European Offshore Wind Markets to Grow Rapidly in the Next 5 Years

Rockville, MD, September 11, 2010 --(PR.com)-- MarketResearch.com has announced the addition of SBI Energy’s new report “Offshore Wind Farm Manufacturing Worldwide.” For more information, visit:

http://www.marketresearch.com/product/display.asp?xs=r&productid=2496795

Companies involved in the manufacturing and distribution of products related to offshore wind energy are expecting 2010 to be a highly productive year as many global projects come to fruition and others get underway. Nations eager to accelerate their offshore wind energy commitments have been challenged by weakened economies since late 2008. But with signs that the global recession is waning, coupled with an influx of economic stimulus funds and tax breaks for renewable energy initiatives, manufacturers are preparing for a surge in production of offshore wind turbine components.

They are focusing their efforts on shoring up inventories and securing business contracts in regions where offshore wind energy projects are expected to grow during the next five year. This report examines the global trends and activities among countries that are embracing offshore wind as a viable renewable energy source. Offshore wind currently accounts for a small amount of the total installed wind power capacity in the world - approximately 8%. But SBI Energy expects that the development of offshore wind farms will grow its share of total installed wind capacity to nearly 40% in some Asian territories by 2015. And that has manufacturers of turbine components and foundations hungry to seize this ocean of opportunity.

So far, according to the report, manufacturing activity has focused on northern European counties, around the North Sea and the Baltic Sea, where about 20 projects have been implemented. But the expected benefits of higher wind speeds and the lower visual impact of the larger turbines has led many countries, particularly in Europe, to set more ambitious goals for offshore wind initiatives. Although the investment costs are considerably higher for offshore than for onshore wind farms, they are partly offset by a higher total electricity production from the turbines.

Offshore wind power will be vital for Europe’s future as it will help solve the continent’s climate dilemma by exploiting a natural resource that does not emit greenhouse gases and reduces the region’s dependence on costly fuel imports. These reasons for offshore wind farm development have been recognized by the European Commission in its 2008 Communication “Offshore Wind Energy: Action Needed to Deliver on the Energy Policy Objectives for 2020 and Beyond.” Through 2020, according to the Commission, 360 GW of new electricity capacity - 50% of current EU capacity - needs to be built to replace ageing European power plants and meet the expected increase in demand.

Europe must use the opportunity created by the large turnover in capacity to construct a new, modern power system capable of meeting the energy and climate challenges of the 21st century while enhancing Europe’s competitiveness and energy independence. By 2020, the EC expects that half of public and private investments in renewable energy will go to offshore wind farms.

For further information, visit:

http://www.marketresearch.com/product/display.asp?xs=r&productid=2496795
Contact:
Veronica Franco
MarketResearch.com
vfranco@marketresearch.com
420.747.3016

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