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World Offshore Wind Market Forecast 2015-2024energy business insight
e: [email protected] t: +44 (0)203 4799 505
www.douglas-westwood.com
Aberdeen | Faversham | Houston | London | Singapore
© 2015 Douglas-Westwood
17
World Offshore Wind Market Forecast 2015-2024
By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood
Offshore Wind Project Costs Structure
Chapter 3 : Offshore Wind Project Development
Capex Phase 2(Decom)
Opex Phase (O&M)
Capex Phase 1 (EPC)
Decommissioning is still some way off for the offshore wind industry. Therefore, there
is a great deal of uncertainty with regard to decommissioning costs.
The above projection is based on information from decommissioning programmes
submitted by offshore wind developers for their projects.
Decommissioning cost estimations vary significantly: from €50k/MW to €140k/MW.
Decommissioning
The operational phase for an offshore wind farm can last for 20 years or more. The
main aim during this phase is to maximise the availability of offshore wind turbines by
means of regular inspection, maintenance and repairs (when necessary).
Development of local infrastructure (e.g. suitable ports) and availability of specialised
vessels for transporting personnel and equipment are key factors during the O&M
phase.
A guide line for offshore wind O&M cost is ~5% of the capital cost per year, although
costs vary considerably from project to project (3-12%).
Operations & Maintenance
This page presents a view on the offshore wind cost structure by project stage – the chart on the left shows proportions of various Capex components per MW of installed capacity. The central chart demonstrates contribution of dif-
ferent cost items to the total O&M costs during the operational life of an offshore wind project. The chart on the right hand side provides an estimated cost structure for the decommissioning phase of an offshore wind project.
Expenditure for the planning & development and construction phase of a project
contribute to around three quarters of the total life-time costs of offshore wind farms
and represent the riskiest part of the project investment, as they cover procurement
and construction phases.The wind turbine represents the largest share of the total Capex.
Balance of Plant for offshore wind is the second largest expense item and is highly
sensitive to such parameters as water depth, distance from shore and wind farm
power output. Supply and demand for installation vessels is the cost driver during the installation
phase.Although different from project to project, current data shows average Offshore
Wind Capex at €5m per MW.
Planning & Development, Procurement and InstallationFigure 8: Cost Breakdown by Project Phase – Capex, Opex, Decom.
Source: Douglas-Westwood, Centrica, DONG, Vattenfall
7%
41%31%
21% Planning & DevelopmentWind TurbineBalance of PlantInstallation
51%
9%
8%
6%
5%
21% Replacement EquipmentPersonnel TransferSkilled TechniciansInstallation / Repair VesselsO&M PortsGrid Maintenance, Lease & Other
Recurring Costs
53%
32%
2%9% 4% Turbine
FoundationOffshore Substation &
Met StationWaste ManagementSubsea Surveys
© 2015 Douglas-Westwood
20
World Offshore Wind Market Forecast 2015-2024
By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood
Capex Phase 1: Balance of PlantChapter 3 : Offshore Wind Project Development
A structure connecting the foun-
dation with the tower. The design
of the transition piece depends on
the type of the support structure.
Supplier Examples:
Aker Solutions, Bladt, MT Hoj-
gaard, LIC Engineering, SIF Group.
Proportion of Capex:
3.2%
Transition Piece The choice of support structure
type depends on site-specific
parameters, including water depth
and seabed conditions as well as
the size and weight of the wind
turbines being used. Options
include gravity base structures
(GBS), monopiles, jackets, tripods,
suction buckets.
Supplier Examples:
Aker Solutions, Ambau, BiFab,
EEV, LIC Engineering, MT Hoj-
gaard, OWEC Tower, SIF Group,
WeserWind.
Proportion of Capex:
13.7%
Support Structures Array cables connect wind tur-
bines to each other and connect
them to a substation. Array cables
typically have a medium voltage
(MV) rating of 33kV.
Supplier Examples:
JDR Cables, NKT Cables, NSW,
Parker Scanrope, Prysmian Group.
Proportion of Capex:
1.9%
Offshore transformer substations
are used to reduce electrical
losses by increasing the voltage
prior to exporting the power
to shore. A large offshore wind
farm may have more than one
substation.
Supplier Examples:
ABB, Areva T&D, Atkins, Bladt,
Harland and Wolff, Heerema,
HSM Offshore, McNulty Offshore
Construction, Siemens Power
Transmission, Semco Maritime.
Proportion of Capex:
5%
Array Cables
Offshore SubstationsBalance of Plant refers to all major equipment required for the completion of an offshore wind farm excluding the wind turbine and tower.
Balance of Plant is the second largest expense item in the offshore wind’s Capex structure and is highly sensitive to such parameters as water depth, distance from shore and wind farm power output.
HVAC (high voltage alternating
current) and HVDC (high volt-
age direct current) cables carry
the electricity from the offshore
substation(s) to shore.
HVDC technology becomes
increasingly economic over longer
distances.
Supplier Examples:
ABB, Nexan, NKT Cables, Prys-
mian Group.
Proportion of Capex:
4.8%
Onshore facilities transforming
power to grid voltage.
Supplier Examples:
ABB, Areva T&D, Atkins, Bladt,
Harland and Wolff, Heerema,
McNulty Offshore Construction,
Siemens Power Transmission.
Proportion of Capex:
2.5%
Export Cables
Onshore Substations
© 2015 Douglas-Westwood
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World Offshore Wind Market Forecast 2015-2024
By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood
Segment Forecasts: Wind Turbines by Country
Chapter 5 : Market Forecasts
Over 10,200 turbines are expected to be
installed 2015-2024. China, the UK and
Germany will account for the majority
(65%).
25% of all wind turbines are to be installed
in China, as more projects start to come
online, including developments in the Zhe-
jiang Province Daishan, and the Huaneng
Mega Farm.
The UK is the second largest market, ac-
counting for 21% of turbines installed over
the next decade – around 400 turbines are
expected to be installed at the large Dogger
Bank project by 2022.Over 2,100 turbines will be installed
offshore Germany by 2024, spread across a
large number of 80 turbine projects such as
Veja Mate, Arumbank West and Jules Verne,
which are just a few examples. The number of turbines is declining as
larger turbines (6MW+) are increasingly
used, with 0.25 turbines per MW installed
2021-2024, compared to 0.17 for the 2015-
2020 period.
Over 10,000 turbines will be installed
over the next ten years.China, the UK and Germany will ac-
count for 65% of installations.The UK accounts for over 20% of
turbines.
Average turbine size is increasing
resulting in fewer turbines per farm.
Figure 37: Wind turbines installed by country, 2015-2024
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Num
ber
of T
urbi
nes
UKGermanyChinaUSA
FranceSwedenSouth KoreaRest of World
Table 10: Wind turbines installed by country, 2015-2024
Turbines2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
UK
283-
99216
356316
256400
--
Germany
485-
- 189293
80347
507214
43
China
262212
508883
372275
50-
--
USA
11
11141
-70
150-
--
France
--
13-
75227
135- 100
-
Sweden
--
--
- 500- 141
--
South Korea-
3012
928
--
--
-
Rest of World125
122154
298709
13622
145230
-
Total 1,156365
797 1,736 1,833 1,604960 1,193
54443
© 2015 Douglas-Westwood
49
World Offshore Wind Market Forecast 2015-2024
By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood
Annual Capital Expenditure by Type
Chapter 5 : Market Forecasts
Figure 30: Expected annual offshore wind Capex, 2015-2024
0
20
40
60
80
100
120
140
PlanningTurbine
BOPInstallation
Cap
ex (€
billi
ons)
Figure 31: Planning and Development Capex, 2015-2024, € millions
Figure 33: Wind Turbine Annual Capex 2015-2024, € millions
Figure 32: Balance of Plant Annual Capex 2015-2024, € millions
Figure 34: Installation Annual Capex 2015-2024, € millions
The figure above illustrates the average annual level of global offshore wind Capex from
2015-2024 in relation to the four spending categories.
Based on our research of the cost structure for offshore wind, the category totals have
been further segmented in the figures opposite to show the average expected market size
for each sub-segment such as surveys, support structures, and cables.
Geotechnical
Survey 4,195
Offshore
Substation 14,981
Offshore
Substation 2,697
Onshore
Substation 7,490
Onshore
Substation 1,798
Transition
Pieces 9,588
Construction
Ports 3,296
Wind
Turbines 11,985
Geophysical
Survey 1,198
Export
Cable 14,381
Export
Cable 14,681
Met Mast 1,198
Array
Cable 5,693
Array
Cable 11,086
Environmental
Services 1,798
Support
Structures 41,047
Support
Structures 18,576
FEED 599
Development
Services 10,486
Drive
Train 30,261
Nacelle &
Yaw 5,992
Rotor
System 36,553Power
Conversion 15,580
Tower 26,066
Additional
Components 8,389
© 2015 Douglas-Westwood
40
World Offshore Wind Market Forecast 2015-2024
By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood
Key Markets
Chapter 4 : Commercial Insights
Europe is the key regional market for
offshore wind.
The UK is the largest national market
with 4.6GW installed to date (May
2015).
China, Japan, Vietnam and South
Korea are the only countries outside
Europe with operational offshore wind
farms.
The European market accounted for over 90% of the global cumulative capacity by April 2015. The UK continues to lead the way with 4.6GW installed. This represents 52% of global
offshore wind installed capacity in Europe. Denmark is the second largest market with ~1.5GW (16% of global installed capacity).
Asia accounted for 9% of global installed capacity, 90% of which is offshore China.
UK48%
Denmark16%
Germany15%
China8%
PortugalInstalled: 2MWTurbines: 1Wind farms: 1
UKInstalled: 4,625MW
Turbines: 1,344Wind farms: 26
AsiaInstalled: 850MW
Turbines: 328Wind farms: 32
EuropeInstalled: 8,817MW
Turbines: 2,598Wind farms: 79
IrelandInstalled: 25MW
Turbines: 7Wind farms: 1
NorwayInstalled:
5MWTurbines: 2Wind farms: 2
FinlandInstalled:
26MWTurbines: 11Wind farms: 3
SwedenInstalled: 223MW
Turbines: 91Wind farms: 8Denmark
Installed: 1,534MWTurbines: 517Wind farms: 17
NetherlandsInstalled: 247MW
Turbines: 128Wind farms: 4
BelgiumInstalled: 712MW
Turbines: 182Wind farms: 6
GermanyInstalled: 1,417MW
Turbines: 314Wind farms: 11
N.B Figures are subject to rounding errors.
Belgium 7%
Netherlands 3%Other 1%
Sweden 2%
Figure 18: Key Markets, the Global Picture
Figure 19: Offshore Wind Installed Capacity, 2015
Figure 20: Key Region, North-Western Europe
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Segment Forecasts: Cables
Chapter 5 : Market Forecasts
The increasing size of offshore wind farms
will necessitate greater lengths of inter-array
cables, while a greater number of projects
further from shore will require longer
export cables.
DW forecasts that over 23,000 km of
cables, both array (infield) and export, will
be required for offshore wind farms coming
online over the next ten years.
Reflecting the overall trend, the UK will
require the largest proportion (34%),
demonstrating the increasing distance from
shore and the increasing size of UK offshore
wind farms, as the UK accounts for just 19%
of turbines installed to 2024.
Germany (25%) and China (17%) are the
next largest markets in terms of cabling.
These markets also have longer than aver-
age cables, demonstrating the move of
mature offshore wind markets farther from
shore.
Over the next ten years, the demand for
export cables and infield cables is approxi-
mately similar, accounting for 51% and 49%
of total cable demand, respectively.
As cables cover longer distances, there has
been increased use of High Voltage Direct
Current (HVDC) cables, which lose less
power during transmission back to shore,
compared to conventional AC cables.
Over 23,000km of cabling (array and
export) is forecast to be installed.
The UK, Germany and China are the
largest markets due to turbine instal-
lations and a higher than average cable
length.
Demand for export and infield cables
is similar, with just over 11,000km of
each.
HVDC cables are becoming increas-
ingly common, as cables are utilised
over long distances.
“Over the last year our oil and gas activity has fallen, and been replaced by cables for the offshore wind industry.”
Array Cabling Provider
Figure 41: Cable length installed by country, 2015-2024
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Cab
les
(km
)
UKGermanyChinaUSAFranceSwedenSouth KoreaRest of World
Figure 42: Cable length installed by type, 2015-2024
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Cab
les
(km
)
ExportInfield
Table 14: Cable length installed by country, 2015-2024
Table 15: Cable length installed by type, 2015-2024
Cables (km) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
UK 446 - 283 1,116 2,401 1,020 625 1,993 - -
Germany 826 - - 326 451 132 1,529 1,612 902 117
China 355 374 800 1,379 534 403 91 - - -
USA 31 21 51 192 - 114 202 - - -
France - - 131 - 73 351 140 - 133 -
Sweden - - - - - 657 - 394 - -
South Korea - 66 43 17 24 - - - - -
Rest of World 296 165 369 451 871 227 50 239 231 -
Total 1,954 625 1,677 3,480 4,354 2,904 2,638 4,238 1265 117
Cables (km) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Export 784 260 984 1,653 2,193 1,480 1,868 1,720 909 52
Array 1,170 365 693 1,827 2,161 1,425 770 2,519 357 65
Total 1,954 625 1,677 3,480 4,354 2,904 2,638 4,238 1,265 117
• Prospects• Technologies• Markets
Potentialfor€300billionofoffshorewindcapitalexpenditureoverthenexttenyearsNow in its sixth edition, the new Douglas-Westwood (DW) World Offshore Wind Market Forecast provides a ten year view of the sector through to 2024. Cumulative off-shore wind capacity is forecast to reach 57GW, driven by the continued development of established markets such as the UK, Germany and China and bolstered by emerging markets including the US and France.
Over 5.3GW of capacity is expected to be installed in 2015, with additions anticipated to remain on an upward trend, peaking at 7.5GW in 2020. Capital Expenditure will total €240 billion (bn) between 2015 and 2024. However, these figures only include projects which have passed the conceptual phase of development, resulting in a large potential for upside post-2020 totalling €60bn.
Capital costs have reduced recently, pre-dominantly due to the larger sizes of turbines installed, resulting in less infrastructure (such as support structures) being required. This upsizing presents new challenges for installation contractors but should result in lower opera-tional expenditures once wind farms become operational.
The UK will install more than 11GW over the next ten years, with most of this expected to occur by 2022, as Round 3 developments take place. Germany will also install over 11GW, with a longer term outlook predicting activity levels will recover in 2018 following a slow-down in 2016-17. China is expected to install over 8GW of capacity – this is lower than previously targeted, but still represents a strong growth market.
Emerging markets include countries such as the US and France, which are expected to have their first operational wind farms in 2015 and 2017 respectively. The US is expected to install 1.8GW of offshore capacity over the next decade, and France 3.2GW. Other emerging markets include countries with historically low levels of offshore wind activity, such as Sweden, Denmark and Belgium.
KeyThemesThe report provides detailed market forecasts through to 2024 and is essential reading for companies working within the offshore wind sector. The report focuses on:• Keydrivers – a discussion of factors driving
offshore wind installation activity including low carbon targets, rising energy demand and the need to replace power generation capacity.
"The report is clearly laid out, and gave us an
interesting and detailed view of the market"
-ResearchInstitution
World Offshore Wind Market Forecast 2015-2024energy business insight
e: [email protected] t: +44 (0)203 4799 505
www.douglas-westwood.com
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• Commercialinsights – including analysis of cost pressures on capital, life-time costs, risk factors and typical financing models.
• Technologyreview – analysis of R&D prior-ity areas.
• Supplychain – a review of the main play-ers, strengths & weaknesses of contracting strategies and supply chain development challenges.
• Ten-yearmarketforecast – for new capac-ity, capital expendi¬ture, operating ex-penditure, wind turbines, support structures, cabling, substations and vessels.
• Countryanalysis– detailed operational & capital expenditure forecast, including by capacity and segment analysis.
WhyPurchasetheWorldOffshoreWindMarketForecast?DW’s market forecasting is trusted by sector players worldwide, with clients including the world’s top-10 oil & gas companies, top-10 oilfield services companies and top-10 private equity firms.
The report is essential for companies working within the offshore wind sector, wanting to better understand where and when to make investment decisions.
Our proven approach includes:
• Industryconsultation– discussion with a wide-range of companies including: project developers, equipment manufacturers, and installation contractors. Throughout the re-port we highlight pertinent quotes, related to specific aspects of the market.
• Uniqueandproprietarydata – detailed by project in our in-house databases. Updated year-round from published sources and insight gained from industry consultation.
• Detailedmethodology – our forecast pro-vides a ‘medium-case’ scenario for market activity, drawn from our databases, which enables the forecasts to be established on a project-by-project basis; taking into account factors such as project size, location, finan-cial backing and progress to date.
• Comprehensiveanalysis – comprehensive examination, analysis and 10-year forecast of offshore wind expenditure.
• Concisereportlayout – consistent with DW’s commitment to delivering value for our clients, all our market forecasts have a concise layout consisting of industry back-ground and supporting materials condensed to enable quick review with ‘speed-read’ summaries of key points throughout.
ISBN978-1-910045-17-6
"The detailed CAPEX forecast was exactly what we needed"-OffshoreService
Company(UK)
2015
World Offshore Wind Market Forecast
Prospects, Technologies, World Markets
2015-2024
© 2015 Douglas-Westwood 2World Offshore Wind Market Forecast 2015-2024By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood
Contents
Table of Contents
1 Summary and Conclusions ......................................7Summary ......................................................................................................................................... 8
Conclusions .................................................................................................................................... 9
2 Drivers and Indicators ........................................... 10Overview ...................................................................................................................................... 11
Political Drivers ........................................................................................................................... 12
Economic Drivers ....................................................................................................................... 13
Low Carbon Power Generation .............................................................................................. 14
3 Offshore Wind Project Development ............... 15Offshore Wind Project Life-Cycle ........................................................................................... 16
Offshore Wind Project Costs Structure ................................................................................ 17
Capex Phase 1: Planning & Development .............................................................................. 18
Capex Phase 1: Wind Turbine .................................................................................................. 19
Capex Phase 1: Balance of Plant .............................................................................................. 20
Capex Phase 1: Installation ....................................................................................................... 21
Opex Phase .................................................................................................................................. 22
Capex Phase 2: Decommissioning .......................................................................................... 23
Offshore Wind Supply Chain .................................................................................................... 24
4 Commercial Insights .............................................. 25Project Scale ................................................................................................................................ 26
Supply Chain ................................................................................................................................ 27
Capital and Life-time Costs ...................................................................................................... 30
Risk Profile ................................................................................................................................... 31
Financing Challenges ................................................................................................................... 32
Contracting Strategies ............................................................................................................... 34
Industry Challenges .................................................................................................................... 35
Technology: Wind Turbines ...................................................................................................... 37
Technology: Support Structures ............................................................................................... 39
Key Markets ................................................................................................................................ 40
Emerging Markets: Forecast Capacity 2015-2024 ................................................................ 41
5 Market Forecasts .................................................... 42Methodology ................................................................................................................................ 43
Added Capacity by Country ..................................................................................................... 46
Cumulative Capacity by Country............................................................................................. 47
Capital Expenditure by Country .............................................................................................. 48
Annual Capital Expenditure by Type ....................................................................................... 49
Operational Expenditure by Country ..................................................................................... 50
Segment Forecasts: Wind Turbines by Country .................................................................. 51
Segment Forecasts: Wind Turbines by Size ......................................................................... 52
Segment Forecasts: Wind Turbines by Manufacturer ......................................................... 53
Segment Forecasts: Support Structures ................................................................................. 54
Segment Forecasts: Cables ...................................................................................................... 55
Segment Forecasts: Offshore Substations ............................................................................ 56
Segment Forecasts: Vessels ...................................................................................................... 57
6 Appendix .................................................................. 58Data and Text Conventions ...................................................................................................... 59
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Contents
Figures
Figure 1: Capital Expenditure by Country, 2015-2024 ................................................................................8
Figure 2: Drivers for Offshore Wind ................................................................................................................. 11
Figure 3: EU 2020 Targets – Progress to Date ............................................................................................. 12
Figure 4: Global primary energy demand growth ....................................................................................... 13
Figure 5: Energy demand forecast by fuel type 1990-2040 ................................................................... 13
Figure 6: Global Electricity Generation Forecast ......................................................................................... 14
Figure 7: Levelised Cost of Energy – Key Technologies ........................................................................... 14
Figure 8: Offshore Wind Project Life-Cycle ................................................................................................... 16
Figure 9: Cost Breakdown by Project Phase – Capex, Opex, Decom. ........................................... 17
Figure 10: Offshore Wind Supply Chain Overview ................................................................................... 24
Figure 11: Average project capacity, distance from shore and water depth ................................. 26
Figure 12: Offshore Wind Capex Drivers ....................................................................................................... 30
Figure 13: Offshore Wind Average Project Capex, 2000-2024 .......................................................... 30
Figure 14: Example of Planning & Development Time Lines, UK. ...................................................... 33
Figure 15: Size Evolution of Wind Turbines ................................................................................................... 37
Figure 16: Aerogenerator X ................................................................................................................................... 38
Figure 17: Two-bladed Offshore Wind Turbine. ......................................................................................... 38
Figure 18: Types of Floating Foundations. ........................................................................................................ 39
Figure 19: Key Markets, the Global Picture .................................................................................................... 40
Figure 20: Offshore Wind Installed Capacity, 2015 ................................................................................... 40
Figure 21: Key Region, North-Western Europe ........................................................................................... 40
Figure 22: Forecast global capacity installation 2015-2024 .................................................................... 41
Figure 23: Global: Forecast Wind Farm, Capacity and Turbines .......................................................... 41
Figure 24: All Offshore Wind Projects vs. DW Forecast Capacity, 2015-2024 .......................... 43
Figure 25: Global Forecast Capacity .................................................................................................................. 45
Figure 26: Offshore wind forecast capacity installed, 2015-2024 ....................................................... 45
Figure 27: North-Western Europe Forecast Capacity .............................................................................. 45
Figure 28: Added capacity by country, 2015-2024 ..................................................................................... 46
Figure 29: Cumulative capacity by country, 2015-2024 ........................................................................... 47
Figure 30: Capital expenditure by country, 2015-2024 ........................................................................... 48
Figure 31: Expected annual offshore wind Capex, by type 2015-2024........................................... 49
Figure 32: Planning and Development Capex, 2015-2024, €m .......................................................... 49
Figure 33: Wind Turbine Annual Capex 2015-2024, €m ....................................................................... 49
Figure 34: Balance of Plant Annual Capex 2015-2024, €m ................................................................... 49
Figure 35: Installation Annual Capex 2015-2024, €m .............................................................................. 49
Figure 36: Operational expenditure by country, 2015-2024 ................................................................. 50
Figure 37: Operational expenditure by activity ............................................................................................ 50
Figure 38: Wind turbines installed by country, 2015-2024 .................................................................... 51
Figure 39: Wind turbines installed by size, 2015-2024 ............................................................................ 52
Figure 40: Wind turbines installed by manufacturer, 2015-2024 ........................................................ 53
Figure 41: Support structures installed by type, 2015-2024 .................................................................. 54
Figure 42: Cable length installed by country, 2015-2024 ........................................................................ 55
Figure 43: Cable length installed by type, 2015-2024 ............................................................................... 55
Figure 44: Substations installed by country, 2015-2024 ........................................................................... 56
Figure 45: Substations installed by type, 2015-2024.................................................................................. 56
Figure 46: Installation vessels required by type, 2015-2024 .................................................................. 57
Figure 47: Personnel transfer vessels required, 2015-2024 .................................................................... 57
© 2015 Douglas-Westwood 4World Offshore Wind Market Forecast 2015-2024By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood
Contents
Tables
Table 1: Renewable Energy Incentive Mechanisms in Key Markets .................................................... 12
Table 2: Support structures types comparison ............................................................................................. 27
Table 3: Investor types and their attitude to risk ......................................................................................... 31
Table 4: Contracting strategies .............................................................................................................................. 34
Table 5: Offshore Wind Projects’ Status Methodology ............................................................................ 43
Table 6: Added capacity by country, 2015-2024 ......................................................................................... 46
Table 7: Cumulative capacity by country, 2015-2024 ................................................................................ 47
Table 8: Table #: Capital expenditure by country, 2015-2024 ............................................................. 48
Table 9: Operational expenditure by country, 2015-2024 ..................................................................... 50
Table 10: Wind turbines installed by country, 2015-2024 ...................................................................... 51
Table 11: Wind turbines installed by size, 2015-2024 .............................................................................. 52
Table 12: Wind turbines installed by country, 2015-2024 ...................................................................... 53
Table 13: Support structures installed by type, 2015-2024 .................................................................... 54
Table 14: Cable length installed by country, 2015-2024 .......................................................................... 55
Table 15: Cable length installed by type, 2015-2024 ................................................................................. 55
Table 16: Substations installed by country, 2015-2024 ............................................................................. 56
Table 17: Substations installed by type, 2015-2024 ................................................................................... 56
Table 18: Installation vessels required by type, 2015-2024 .................................................................... 57
Table 19: Personnel transfer vessels required, 2015-2024 ..................................................................... 57
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