The Europe wind power market is expected to grow at a CAGR of approximately 6.11% during the forecast period. Factors such as the declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments around the world, through financial incentives is expected to increase the demand for wind power during the forecast period. On the flipside, substitution from the solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry achieved cost reduction at a significantly higher rate than the wind energy sector.
– Global offshore wind power sector is dominated by European countries, espacially by the United Kingdom, and Germany. In 2018, Europe’s new offshore wind farm investments totaled EUR 10.3 billion, representing almost 24% of the total new power investments and a 37% increase from the 2017 levels. The United Kingdom financed USD 5.9 billion of wind investments in total, representing 22% of total financing activity for the construction of new onshore and offshore wind farms. With 4.2 GW of new offshore wind projects reaching FID, Europe witnessed the second-highest capacity financed in 2018, after 2016.
– In Europe, Germany had the highest installed capacity in 2019 and is further expected to be the largest market during the forecast period bolstered by constant growth in onshore wind power additions and upcoming offshore wind power projects.
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Key Market Trends
Offshore Segment to Witness Significant Growth in the Market
– The global offshore market remained stable in 2018 with 4.49 GW of new additions, almost the same as in 2017. The total cumulative offshore installations have reached 23.36 GW, representing a 23.74% increase in cumulative offshore wind installed capacity over the previous year.
– Europe’s total installed offshore wind capacity reached 18.498 GW at the end of 2018. Including sites with partial grid connection, there are now 105 offshore wind farms in 11 European countries and 4,543 grid-connected wind turbines. In 2019, the new offshore installation across Europe increased to 3.6 GW taking the cumulative installed capacity to 22 GW. Additionally, the average rating of the turbine was 7.2 MW. – In 2018, Europe’s new offshore wind farm investments totaled EUR 10.3 billion, representing almost 24% of the total new power investments and a 37% increase from the 2017 levels. The United Kingdom financed USD 5.9 billion of wind investments in total, representing 22% of total financing activity for the construction of new onshore and offshore wind farms.
– With 4.2 GW of new offshore wind projects reaching FID, Europe witnessed the second-highest capacity financed in 2018, after 2016.
– Some of the major drivers for the growth of the offshore wind industry in Europe are major developments in technology, which have led to a drop in the production cost of offshore wind farms, making them comparable to the onshore wind farms, in some cases, in terms of economic performance. Hence, the offshore wind power market is expected to be on the positive side during the forecast period.
– However, China, which registered a maximum installed offshore capacity during 2018, is expected to have slow growth in 2020 amid coronavirus outbreak. The virus outbreak is likely to severely affect the growth of the offshore wind segment across the world, even Europe.
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