Published on September 5th, 2014 | by Joshua S Hill2
United Kingdom Leading Offshore Wind Power Market
September 5th, 2014 by Joshua S Hill
The United Kingdom exists as one of the most likely locations on planet Earth to build up a strong offshore wind power industry, and according to new data from analysts GlobalData, that’s exactly what the UK has done, with 52% of the global cumulative installed capacity share.
On top of that, GlobalData predicts that the UK will increase its installations from 3.7 GW in 2013 to 11 GW in 2020, keeping it the leading offshore wind power market.
The United Kingdom grew its offshore wind power capacity from just over 0.3 GW in 2006 to its current level of 3.7 GW, thanks to what GlobalData describe as “aggressive renewable targets, policy backing and a shift towards a greener climate.”
“The UK’s growing concerns over climate change and the security of its energy system will provide sufficient impetus for the country’s offshore wind industry to continue its growth trajectory,” said Swati Singh, GlobalData’s Analyst covering Power. “The last decade has seen offshore wind progress from an immature to a proven technology, which is expected to contribute significantly to the achievement of the UK’s renewable targets.”
The report, ‘Offshore Wind Turbines and Foundations – Global Market Size, Market Share, Regulations and Key Country Analysis to 2020‘, analysed the global offshore wind turbine and foundations market, as well as specific offshore wind markets in the UK, Germany, Denmark, Belgium, China, South Korea, and the US.
With an estimated annual investment of $8 billion in 2013, GlobalData reckon that the offshore wind industry will continue to grow, becoming “one of the biggest renewable power market segments” over the next 6 years. For the UK specifically, as offshore wind power only adds up to 3% of the total of the country’s total energy generation, GlobalData predicts further investment to be funneled into the industry to help reach the country’s 15% renewable energy generation target by 2020.