Energy

UK to be global leader of offshore wind energy market by 2020

Published

10 years ago

September 5, 2014

Blue & Green Tomorrow

The UK’s offshore wind sector experienced amazing growth in 2013, and now owns a 52% share of the global market, according to new analysis. Investment in the sector is expected to rise from £2 billion to nearly £5 billion in 2020.

New figures by GlobalData have revealed the UK’s offshore wind power installed capacity increased by 42% from 2006 to 2013 and is expected to grow by another 16% by 2020.

This would result in a 36.4% share of the global cumulative offshore installed capacity, making the UK the world leader in the sector.

Swati Singh, GlobalData’s Analyst said, “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. 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.

“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 $3.3 billion in 2013 to $7.53 billion by 2020”.

According to the figures, Siemens is the market’s leader for global offshore wind turbine cumulative installations, being the biggest manufacturer in 2013. In the UK, Siemens was responsible for all the country’s new offshore installations.

In August, RenewableUK said wind power generated 22% of the UK’s electricity, setting a new record. In 2013, all renewable energy sources together provided 15% of Britain’s energy needs.

Photo: NHD-INFO via Flickr