Germany Offshore Wind Energy Market Growth is anticipated to witness growth on account of growing electricity demand along with rising investments toward installation of renewable energy generation sources. Stringent government mandates, norms & policies toward the reduction of GHG emission levels will boost the demand for clean energy resources. Increasing installation of inter-regional grid networks along with rising electricity imports and exports will positively influence the industry landscape.
Floating offshore wind farm support structure is set to witness growth on account of surging public and private investments toward offshore exploration along with ongoing advancement of deep-water technologies. Ease of availability, minimal land utilization, limited human interventions and low maintenance cost are some prominent factors which will positively influence the technology adoption. In addition, growing applicability of these systems across ultra-high-speed wind sources will positively influence the product demand.
The market form turbine is estimated to witness significant growth on account of soaring investments toward development of new blade designs and introduction of advanced drive trains. Ongoing announcements of offshore wind energy projects along with introduction of advanced turbine assembly to fulfill increasing energy demand will fuel the industry growth. In addition, soaring R&D initiatives aimed toward increasing efficiency, reliability and flexibility of these units will stimulate the business growth.
Growing development of island interconnections coupled with rising inter-country power transmission networks will instigate a positive industry outlook. Growing space constraints related to solar PV panels along with favorable initiatives by leading industry players toward the deployment of large scale turbines will further augment the business scenario. For instance, in 2019 Germany introduced 176 turbines with a capacity of 1.2 gigawatt (GW) in the Baltic Sea and the North Sea.
Increasing adoption of distributed energy sources along with growing technological advancements toward the extraction of untapped wind energy potential will drive the business scenario. Minimal moving parts, reduced carbon emissions and compact size are some major factors complementing the industry growth. Moreover, favorable government policies toward effective energy utilization in line with growing inclination toward renewable power sources will positively stimulate the technology adoption.
Impact of COVID-19 may affect the projected offshore renewable targets till first half of 2020. However, offshore energy projects haven’t seen any delays with respect to deployment of power cables, wind turbines and T&D infrastructure. In addition, the supply of materials and components from various countries are now ramping up, helping the manufacturers to maintain their inventories.
Strategic collaboration and mergers among the major manufacturers to deploy offshore wind power projects across the North Sea and the Baltic Sea will complement the industry outlook. Prominent players operating across market includes Prysmian Group, Nexans, Ørsted, Sumitomo Electric Industries, MHI Vestas, Enessere Srl, Goldwind, Vattenfall AB, NSW Cable, Northland Power, JDR Cable Systems, Siemens Gamesa Renewable Energy, Nordex SE, Suzlon Energy Limited and Enercon.