Offshore wind turbine market revenue expected to double by 2025
Transparency Market Research has released a report which shows that global offshore wind turbine market revenue is projected to reach $58,729.7 million by 2025, at a compound annual growth rate of 7.7 percent between 2017 and 2015. In 2016, the revenue was $29,418.9 million.
The cumbersomely-named report – Offshore Wind Turbine Market by Foundation Type (Monopile, Jacket, Tripod, Floating and Others) by Application (Shallow Water, Transient Water and Deep Water) by Capacity (up to 1MW, 1-3 MW, 3-5 MW and Above 5 MW) and by Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025 – explores the present state of the wind energy industry and what we can expect in the future. Currently, the offshore turbine market is dominated by Europe, which along with Asia Pacific is expected to provide particular growth potential in the run-up to 2025.
Currently, China holds the key share of offshore wind turbines worldwide. Sector reforms mean Mexico is now pushing the wind power industry, but promising markets like Latin America are hindered by restrictive political interference.
While offshore turbines are normally set up in shallower waters, market trends are moving towards deeper waters – up to 60 metres – for new wind farms to be installed within the proposed time frame. This will be somewhat of an experiment, as it is not yet known how more water will affect the turbines. Onshore and offshore turbines have different modifications to suit their requirements, and that changes depending on location too.
Some of the major current players in the offshore wind turbine market are Siemens Wind Power, Nordex S.E., GE Wind Energy, Guodian United Power Technology Company Ltd, Gamesa Corporacion Technologica S.A., and Upwind Solutions Inc. While some aspects of wind energy's development and expansion over the next eight years will be a learning curve, the ambitious forecast appears entirely achievable given the ever-changing and developing renewable energy landscape.
Trafigura and Yara International explore clean ammonia usage
Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050.
How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.
Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:
- The supply of clean ammonia by Yara to Trafigura Group companies
- Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
- Development of new clean ammonia assets including marine fuel infrastructure and market opportunities
Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.
There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.
Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.
Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.
Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.
It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.