European offshore wind market continues to grow

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26 September 2013, Nuclear, Solar, Wind

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As outlined in Datamonitor's Offshore Wind Turbines: European Market Shares 2013, offshore wind investment totaled between EUR3.4bn and EUR4.6bn in 2012. It was a record-breaking year for the offshore wind industry, installing more capacity than in any other year to date. 2013 is likely to be even more productive than 2012 despite economic and political headwinds.

The outlook for offshore wind turbine manufacturers is very different to that for the onshore wind turbine market. Only a handful of wind turbine manufacturers have specialized in offshore wind power, where demand is growing for large-scale turbines with greater reliability suitable for deep water installations.

As the industry grows and more turbine models become available, Siemens' dominant market share will come under pressure. However, the success of its offshore wind turbine models between 2004 and 2013 will influence investment decisions, and the group's new large capacity models are set to be popular over the next five years, which will help it retain a major market share. New entrants to the leading offshore wind turbine manufacturers will include Altsom and Areva Wind, which will sit alongside Siemens, Vestas, REpower, and BARD as Europe's largest manufacturers.

Most offshore wind turbine manufacturers are developing turbines with capacities of 5MW or greater that will become commercially available by 2017, as detailed in Datamonitor's forthcoming Offshore Wind Turbine Database. These larger-scale turbines represent several step-changes in technology, and will dominate orders from 2014 onward.

Datamonitor's Offshore Wind Turbines: European Market Shares 2013 (September 2013, EN00037-085) is now available in our store. It provides analysis of the orders for offshore wind turbines since 2004, the opportunity in European growth markets, and demand trends for turbines.

Source: MarketLine

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