Navigant Research Report Shows the Global Wind Industry Installed an Estimated 3.3 GW of New Offshore Capacity in 2017

Technology improvements and cost reductions are anticipated to
continue driving installations

BOULDER, Colo.–(BUSINESS WIRE)–#OffshoreWind–A new report from Navigant
Research offers a country-level analysis of all offshore wind
markets, including related policies, incentives, and regulatory
environments, wind turbine market shares by country, and global market
forecasts for offshore wind power capacity, segmented by project status
and country.

Offshore wind continues to be an abundant clean energy solution for many
coastal load centers where a greater proportion of population and energy
demand is located. In addition, the resource is becoming more
cost-effective with each competitive tender in Europe, with
industry-leading countries such as the UK, the Netherlands, Denmark,
Germany, and Belgium well into a transition phase to market-oriented
policies that drive project costs down. Click
to tweet: According to a new report from @NavigantRSRCH,
the global wind industry installed an estimated 3.3 GW of new offshore
capacity in 2017, bringing the global cumulative total to almost 17 GW.

“While the onshore wind market is larger in terms of total megawatt
plant capacity added annually, offshore wind is growing more quickly,”
says Jesse Broehl, senior research analyst at Navigant Research. “It is
forecast to grow at an 11.1 percent compound annual growth rate between
2017 and 2022, compared to single-digit growth rates for onshore wind.”

Contributing to this forecast is a substantial 7.9 GW in varying levels
of construction, primarily in Europe but also increasingly in China,
according to the report. Other factors driving the market include
technology improvements, such as an increase in turbine blade rotor
diameters exceeding 160 meters, and cost reduction strategies in
power-purchase agreements and other pricing metrics.

The report, Offshore
Wind Market and Project Assessment 2017, provides a
country-level analysis of all offshore wind markets, including related
policies, incentives, and regulatory environments. The study assesses
global wind project construction and advanced development underway.
Global market forecasts for offshore wind power capacity are segmented
by project status and country. Turbine vendor data is provided,
including global market shares and more granular installed capacity by
country and by wind turbine vendor. Also detailed are average rotor
diameters and turbine nameplate ratings by installed year, along with
the market share diversification of offshore foundation types.
An Executive Summary of the report is available for free download
on the Navigant
Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of the
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.

* The information contained in this press release concerning the
report, Offshore Wind Market and Project Assessment 2017, is a
summary and reflects Navigant Research’s current expectations based on
market data and trend analysis. Market predictions and expectations are
inherently uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the full
report for a complete understanding of the assumptions underlying the
report’s conclusions and the methodologies used to create the report.
Neither Navigant Research nor Navigant undertakes any obligation to
update any of the information contained in this press release or the
report.

Contacts

Navigant Research
Lindsay Funicello-Paul, +1-781-270-8456
[email protected]