Wind Power Market to Register Substantial Expansion by 2026
After the two dominating markets such as the U.K. and Germany for offshore wind, China is in the race to quickly wrap up its huge offshore wind farms projects of hundreds of MW in the near future. Although fixed tariff for offshore wind farms is yet to be decided.
The offshore wind market in the U.S. is still testing the frequency of offshore water. In the U.S., Cape Wind projet in Massachusetts and the Deepwater Block Island project received all the certifications to start both the projects as early as possible.
Majorly, the promising offshore wind market is in Japan that has huge potential to tap wind energy. First floating offshore wind farm and floating offshore substation are in the Fukushima region. These projects achieved approval in less than two years from the concerned authorities. It is expected that this year will see more progress owing to the usage of high capacity semisubmersible and floating spars. Commissioning for such projects is planned for next year. Domestic offshore wind operations and Maintenance capabilities along with the strong supply chain network are the key drivers of the Japan’s wind energy market.
Strong regulatory support and active participation from financers are important to increase the share of renewable energy investments in developing economies such as India and China. Also, ensuring that the solar and wind industries are taking important lessons from each other experience can help both the markets to grow at a healthy rate in the coming future. By forming a joint venture with financial institutions to develop strong and effective financing policies and mechanisms, government and stakeholders can provide a needed alteration in the wind energy market that can easily provide power in future and can help mitigate worst impacts of climate.
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Financing in wind energy sector is mainly balance sheet financing as credit period from private investors has been extended to the wind power projects on the basis of the balance sheet strength from the developer rather than the creditworthiness of the project. However, with the rise of the new financial policies, financial institutions have started considering non-recourse financing.
Stringent government rules and regulations and increasing usage of the clean energy are some of the key drivers of the wind power market. However, huge amount required to carry out the maintenance process of turbine and other equipments can hamper the growth of the market. Large numbers of opportunities are there for the wind energy market owing to the increase in the pollution level and respiratory problems from conventional fuels.
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Some of the key companies in the business of wind power are AWS Truepower, LLC, DNV GL, Blue Sky Energy, Inc., Enercon India Pvt limited, Wind World India limited, GE Wind Energy Limited, Orient Green Power Limited, Indowind Energy Limited, Aban Loyd Chiles Offshore Ltd, Newam Power Company Ltd. and Suzlon Energy among others.
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