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Industry News
Europe and China to drive growth for global offshore wind market

In Europe, 3.1 GW of offshore wind capacity will be grid-connected, with Germany accounting for 75% of added capacity in Europe.

Author:
Posted on: 12/7/2015
Source: CompositesWorld

MAKE Consulting's Global Offshore Wind Power 2015 report claims that total global grid-connected offshore wind capacity will be 12.4 GW in 2015, the magazine North American Windpower (published by Zackin Publications Inc., Waterbury, CT, US) recently reported on its website.

With 3.6 GW of new capacity, 2015 is set to become a record year for grid-connections, which nearly doubles the added capacity of 2014. In Europe, 3.1 GW of offshore wind capacity will be grid-connected, with Germany accounting for 75% of added capacity in Europe.

After an expected slow-down in 2016, the global offshore wind market is expected to show strong long-term growth at a 19% compound annual growth rate (CAGR) from 2015 to 2024, which will be driven mainly by key European markets and China. By 2024, total offshore wind capacity is expected to reach 92 GW, which is equivalent to 10% of global wind power capacity, the publication reports.

Development will slow in 2016 mainly because of the transition from the Renewables Obligation to the Contracts for Difference support scheme in the UK> In Germany, Gode Wind 1 and 2 are expected to be fully commissioned in 2016, along with grid connection of part of the Nordergrunde project. The Dutch 600 MW Gemini project will also be partly commissioned.

After the contraction in 2016, the global market will quickly rebound and grow at a CAGR of 55% from 2016 to 2018 globally and 76% in Europe, according to MAKE.

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