Pushing forward: The future of Offshore Wind Energy
The global wind power boom is slowly tailing off – especially in Europe. After double-digit growth in recent years, the onshore and offshore wind power market will grow by only around 5% annually between now and 2015. In Europe, the onshore segment in particular is flat. By contrast, China shows the biggest growth potential: between now and 2020, installed wind power output will rise to 20 GW a year. But markets like the US, India, Canada, Brazil, Australia and Africa will also be buoyant in the next few years.
However, growing competition from Asian players in the global market and the desired grid parity for wind power are forcing OEMs to cut costs by 25-40%. A large wave of consolidation in the wind power industry is therefore likely.