New York City, May 25, 2010 — After almost a decade long fight, the federal government has approved the first offshore wind farm in the U.S. in the waters off Cape Cod.
The Cape Wind project is a breakthrough for the U.S., teaming renewable energy, innovation and financial prosperity. According to SBI Energy’s new industry study Offshore Wind Farm Manufacturing Worldwide, the offshore wind market in the U.S. will value $62 billion by 2012 and will grow to reach $78 billion by 2015.
The project’s approval provides hope to the 11 additional offshore wind power projects that are currently in the planning stages around the U.S., which will also be seeking approval from the federal government before installation.
Despite its strong growth prospects as an energy commodity through 2015, offshore wind farms are sparsely spread throughout the world’s oceans today.
Europe, in fact, has owned the offshore wind farm development market since 2007 and other nations are only beginning to bring offshore wind turbines online in 2010.
An in-depth look at SBI Energy’s Offshore Wind Farm Manufacturing Worldwide report forecasts that European countries will install offshore wind energy generating capacity at breakneck speed to reach more than 54,000 MW for the continent.
SBI Energy expects the balance of share distribution to change dramatically with the United Kingdom and its total share of the offshore electricity generating market rising from 19 percent in 2011 to 30 percent in 2015.
“The total installed capacity of offshore wind power in the world today is a little more than 3,000 MW,” estimates SBI Energy publisher Shelley Carr. “However, our market research and analysis projects an astounding 92 percent compound annual growth rate over the next five years fueled by government incentives and cost-effective production rates. The explosive growth will translate to more than 79,700 MW across the globe.”
With environmental and climate concerns growing along with increasing demand for energy, offshore wind energy has been thrust into the spotlight as an important viable energy source.
Fueling the growth will be the manufacturers, who will look to reduce costs associated with offshore projects and attract greater investment from governments and private energy companies.
Offshore Wind Farm Manufacturing Worldwide investigates the global activities affecting the development of offshore wind farms, such as public policy affecting growth and innovative developments in products and technologies.
The report includes market value of offshore wind energy manufacturing by country, 2006 to 2015, including manufacturing of turbines, turbine components, and seabed foundation materials.