Research and Markets has announced the addition of Offshore Wind Power Market Potential to their offering.

Wind power is the conversion of wind energy into useful forms, such as electricity, using wind turbines. In windmills, wind energy is directly used to crush grain or to pump water. At the end of 2007, worldwide capacity of wind-powered generators was 94.1 gigawatts. Although wind currently produces just over 1% of worldwide electricity use, it accounts for approximately 19% of electricity production in Denmark, 9% in Spain and Portugal, and 6% in Germany and the Republic of Ireland (2007 data). Globally, wind power generation increased more than fivefold between 2000 and 2007.

The deployment of offshore wind power can be considered to have happened in two phases to date. The first phase involved a series of small demonstration projects generally constructed in sheltered shallow waters from 1995 to 2000. The second phase was for projects, which still had a demonstration role, but which were of an increasingly commercial nature and were developed in more technically demanding situations between 2000 and 2004. In the year 2000, seven mostly small-scale demonstration projects were operational. By 2004, the industry had developed 15 projects many of them large-scale and fully commercial.

The estimated cost of offshore wind energy varies widely depending on the project, but some studies indicate that offshore projects cost significantly more than land-based turbine systems. Much of the premium that is now being paid for offshore systems can be attributed to higher costs for foundations, installation, operation and maintenance.

As wind turbines are adapted for offshore, the process of achieving favourable economics depends less on reducing wind turbine costs and more on a full system life cycle cost approach.

The report on Offshore Wind Energy is a complete analysis of the global offshore wind energy industry, with special focus on the United States and Europe, the leaders in offshore wind energy developments today. The report analyzes the technology, barriers to the development of offshore wind energy, regulatory framework, country-wide market analysis, and a profile of the major industry players.