Offshore Wind Farms Could Power 37 Million
Homes By 2020
ABERDEEN, Scotland, Aug. 22 /PRNewswire/
Global offshore wind farm capacity will grow at a compound annual rate
of 32 per cent in the coming decade, according to a new report by energy
consulting firm ODS-Petrodata.
The International Offshore Wind Market to 2020 report predicts that by
the end of 2020 global offshore wind farm capacity will have soared to
55 gigawatts, or enough to power almost 37 million European homes.
Current installed capacity is under two gigawatts.
Based on an analysis of more than 700 projects and prospects in the
company's database, ODS-Petrodata forecasts USD 61.4 billion of capital
expenditure in the sector between now and 2014. For 2016 to 2020, total
capital expenditure could be double that.
"Although the credit crisis and other constraints have tempered the
market, there is clearly a huge business opportunity here," says David
Gault, Renewables Manager at ODS-Petrodata. "These are big industrial
projects, and it will take lots of equipment, manpower and innovation to
get them built. Now is a great time for companies in other sectors, such
as offshore oil and gas, to assess whether they can grab a piece of the
action."
Bottlenecks in the supply chain are already being relieved by new
entrants. Several emerging European manufacturers of offshore-rated
turbines will challenge the dominance of Siemens and Vestas in the next
few years, and will later be joined by a batch of Asian manufacturers,
including South Korean conglomerates such as Hyundai and at least 10
Chinese firms.
ODS-Petrodata's research on turbine installation vessels indicates that
the current shortage of these units could ease quite quickly, if all the
vessels currently under construction are delivered on schedule and those
in the design phase are built as planned. This will ultimately depend on
access to finance, although some potential owners are major civil
construction firms with substantial internal resources.
The UK currently leads the way for both installed capacity and projects
under construction, but it may experience a lull in activity in 2013 and
2014. Germany will more than take up the slack, and will go on to become
the industry's power house from 2014 onwards. China and the USA will
also be very significant players in the longer term.
There is a strong trend towards projects being built in deeper water
further from shore, and this should create opportunities for innovative
installation techniques, new vessel designs, foundations that can be
used in deep water, cables that carry power over long distances, and new
ways of tackling operations and maintenance challenges.
CONTACT: David Gault; Renewables Manager; ODS-Petrodata Ltd; Tel. +44
1224 597 800
SOURCE ODS-Petrodata
Originally published by ODS-Petrodata.
(c) 2009 PRNewswire. Provided by ProQuest LLC. All rights Reserved.
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