UK dominates offshore wind market, further growth expected
The UK is leading the way when it comes to offshore wind power, with a 52% share of the international market last year, according to new figures.
GlobalData has today (4 September) released a new report which reveals that the UK's cumulative offshore wind power installed capacity increased from 0.3GW in 2006 to 3.7GW in 2013 - a 42.9% increase. The research firm puts this increase down to aggressive renewable targets, policy backing and a shift towards a greener climate,
With new installations expected to increase this figure from 3.7 GW to 11 GW by 2020, the UK will remain the leading offshore wind power market by the end of the forecast period - boasting a 36.4% share of the global cumulative offshore installed capacity - according to the report.
"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 GlobalData analyst Swati Singh. "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 Government has set a target for 15% of the UK's energy to be generated from renewable sources by 2020. As offshore wind power currently contributes around 3% of the country's total energy generation, GlobalData expects to see more investment into the industry to help achieve this goal.
Singh added: "Overall project costs have risen as a result of increasing water depths, distance from the shore and average turbine size. With a number of UK installations anticipated between 2016 and 2020, annual investment in the market will jump from $3.3bn in 2013 to $7.53bn by 2020."
The report reveals that Siemens dominates the market for global offshore wind turbine cumulative installations. The company was the largest offshore wind turbine manufacturer in 2013, having accounted for almost 56.5% of the world's cumulative installed capacity that year.
GlobalData's findings echo those of a series of three reports by the Carbon Trust, which concluded that the UK's presence in the international offshore wind market was so great that our expertise could help China hit its own deployment target of 5GW by 2015.