CAGR) of XX%

during this period, from XX Gigawatts (GW) to XX

GW, of which XX GW came online in 2014. The

global wind power market recovered in 2011 and

2012 following a XX% fall in annual additions in

2010, which was the result of the economic

problems experienced by major wind markets such

as the US, Germany and Spain following the global

economic recession. Similarly, there was a fall in

annual additions in 2013 as there was a huge drop

in annual additions in the US. Wind power has

become an important player in the global energy

market, and the growth of the equipment market

has created many employment opportunities. The

exponential growth of the wind energy market has

been fueled by the depletion of fossil fuel reserves,

the declining cost of wind power generation, and a

growing level of sensitivity towards the

environment, which has resulted in the provision of

increased support in the form of financial

incentives by various governments worldwide. The

global wind power market stood at over $XX billion

in 2014, and the market is expected to grow

exponentially in the future. China, the US,

Germany, India and Spain are the major wind

markets in the world, accounting for XX% of global

cumulative installed capacity in 2014.

The growth of major wind power markets such as

the US, Germany, Spain, France, Italy, India and

China is expected to slow from 2015 to 2025.

Emerging markets in Asia-Pacific and South and

Central America are expected to gain a

considerable market share. Countries such as

Thailand, Argentina, South Africa, Philippines,

Ukraine, Brazil, South Korea and Mexico are

examples of nascent wind markets that are set to

expand rapidly in the forecast period. Against this

backdrop, the global wind power market is

expected to grow at a CAGR of XX% to reach XX

GW in 2025.

Increasing Exploration of Global Offshore Wind Power

Offshore wind is being increasingly explored

worldwide for its high yield due to stronger and

more consistent winds compared with onshore

locations and the existing scope for the

construction of large GW-scale projects.

Cumulative offshore wind energy installations

currently form a small part of the global wind power

market, accounting for around XX% in 2012.

Substantial potential exists for offshore wind to

become a major source of energy in future.

Offshore wind power development is currently

concentrated primarily in Europe, which accounts

for more than XX GW of offshore wind power

capacity. With a number of large-scale wind power



ANALYSIS TO 2025

Executive Summary

projects expected to become operational in the

near future, the offshore wind power market is set

to register substantial growth. Large-scale projects

in Europe and Asia-Pacific are scheduled to be

completed in the near future. Offshore wind power

capacity increased from XX GW in 2007 to XX GW

in 2014 at a CAGR of XX%. With large-scale

commercial offshore wind farms currently under

construction and in the planning phase, offshore

wind power capacity is expected to reach XX GW

in 2025, increasing from XX GW in 2014 at a

CAGR of XX%. This increase will be led by the UK.

Offshore Wind Power Market, Global, Cumulative Installed Capacity (GW), 2007–2025

2007 2014 2020 2025

Cum

ulat

ive

inst

alle

d ca

paci

ty (G

W)

Source: GlobalData, Capacity and Generation Database [Accessed on May 21, 2015]

Europe Driving Offshore Wind Installation

Europe has been a pioneer in terms of installing

clean energy and especially in promoting

renewable power around the world. This has been

largely due to the EU’s quick uptake of the

technology and the mandates for clean energy that

have been provided to all of its member states.

Europe is currently the leading region in the global

offshore wind industry, with more than XX% of

global active offshore wind capacity located in

European waters. Of this contribution, around XX%

is contributed by the UK, Denmark and Germany

alone. The outlook for the offshore wind energy

sector appears bright due to strong government

support in the region.

Offshore Wind Power Market, Global, Cumulative Installed Capacity by Country (%), 2014

UK

Denmark

Germany

Belgium

China

Netherlands

Sweden

Other



Table of Contents


ANALYSIS TO 2025

1 Table of Contents

1 Table of Contents ....................................................................................................................... 5

1.1 List of Tables .................................................................................................................... 10

1.2 List of Figures ................................................................................................................... 14

2 Introduction ............................................................................................................................... 18

2.1 Wind Power Market, Technology Definition ....................................................................... 18

2.2 Wind Power Market, Technology Overview ....................................................................... 18

2.3 Wind Power Market, Turbine Components ........................................................................ 19

2.4 Global Report Guidance .................................................................................................... 22

3 Wind Power Market, Global, 2007–2025 ................................................................................... 23

3.1 Wind Power Market, Global, Overview .............................................................................. 23

3.2 Wind Power Market, Global, Installed Capacity, 2007–2025 ............................................. 23

3.3 Wind Power Market, Global, Installed Capacity by Country, 2014 ..................................... 25

3.3.1 Wind Power Market, Global, Cumulative Installed Capacity by Country, 2014............... 25

3.3.2 Wind Power Market, Global, Annual Additions by Country, 2014................................... 27

3.4 Wind Power Market, Global, Market Segmentation by Onshore and Offshore, 2007–2025 ...

....................................................................................................................................... 28

4 Offshore Wind Power Market, Global, 2007–2025 .................................................................... 30

4.1 Offshore Wind Power Market, Global, Overview ............................................................... 30

4.2 Offshore Wind Power Market, Global, Installed Capacity, 2007–2025 ............................... 31

4.3 Offshore Wind Power Market, Global, Power Generation, 2007–2025 .............................. 32

4.4 Offshore Wind Power Market, Global, Installed Capacity by Country, 2014 ...................... 35

4.4.1 Offshore Wind Power Market, Global, Cumulative Installed Capacity by Country, 2014 35


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ANALYSIS TO 2025

4.4.2 Offshore Wind Power Market, Global, Annual Additions by Country, 2014 .................... 37

4.5 Offshore Wind Power Market, Global, Cost Analysis ......................................................... 39

4.5.1 Offshore Wind Power Market, Global, Cost Comparison with Onshore Wind Farms, 2014

..................................................................................................................................... 40

4.5.2 Offshore Wind Power Market, Global, Capital Cost in Major Countries, 2014 ................ 41

4.5.3 Offshore Wind Power Market, Global, LCOE Comparison in Major Countries, 2014 ..... 43

4.6 Offshore Wind Power Market, Global, Average Capital Cost and Market Size, 2014–2025 ...

....................................................................................................................................... 44

4.7 Offshore Wind Power Market, Global, Average Turbine Size, 2006–2020......................... 46

4.8 Offshore Wind Power Market, Global, Turbine Market Share, 2014 .................................. 48

4.9 Offshore Wind Power Market, Global, Drivers, Restraints and Challenges ........................ 49

4.9.1 Offshore Wind Power Market, Global, Drivers ............................................................... 49

4.9.2 Offshore Wind Power Market, Global, Restraints and Challenges ................................. 52

4.10 Offshore Wind Power Market, Global, Trends ................................................................... 53

4.10.1 Turbine Size .................................................................................................................. 53

4.10.2 Foundation Type ........................................................................................................... 54

4.10.3 Water Depth and Distance from the Shore .................................................................... 54

4.10.4 Vessels ......................................................................................................................... 54

5 Offshore Wind Power Market, US, 2016–2025.......................................................................... 55

5.1 Offshore Wind Power Market, US, Overview ..................................................................... 55

5.2 Offshore Wind Power Market, US, Installed Capacity, 2016–2025 .................................... 56

5.3 Offshore Wind Power Market, US, Power Generation, 2016–2025 ................................... 58

5.4 Offshore Wind Power Market, US, Top Upcoming Power Plants ....................................... 59


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ANALYSIS TO 2025

5.5 Offshore Wind Power Market, US, Average Turbine Size, 2016–2020 .............................. 60

5.6 Offshore Wind Power Market, US, Average Capital Cost and Market Size, 2016–2025 .... 61

6 Offshore Wind Power Market, China, 2007–2025 ..................................................................... 64

6.1 Offshore Wind Power Market, China, Overview ................................................................ 64

6.2 Offshore Wind Power Market, China, Installed Capacity, 2007–2025 ................................ 65

6.3 Offshore Wind Power Market, China, Power Generation, 2007–2025 ............................... 68

6.4 Offshore Wind Power Market, China, Top Active and Upcoming Power Plants ................. 70

6.5 Offshore Wind Power Market, China, Average Turbine Size, 2007–2020 .......................... 72

6.6 Offshore Wind Power Market, China, LCOE, $/kWh, 2014–2025 ...................................... 73

6.7 Offshore Wind Power Market, China, Average Capital Cost and Market Size, 2014–2025 75

7 Offshore Wind Power Market, South Korea, 2011–2025 ........................................................... 78

7.1 Offshore Wind Power Market, South Korea, Overview ...................................................... 78

7.2 Offshore Wind Power Market, South Korea, Installed Capacity, 2011–2025 ..................... 79

7.3 Offshore Wind Power Market, South Korea, Power Generation, 2011–2025 ..................... 81

7.4 Offshore Wind Power Market, South Korea, Top Active and Upcoming Power Plants ....... 82

7.5 Offshore Wind Power Market, South Korea, Average Turbine Size, 2011–2020 ............... 84

7.6 Offshore Wind Power Market, South Korea Offshore LCOE, $/kWh, 2014–2025 .............. 85

7.7 Offshore Wind Power Market, South Korea, Average Capital Cost and Market Size, 2014–

2025 .................................................................................................................................. 87

8 Offshore Wind Power Market, UK, 2007–2025.......................................................................... 90

8.1 Offshore Wind Power Market, UK, Overview ..................................................................... 90

8.2 Offshore Wind Power Market, UK, Installed Capacity, 2007–2025 .................................... 90

8.3 Offshore Wind Power Market, UK, Power Generation, 2007–2025 ................................... 93


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ANALYSIS TO 2025

8.4 Offshore Wind Power Market, UK, Top Active and Upcoming Power Plants ..................... 95

8.5 Offshore Wind Power Market, UK, Share by Manufacturer, 2014 ...................................... 97

8.6 Offshore Wind Power Market, UK, Average Turbine Size, 2007–2020 .............................. 98

8.7 Offshore Wind Power Market, UK, LCOE, 2014–2025 ...................................................... 99

8.8 Offshore Wind Power Market, UK, Average Capital Cost and Market Size, 2014–2025 .. 102

9 Offshore Wind Power Market, Germany, 2007–2025 .............................................................. 104

9.1 Offshore Wind Power Market, Germany, Overview ......................................................... 104

9.2 Offshore Wind Power Market, Germany, Installed Capacity, 2007–2025 ........................ 105

9.3 Offshore Wind Power Market, Germany, Power Generation, 2007–2025 ........................ 107

9.4 Offshore Wind Power Market, Germany, Top Active and Upcoming Power Plants .......... 109

9.5 Offshore Wind Power Market, Germany, Average Turbine Size, 2007–2025 .................. 110

9.6 Offshore Wind Power Market, Germany, Share by Manufacturer, 2014 .......................... 112

9.7 Offshore Wind Power Market, Germany, Levelized Cost of Electricity, 2014–2025 ......... 114

9.8 Offshore Wind Power Market, Germany, Average Capital Cost and Market Size, 2014–

2025 ................................................................................................................................ 116

10 Offshore Wind Power Market, Netherlands, 2007–2025 ......................................................... 119

10.1 Offshore Wind Power Market, Netherlands, Overview..................................................... 119

10.2 Offshore Wind Power Market, Netherlands, Installed Capacity, GW, 2007–2025 ............ 119

10.3 Offshore Wind Power Market, Netherlands, Power Generation, GWh, 2007–2025 ......... 122

10.4 Offshore Wind Power Market, Netherlands, Top Active and Upcoming Power Plants ..... 124

10.5 Offshore Wind Power Market, Netherlands, Average Turbine Size, 2007–2025 .............. 125

10.6 Offshore Wind Power Market, Netherlands, Share by Manufacturer (%), 2014 ............... 125

10.7 Offshore Wind Power Market, Netherlands, Levelized Cost of Electricity, 2014–2025 ..... 126


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ANALYSIS TO 2025

10.8 Offshore Wind Power Market, Netherlands, Average Capital Cost and Market Size, 2007–

2025 ................................................................................................................................ 128

11 Offshore Wind Power Market, Belgium, 2007–2025 ................................................................ 131

11.1 Offshore Wind Power Market, Belgium, Overview ........................................................... 131

11.2 Offshore Wind Power Market, Belgium, Installed Capacity, 2009–2025 .......................... 132

11.3 Offshore Wind Power Market, Belgium, Power Generation, 2009–2025.......................... 134

11.4 Offshore Wind Power Market, Belgium, Top Active and Upcoming Power plants ............ 136

11.5 Offshore Wind Power Market, Belgium, Average Turbine Size, 2007–2025 .................... 137

11.6 Offshore Wind Power Market, Belgium, Share by Manufacturer, 2014 ............................ 137

11.7 Offshore Wind Power Market, Belgium, Levelized Cost of Electricity, 2014–2025 ........... 138

11.8 Offshore Wind Power Market, Belgium, Average Capital Cost and Market Size, 2007–2025

..................................................................................................................................... 140

12 Offshore Wind Power Market, Denmark, 2007–2025 .............................................................. 143

12.1 Offshore Wind Power Market, Denmark, Overview ......................................................... 143

12.2 Offshore Wind Power Market, Denmark, Installed Capacity, 2007–2025......................... 143

12.3 Offshore Wind Power Market, Denmark, Power Generation, 2007–2025 ........................ 146

12.4 Offshore Wind Power Market, Denmark, Top Active and Upcoming Power Plants .......... 148

12.5 Offshore Wind Power Market, Denmark, Average Turbine Size, 2007–2025 .................. 149

12.6 Offshore Wind Power Market, Denmark, Share by Manufacturer, 2014 .......................... 149

12.7 Offshore Wind Power Market, Denmark, LCOE ($/kWh), 2014–2025 ............................. 150

12.8 Offshore Wind Power Market, Denmark, Average Capital Cost and Market Size, 2007–

2025 ................................................................................................................................ 152

13 Appendix................................................................................................................................. 155


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ANALYSIS TO 2025

13.1 Abbreviations .................................................................................................................. 155

13.2 Research Methodology ................................................................................................... 156

13.2.1 Report Coverage ......................................................................................................... 156

13.2.2 Secondary Research ................................................................................................... 156

13.2.3 Primary Research ....................................................................................................... 157

13.3 Disclaimer ....................................................................................................................... 157

1.1 List of Tables

Table 1: Wind Power Market, Global, Installed Capacity (GW) and Growth (%), 2007–2025 ...................... 25

Table 2: Wind Power Market, Global, Cumulative Installed Capacity Share by Country (%), 2014 ............. 26

Table 3: Wind Power Market, Global, Annual Addition Share by Country (%), 2014 ................................... 27

Table 4: Wind Power Market, Global, Offshore and Onshore Cumulative Installed Capacity Share (%),

2007–2025 .................................................................................................................................. 29

Table 5: Offshore Wind Power Market, Global, Installed Capacity (GW) and Growth (%), 2007–2025........ 32

Table 6: Offshore Wind Power Market, Global, Annual Power Generation (TWh) and Growth (%), 2007–

2025............................................................................................................................................ 34

Table 7: Offshore Wind Power Market, Global, Cumulative Installed Capacity by Country (MW) and Share

(%), 2014 .................................................................................................................................... 37

Table 8: Offshore Wind Power Market, Global, Annual Addition by Country (MW) and Share (%), 2014 .... 38

Table 9: Offshore Wind Power Market, Cost Comparison with Onshore Wind Farms, 2014 ....................... 40

Table 10: Offshore Wind Power Market, Global, Average Capital Cost in Major Countries ($/kW), 2014 ...... 42

Table 11: Offshore Wind Power Market, Global, Levelized Cost of Electricity in Major Countries ($/kWh),

2014............................................................................................................................................ 44

Table 12: Offshore Wind Power Market, Global, Market Size ($bn) and Average Capital Cost ($/kW), 2014–

2025............................................................................................................................................ 46


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ANALYSIS TO 2025

Table 13: Offshore Wind Power Market, Global, Average Turbine Size (MW), 2006–2020 ........................... 48

Table 14: Offshore Wind Power Market, Global, Turbine Market Share by Company (%), 2014 ................... 49

Table 15: Offshore Wind Power Market, US, Installed Capacity (MW) and Growth (%), 2016–2025 ............. 57

Table 16: Offshore Wind Power, US, Annual Power Generation (GWh) and Growth (%), 2016–2025 .......... 59

Table 17: Offshore Wind Power Market, US, Top 10 Upcoming Power Plants, 2015 .................................... 59

Table 18: Offshore Wind Power Market, US, Average Turbine Size (MW), 2016–2020 ................................ 61

Table 19: Offshore Wind Power Market, US, Market Size ($bn) and Average Capital Cost ($/kW), 2016–2025

................................................................................................................................................... 63

Table 20: Offshore Wind Power, China, Installed Capacity (MW) and Growth (%), 2007–2025 .................... 67

Table 21: Offshore Wind Power Market, China, Annual Power Generation (GWh) and Growth (%), 2007–

2025............................................................................................................................................ 69

Table 22: Offshore Wind Power Market, China, Top Active Power Plants, 2015 .......................................... 70

Table 23: Offshore Wind Power Market, China, Top 10 Upcoming Power Plants, 2015 ............................... 71

Table 24: Offshore Wind Power Market, China, Average Turbine Size (MW), 2007–2020 ............................ 73

Table 25: Offshore Wind Power Market, China, Assumptions for Levelized Cost of Electricity, 2014–2025 .. 74

Table 26: Offshore Wind Power Market, China, Levelized Cost of Electricity ($/kW), 2014–2025 ................. 75

Table 27: Offshore Wind Power Market, China, Market Size ($bn) and Average Capital Cost ($/kW), 2014–

2025............................................................................................................................................ 77

Table 28: Offshore Wind Power Market, South Korea, Installed Capacity (MW) and Growth (%) 2011–2025

................................................................................................................................................... 80

Table 29: Offshore Wind Power Market, South Korea, Power Generation (GWh) and Growth (%), 2011–2025

................................................................................................................................................... 82

Table 30: Offshore Wind Power Market, South Korea, Top Active Wind Power Plants, 2015 ....................... 82

Table 31: Offshore Wind Power Market, South Korea, Top 10 Upcoming Wind Power Plants, 2015 ............ 83

Table 32: Offshore Wind Power Market, South Korea, Average Turbine Size (MW), 2011–2020 ................. 85


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ANALYSIS TO 2025

Table 33: Offshore Wind Power Market, South Korea, Assumptions for Levelized Cost of Electricity

Calculation, 2014–2025 ............................................................................................................... 85

Table 34: Offshore Wind Power Market, China, Levelized Cost of Electricity ($/kWh), 2014–2025 ............... 87

Table 35: Offshore Wind Power Market, South Korea, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 .................................................................................................................................. 89

Table 36: Offshore Wind Power Market, UK, Installed Capacity (GW) and Growth (%), 2007–2025 ............. 92

Table 37: Offshore Wind Power Market, UK, Annual Power Generation (GWh) and Growth (%), 2007–2025

................................................................................................................................................... 94

Table 38: Offshore Wind Power Market, UK, Top 10 Active Offshore Wind Power Plants, 2015................... 95

Table 39: Offshore Wind Power Market, UK, Top 10 Upcoming Offshore Wind Power Plants, 2015 ............ 96

Table 40: Offshore Wind Power Market, UK, Share by Manufacturer (%), 2014 ........................................... 97

Table 41: Offshore Wind Power Market, UK, Average Turbine Size (MW), 2007–2020 ................................ 99

Table 42: Offshore Wind Power Market, UK, Assumptions for Levelized Cost of Electricity Calculation, 2014–

2025.......................................................................................................................................... 100

Table 43: Offshore Wind Power Market, UK, Levelized Cost of Electricity ($/kWh), 2014–2025 ................. 101

Table 44: Offshore Wind Power Market, UK, Market Size ($bn) and Average Capital Cost ($/kW), 2014–2025

................................................................................................................................................. 103

Table 45: Offshore Wind Power Market, Germany, Installed Capacity (MW) and Growth (%), 2007–2025 . 106

Table 46: Offshore Wind Power Market, Germany, Annual Power Generation (GWh) and Growth (%), 2007–

2025.......................................................................................................................................... 108

Table 47: Offshore Wind Power Market, Germany, Top 10 Active Wind Power Plants, 2015 ..................... 109

Table 48: Offshore Wind Power Market, Germany, Top 10 Upcoming Offshore Wind Power Plants, 2015 . 110

Table 49: Offshore Wind Power Market, Germany, Average Turbine Size (MW), 2007–2020 .................... 112

Table 50: Offshore Wind Power Market, Germany, Share by Manufacturer (%), 2014 ............................... 113

Table 51: Offshore Wind Power Market, Germany, Assumptions for Levelized Cost of Electricity Calculation,

2014–2025 ................................................................................................................................ 114


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ANALYSIS TO 2025

Table 52: Offshore Wind Power Market, Germany, Levelized Cost of Electricity ($/kWh), 2014–2025 ........ 116

Table 53: Offshore Wind Power Market, Germany, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 ................................................................................................................................ 118

Table 54: Offshore Wind Power Market, Netherlands, Installed Capacity (GW) and Growth (%), 2007–2025

................................................................................................................................................. 121

Table 55: Offshore Wind Power Market, Netherlands, Annual Power Generation (GWh) and Growth (%),

2007–2025 ................................................................................................................................ 123

Table 56: Offshore Wind Power Market, Netherlands, Top 10 Active Wind Power Plants, 2015 ................. 124

Table 57: Offshore Wind Power Market, Netherlands, Top Upcoming Wind Power Plants, 2015 ................ 124

Table 58: Offshore Wind Power Market, Netherlands, Share by Manufacturer (%), 2014 ........................... 126

Table 59: Offshore Wind Power Market, Netherlands, Assumptions for LCOE Calculation, 2014–2025 ..... 126

Table 60: Offshore Wind Power Market, Netherlands, LCOE ($/kWh), 2014–2025 .................................... 128

Table 61: Offshore Wind Power Market, Netherlands, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 ................................................................................................................................ 130

Table 62: Offshore Wind Power Market, Belgium, Installed Capacity (MW) and Growth (%), 2009–2025 ... 133

Table 63: Offshore Wind Power Market, Belgium, Annual Power Generation (GWh) and Growth (%), 2009–

2025.......................................................................................................................................... 135

Table 64: Offshore Wind Power Market, Belgium, Top Active Wind Power Plants, 2015 ............................ 136

Table 65: Offshore Wind Power Market, Belgium, Top Upcoming Wind Power Plants, 2015 ...................... 136

Table 66: Offshore Wind Power Market, Belgium, Share by Manufacturer (%), 2014 ................................. 138

Table 67: Offshore Wind Power Market, Belgium, Assumptions for Levelized Cost of Electricity Calculation,

2014–2025 ................................................................................................................................ 138

Table 68: Offshore Wind Power Market, Belgium, Levelized Cost of Electricity ($/kWh), 2014–2025 ......... 140

Table 69: Offshore Wind Power Market, Belgium, Market Size ($bn) and Average Capital Cost ($/kW), 2014–

2025.......................................................................................................................................... 142

Table 70: Offshore Wind Power Market, Denmark, Installed Capacity (MW) and Growth (%), 2007–2025 . 145


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ANALYSIS TO 2025

Table 71: Offshore Wind Power Market, Denmark, Annual Power Generation (GWh) and Growth (%), 2007–

2025.......................................................................................................................................... 147

Table 72: Offshore Wind Power Market, Denmark, Top Active Offshore Wind Power Plants, 2014, ........... 148

Table 73: Offshore Wind Power Market, Denmark, Top Upcoming Offshore Wind Power Plants, 2014, ..... 148

Table 74: Offshore Wind Power Market, Denmark, Share by Manufacturer (%), 2014 ............................... 150

Table 75: Offshore Wind Power Market, Denmark, Assumptions for Levelized Cost of Electricity Calculation,

2014–2025 ................................................................................................................................ 150

Table 76: Offshore Wind Power Market, Denmark, Levelized Cost of Electricity ($/kWh), 2014–2025 ........ 152

Table 77: Offshore Wind Power Market, Denmark, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 ................................................................................................................................ 154

Table 78: Abbreviations ............................................................................................................................ 155

1.2 List of Figures

Figure 1: Wind Power Market, Wind Turbine Components .......................................................................... 21

Figure 2: Wind Power Market, Global, Installed Capacity (GW) and Growth (%), 2007–2025 ...................... 24

Figure 3: Wind Power Market, Global, Cumulative Installed Capacity Share by Country (%), 2014 ............. 26

Figure 4: Wind Power Market, Global, Annual Addition Share by Country (%), 2014 ................................... 27

Figure 5: Wind Power Market, Global, Offshore and Onshore Cumulative Installed Capacity Share (%),

2007–2025 .................................................................................................................................. 28

Figure 6: Offshore Wind Power Market, Global, Installed Capacity (GW) and Growth (%), 2007–2025........ 31

Figure 7: Offshore Wind Power Market, Global, Annual Power Generation (TWh) and Growth (%), 2007–

2025............................................................................................................................................ 33

Figure 8: Offshore Wind Power Market, Global, Cumulative Installed Capacity Share by Country (%), 2014

................................................................................................................................................... 35

Figure 9: Offshore Wind Power Market, Global, Cumulative Installed Capacity by Country (MW), 2014 ...... 36

Figure 10: Offshore Wind Power Market, Global, Annual Addition Share by Country (%), 2014..................... 37


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ANALYSIS TO 2025

Figure 11: Offshore Wind Power Market, Global, Annual Addition by Country (MW), 2014 ............................ 38

Figure 12: Wind Power Market, Global, Value Chain Activities...................................................................... 39

Figure 13: Offshore Wind Power Market, Global, Average Capital Cost in Major Countries ($/kW), 2014 ...... 41

Figure 14: Offshore Wind Power Market, Global, Levelized Cost of Electricity in Major Countries ($/kWh),

2014............................................................................................................................................ 43

Figure 15: Offshore Wind Power Market, Global, Market Size ($bn) and Average Capital Cost ($/kW), 2014–

2025............................................................................................................................................ 45

Figure 16: Offshore Wind Power Market, Global, Average Turbine Size (MW), 2006–2020 ........................... 47

Figure 17: Offshore Wind Power Market, Global, Turbine Market Share by Company (%), 2014 ................... 49

Figure 18: Offshore Wind Power Market, US, Installed Capacity (MW) and Growth (%), 2016–2025 ............. 56

Figure 19: Offshore Wind Power, US, Annual Power Generation (GWh) and Growth (%), 2016–2025 .......... 58

Figure 20: Offshore Wind Power Market, US, Average Turbine Size (MW), 2016–2020 ................................ 60

Figure 21: Offshore Wind Power Market, US, Market Size ($bn) and Average Capital Cost ($/kW), 2016–2025

................................................................................................................................................... 62

Figure 22: Offshore Wind Power, China, Installed Capacity (MW) and Growth (%), 2007–2025 .................... 66

Figure 23: Offshore Wind Power Market, China, Annual Power Generation (GWh) and Growth (%),(%), 2007–

2025............................................................................................................................................ 68

Figure 24: Offshore Wind Power Market, China, Average Turbine Size (MW), 2007–2020 ............................ 72

Figure 25: Offshore Wind Power Market, China, Levelized Cost of Electricity ($/kW), 2014–2025 ................. 74

Figure 26: Offshore Wind Power Market, China, Market Size ($bn) and Average Capital Cost ($/kW), 2014–

2025............................................................................................................................................ 76

Figure 27: Offshore Wind Power Market, South Korea, Installed Capacity (MW) and Growth (%), 2011–2025

................................................................................................................................................... 79

Figure 28: Offshore Wind Power Market, South Korea, Annual Power Generation (GWh) and Growth (%),

2011–2025 .................................................................................................................................. 81

Figure 29: Offshore Wind Power Market, South Korea, Average Turbine Size (MW), 2011–2020 ................. 84


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ANALYSIS TO 2025

Figure 30: Offshore Wind Power Market, South Korea, Levelized Cost of Electricity ($/kWh), 2014–2025 ..... 86

Figure 31: Offshore Wind Power Market, South Korea, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 .................................................................................................................................. 88

Figure 32: Offshore Wind Power Market, UK, Installed Capacity (GW), 2007–2025 ...................................... 91

Figure 33: Offshore Wind Power Market, UK, Annual Power Generation (GWh), 2007–2025 ........................ 93

Figure 34: Offshore Wind Power Market, UK, Share by Manufacturer (%), 2014 ........................................... 97

Figure 35: Offshore Wind Power Market, UK, Average Turbine Size (MW), 2007–2020 ................................ 98

Figure 36: Offshore Wind Power Market, UK, LCOE ($/kWh), 2014–2025 .................................................. 100

Figure 37: Offshore Wind Power Market, UK, Market Size ($bn) and Average Capital Cost ($/kW), 2014–2025

................................................................................................................................................. 102

Figure 38: Offshore Wind Power Market, Germany, Installed Capacity (MW) and Growth (%), 2007–2025 . 105

Figure 39: Offshore Wind Power Market, Germany, Annual Power Generation (GWh) and Growth (%), 2007–

2025.......................................................................................................................................... 107

Figure 40: Offshore Wind Power Market, Germany, Average Turbine Size (MW), 2007–2020 .................... 111

Figure 41: Offshore Wind Power Market, Germany, Share by Manufacturer (%), 2014 ............................... 113

Figure 42: Offshore Wind Power Market, Germany, Levelized Cost of Electricity ($/kWh), 2014–2025 ........ 115

Figure 43: Offshore Wind Power Market, Germany, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 ................................................................................................................................ 117

Figure 44: Offshore Wind Power Market, Netherlands, Installed Capacity (GW) and Growth (%), 2007–2025

................................................................................................................................................. 120

Figure 45: Offshore Wind Power Market, Netherlands, Annual Power Generation (GWh) and Growth (%),

2007–2025 ................................................................................................................................ 122

Figure 46: Offshore Wind Power Market, Netherlands, Share by Manufacturer (%), 2014 ........................... 125

Figure 47: Offshore Wind Power Market, Netherlands, LCOE ($/kWh), 2014–2025 .................................... 127

Figure 48: Offshore Wind Power Market, Netherlands, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 ................................................................................................................................ 129


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ANALYSIS TO 2025

Figure 49: Offshore Wind Power Market, Belgium, Installed Capacity (MW) and Growth (%), 2009–2025 ... 132

Figure 50: Offshore Wind Power Market, Belgium, Annual Power Generation (GWh) and Growth (%), 2009–

2025.......................................................................................................................................... 134

Figure 51: Offshore Wind Power Market, Belgium, Share by Manufacturer (%), 2014 ................................. 137

Figure 52: Offshore Wind Power Market, Belgium, Levelized Cost of Electricity ($/kWh), 2014–2025 ......... 139

Figure 53: Offshore Wind Power Market, Belgium, Market Size ($bn) and Average Capital Cost ($/kW), 2014–

2025.......................................................................................................................................... 141

Figure 54: Offshore Wind Power Market, Denmark, Installed Capacity (MW) and Growth (%), 2007–2025 . 144

Figure 55: Offshore Wind Power Market, Denmark, Annual Power Generation (GWh) and Growth (%), 2007–

2025.......................................................................................................................................... 146

Figure 56: Offshore Wind Power Market, Denmark, Share by Manufacturer (%), 2014 ............................... 149

Figure 57: Offshore Wind Power Market, Denmark, Levelized Cost of Electricity ($/kWh), 2014–2025 ........ 151

Figure 58: Offshore Wind Power Market, Denmark, Market Size ($bn) and Average Capital Cost ($/kW),

2014–2025 ................................................................................................................................ 153



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Introduction

2 Introduction

2.1 Wind Power Market, Technology Definition

Wind power is an alternative source of energy generated from the flow of air currents through a

wind turbine. It is considered a clean source of energy as it does not emit carbon.

A wind turbine harnesses kinetic energy in the wind and converts it into electricity for residential,

commercial and industrial purposes. A wind farm comprises a group of wind turbines, potentially

hundreds, in the same location and connected to an electric power transmission system.

Wind power is classified into onshore and offshore according to whether the wind farm is located

on land or in a large body of water.

2.2 Wind Power Market, Technology Overview

A wind turbine is a device that converts kinetic energy from wind into electricity, also known as a

wind generator, Wind Turbine Generator (WTG), wind power unit, wind energy converter, or aero-

generator.

Wind turbines are broadly classified into two types according to design:

Horizontal Axis Wind Turbine (HAWT)

Vertical Axis Wind Turbine (VAWT)

The HAWT is the most common and the simplest type of wind turbine. Most operate on a horizontal

axis with three blades that are attached to a rotor from which the electricity is transferred to a

generator though a gearbox, both of which are contained in a nacelle. Some turbines do not have

gearboxes and instead transfer electricity directly to the generator. Electricity is then transmitted to

the transformer and fed into the grid through transmission lines, resulting in efficient and cost-

effective turbine technology.

The VAWT, in which the main rotor shaft is arranged vertically, is less popular due to its lower

efficiency, meaning that it is largely sourced by individual inventors.



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Introduction

2.4 Global Report Guidance

The report begins with an executive summary, which gives a snapshot of the offshore wind

power market.

The “Introduction” section provides a brief overview of wind power technology, covering the

different types of turbines.

The “Wind Power Market, Global, 2007–2025” section details global wind power developments

during the 2007–2014 historic period and expected market trends during the 2015–2025

forecast period. It starts with an overview of the global market, covering parameters such as

market size, power capacity and generation data, country share and split by onshore – offshore

wind.

“Offshore Wind Power Market, Global, 2007–2025” section covers information on installed

capacity, power generation, installed capacity of key countries, installed capacity of individual

manufacturers, drivers and restraints and market trends.

Section 6–13 gives information on offshore wind power markets in the following countries: the

US, China, South Korea, the UK, Germany, Netherlands, Belgium and Denmark. Under each

country, the cumulative installed offshore wind capacity and offshore wind power generation

during 2007–2025 is provided. Along with this, the average offshore turbine size expected to

come online, top active and upcoming power plants and average capital cost and market size

for the 2014–2025 period is provided.


Wind Power Market, Global


ANALYSIS TO 2025

3 Wind Power Market, Global, 2007–2025

3.1 Wind Power Market, Global, Overview

Wind is one the fastest growing energy sources in the world. From an emerging fuel source XX

years ago, it has transformed into a commercial electricity-generating technology in more than XX

countries. Technological developments have paved the way for more effective and reliable

equipment and machinery, making wind one of the fastest-growing energy sources globally. The

exponential growth of the wind energy market is fueled by depleting fossil fuel reserves, the

declining cost of wind power generation, and growing environmental awareness, and is being

supported by financial incentives from various governments across the world.

The global wind power market consists primarily of onshore power capacity. However, a great deal

of potential for offshore wind installations exists. If the offshore market is properly developed, it has

the potential to meet seven times the energy demands of Europe and four times that of the US.

Offshore wind technology is currently at a nascent stage of development; construction costs are

high and more advanced materials and equipment are required. Despite this, many governments

worldwide have incorporated offshore wind in their energy plans.

More than XX% of the global offshore wind power is installed in the water bodies of Northern

Europe, and this has helped the region to keep pace with its binding targets of deriving XX% of its

energy consumption from renewable energy sources.

3.2 Wind Power Market, Global, Installed Capacity, 2007–2025

The global wind power market has grown rapidly in the past few years, with annual installations

increasing from XX Gigawatts (GW) in 2007 to XX GW in 2014. Global installed wind capacity has

almost doubled every three years since 2001. Growth in the installed capacity during the historical

period was driven largely by the favorable government policies for wind power in major countries

such as China, the US, Germany, Spain, the UK and India.

The outlook for the wind energy sector appears bright, although future growth is expected to slow

during the forecast period. This is mainly due to continuing uncertainties in the US market and the

maturing European market. Wind installations will continue to expand in the forecast period though,

mainly driven by the Asia-Pacific region. Asia-Pacific was the fastest growing wind market in 2014,

and will continue as such in the forecast period due to large-scale installations in China (although




ANALYSIS TO 2025

there will be slowdown in comparison to the historical period) and sustainable future growth in

India, Australia, Japan, South Korea, the Philippines, Thailand and Taiwan. Wind installations will

also gain momentum in the South and Central America region, with countries such as Argentina,

Brazil, Chile, Columbia and Mexico adding up XX GW during 2015–2025. The Middle East and

Africa region, which is presently at a nascent stage of wind market development, will be the other

significant contributor to capacity. South Africa, Morocco and Egypt have substantial wind

resources, indicating strong growth in the forecast period. Against this backdrop, the cumulative

global wind installed capacity will grow to XX GW in 2025, at a Compound Annual Growth Rate

(CAGR) of XX%.

Figure 2: Wind Power Market, Global, Installed Capacity (GW) and Growth (%), 2007–2025

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

YoY

grow

th (%

)

Inst

alle

d ca

paci

ty (G

W)

Cumulative installed capacity Annual installed capacity YoY growth





ANALYSIS TO 2025

3.3.2 Wind Power Market, Global, Annual Additions by Country, 2014

In 2014, XX GW of new capacity was added globally. China was responsible for XX% of the new

installations, followed by Germany and the US with XX% each. Brazil and India each accounted for

XX% and XX% respectively, and Canada and the UK followed with shares of XX% and XX%

respectively. The following figure illustrates the share in terms of annual additions of major

countries in 2014.

Figure 4: Wind Power Market, Global, Annual Addition Share by Country (%), 2014

China

GermanyUS

Brazil

India

Canada

UKSwedenRomania

France

Other


Table 3: Wind Power Market, Global, Annual Addition Share by Country (%), 2014 Country Annual addition share

China

Germany

US

Brazil

India

Canada

UK

Sweden

Romania

France

Other



Appendix


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13 Appendix

13.1 Abbreviations

Table 78: Abbreviations Abbreviation Definition

AC Alternating Current

capex capital expenditure

ct Euro cents

DC Direct Current

EEG Renewable Energy Sources Act (Erneuerbare Energie Gesetz)

FiT Feed-in Tariff

GW Gigawatt

HAWT Horizontal Axis Wind Turbine

kW kilowatt

kWh kilowatt hour

LCOE Levelized Cost of Electricity

MW Megawatt

MWh Megawatt hour

NEA National Energy Administration of China

O&M Operation and Maintenance

PPA Power Purchase Agreement

RPS Renewable Portfolio Standards

TWh Terawatt hour

VAWT Vertical Axis Wind Turbine

WTG Wind Turbine Generator

YoY Year-on-Year

Source: GlobalData


Appendix


ANALYSIS TO 2025

13.2 Research Methodology

GlobalData’s dedicated research and analysis teams consist of experienced professionals with

advanced statistical expertise and marketing, market research and consulting backgrounds in the

energy industry.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and

Strategic and Competitive Intelligence Professionals (www.scip.org).

All of GlobalData’s databases are continuously updated and revised. The following methodology

has been followed for the collection and analysis of data presented in this report.

13.2.1 Report Coverage

The report provides:

Information at global level and for key offshore countries: China, the US, the UK, Germany, the

Netherlands, South Korea, Belgium, and Denmark

Historic and forecast data for cumulative and annual installed offshore wind power capacity

and annual power generation during the 2007–2025 period, both globally and for key countries

Average offshore wind turbine size data and the market shares of major manufacturers in 2014

at global and key country level

Drivers and challenges related to the global offshore wind power market

Capital cost and market size at key country and global level, as well as the top active and

upcoming offshore wind power plants at country level

13.2.2 Secondary Research

The research process begins with extensive secondary research using GlobalData's proprietary

databases and external sources.

Investment estimates and market growth rates are determined by taking the following into

consideration:

Company websites: whitepapers, press releases, news and annual reports

Industry trade journals, magazines and other literature: news articles and research studies


Appendix


ANALYSIS TO 2025

Industry associations, energy agencies and other government bodies

Internal proprietary databases such as our alternative energy eTrack and power eTrack

Information related to average price of towers, production capacity and actual production of tower

manufacturers individually and collectively in each country, has been obtained through extensive

secondary research.

13.2.3 Primary Research

GlobalData conducts extensive primary interviews with industry participants and commentators in

order to validate its data and analysis.

A typical research interview fulfills the following functions:

Obtains the interviewee’s perspective on the market size, growth trends, competitive landscape

and future outlook

Validates secondary research findings

Further develop the analysis team’s expertise and market understanding

Key representatives of independent tower and wind turbine generator manufacturing companies

have been interviewed in order to perform the cost analysis of wind turbine towers and also to

validate the data and analysis of average price, production capacity and production numbers of

companies that have further been used in calculating market shares.

13.3 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any

form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior

permission of the publisher, GlobalData.

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