CompositesWorld
Issue link: https://cw.epubxp.com/i/450689
TRENDS The global ofshore wind market has grown, on average, more than 30% annually in the past 5 years: Grid-connected capacity, worldwide, was expected to be more than 9 GW by the end of 2014 — equivalent to 2.7% of global wind power capacity. Globally, 51% growth is expected in ofshore wind capacity in 2015. However, sustained growth in the Asia-Pacifc region during 2016 will not be able to balance a sharp decline in new grid-connected capacity expected in the UK and Germany. That's the view of the current situa- tion presented by MAKE Consulting (Aarhus, Denmark and Chicago, IL, US) in its new report, Global Ofshore Wind Power 2014, but during the remainder of the coming decade, ofshore wind is expected to show strong long-term growth rates. MAKE says the market will grow at a 22% compound annual growth rate (CAGR) from 2014 to 2023. By 2023, total ofshore wind capacity could reach a staggering 82 GW, equivalent to 9.3% of global wind power capacity. By then, Asia-Pacifc wind farms will account for 40.4 GW of this capacity and will have caught up with European devel- opments, which will account for 39.4 GW. China will be the principal growth driver in Asia, but Japan, South Korea and Taiwan will make notable contributions. Annual installed capacity in Europe will vary from 3 to 5 GW in the 2017-2023 timeframe, supported by national and EU polices. Growth on a smaller is predicted for the Americas. The US, for example, will account for only 2.2 GW of the expected global grid-connected base in 2023. MAKE notes that clarity in terms of the post-2020 regula- tory framework is a need if the ofshore wind industry is to sustain the momentum of cost reductions and growth. MAKE expects the levelized cost of electricity (LCOE) from ofshore wind to fall from the current level of €150 (US$179) per MW/hr to €110 (US$131) per MW/hr in 2020, slightly above the €100 (US$119) per MW/hr target set by several major industry players. By 2025, MAKE forecasts LCOE will drop to €84 (US$100) per MW/hr. Ofshore wind, therefore, will undergird wind energy's progress toward grid parity. Key drivers for the cost reduction include scaling and industrialization of the ofshore wind supply chain, tech- nology improvements related to larger turbines and wind turbine manufacturing plants, lower-cost substructures, higher technical availability, and reduced cabling cost combined with expected lower capital, lead-time, opera- tions and maintenance costs. These projections and more are contained in MAKE's 90-page report, illustrated with more than 150 charts, tables and graphs. It's available through the MAKE Consulting Web site | www.consultmake.com ENERGY Wind Energy forecast: Big increase offshore, despite steep European drop in 2016 High Density Urethane Tooling Board and Core Material (800) 845-0745 • www.precisionboard.com • Closed cell structure • No out-gassing • 15 standard densities • Exceeds aviation flammability standards Make it Precision Board Plus FEBRUARY 2015 14 CompositesWorld