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Germany Offshore Wind Energy Market to Witness Increase in Revenues by 2026
Published Date: 2020-07-14
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According to the Graphical Research new growth forecast report titled “Germany Offshore Wind Energy Market Size By Component (Turbine, Support Structure, Electrical Infrastructure), By Depth (>0 ≤ 30 m, >30 ≤ 50 m, > 50 m), Industry Analysis Report, Competitive Market Share & Forecast, 2020 – 2026”, to Witness Increase in Revenues by 2026. Germany Offshore Wind Energy Market will witness an upsurge on account of rising investments toward adoption of renewable power generation technologies. Stringent government norms, mandates & regulations owing to increasing emission levels will complement the business growth. Rising electricity demand coupled with increasing deployment of inter-regional transmission networks will drive the industry landscape.
Offshore wind farm support structure industry will witness growth owing to increasing public & private investments toward deep sea exploration in line with ongoing enhancement of ultra-deep-water technologies. Limited human interventions, ease of availability, low maintenance cost and minimal land utilization are some major factors which will complement the product portfolio. Moreover, increasing applicability of these structures across extreme weather conditions will positively stimulate the product demand.
Growing demand for island interconnections along with increasing inter and intra-country power transmission grid networks will augment the industry outlook. Depleting conventional resources and concern pertaining to sustainability of rising energy demand has considerably influenced the business scenario. Increasing space constraints associated with solar panels coupled with favorable initiatives by major manufacturers toward the installation of large-scale wind turbines will boost the industry landscape. For instance, Germany introduced 176 offshore wind turbines in 2019 with a capacity of over 1 gigawatt (GW) across the North Sea and the Baltic Sea wind farms.
Germany Offshore Wind Turbine Industry will witness significant growth owing to rising investments by private players toward advancement of blade designs and integration of advanced drive trains. In addition, surging research and development initiatives with an aim to enhance reliability, efficiency, flexibility and durability of turbines will propel the product demand. Ongoing announcements of offshore energy grid links coupled with introduction of innovative turbine assembly to cater to the rising electricity demand will further fuel the industry growth. For instance, in 2020, TenneT announced the development of three offshore wind farms by 2025 which will add 10 GW transmission capacity across the North Sea region.
Ongoing COVID-19 pandemic may impact the projected offshore wind farm targets till the first half of 2020. Though, these wind projects have not seen any delays regarding installation of wind turbines, power lines and transmission & distribution infrastructure. For instance, in 2020 Ørsted reported the expansion of offshore wind energy farms without any interruption during corona outbreak and further stated completion of upcoming wind farm projects by the first half of 2020.
Strategic mergers and acquisitions among the leading manufacturers to install offshore wind energy projects across the Baltic Sea & the North Sea will drive the industry outlook. Eminent players operational in the Germany Offshore Wind Energy Market comprise, Vattenfall AB, Ørsted, Nexans, Prysmian Group, Sumitomo Electric Industries, Enessere Srl, MHI Vestas, Goldwind, Northland Power, NSW Cable, Siemens Gamesa Renewable Energy, JDR Cable Systems, Suzlon Energy Limited, Nordex SE, and Enercon.