Belgium Wind Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Belgium Wind Energy Market is segmented by Location of Deployment (Onshore and Offshore)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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The Belgium wind energy market is expected to record a CAGR of more than 15.2% during the forecast period, 2020-2025. The market studied is expected to witness significant growth due to the rising energy demand coupled with the increasing share of renewable in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, regulations on energy efficiency, and utilization of energy. However, the rising adoption of alternate clean power sources, such as solar energy, is likely to restrain the growth of the wind energy market in the coming years.
The sixth wind farm, Norther, began producing electricity in 2019, bringing the total production capacity to 1556 MW. With the completion of this project, Belgium has become the fifth-largest offshore wind energy producer in the world in 2019.
Moreover, the integration of artificial intelligence, the internet of things, robotics, and data analytics in wind energy will enable advanced condition monitoring and predictive maintenance.
This results in improved efficiency and reduced operational and maintenance costs, which are likely to provide the opportunity to a growth in the deployment of wind energy in the coming future.
Scope of the Report
The Belgium wind energy market report includes:
Location of Deployment
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Key Market Trends
Offshore Wind Energy is Expected to Drive the Market
As demand for energy is rising, major companies are turning toward the adoption of renewable energy as it has the ability to provide clean energy. The advancements in offshore wind technologies have drawn several foreign investments.
By location of deployment, the offshore industry is expected to remain the driver of the Belgium wind power industry investments during the forecast period, owing to declining costs and improved technology.
The offshore wind industry of Belgium witnessed major investments in 2019, as it accounted for USD 6.6 billion. The major projects in offshore wind power included the 370 MW, which involved an estimated investment of USD 1.3 billion.
Besides this, recently, the companies have been able to install taller wind turbines due to improvements in the wind turbine materials used, which allows the turbines to exploit higher altitude winds. Also, these new turbines have larger blades and, hence, are able to sweep more area than the smaller turbines.
The growing size of the wind turbines has helped lower the cost of wind turbines, indicating that it is economically competitive with fossil fuel alternatives. These recent trends are expected to drive the wind energy market in the country during the forecast period.
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Reduction in Maintenance Cost of Wind Turbine
In order to minimize the maintenance costs, companies have adopted a permanent magnet generator for the turbine, which results in lesser maintenance costs and higher reliability.
The blades stretch out more than 80 meters and the turbine towers more than 105 meters above sea level, and a swept area of 21,124m².
The growing size of the wind turbines has helped lower the cost of wind turbines, indicating that it is economically competitive with fossil fuel alternatives. These recent trends are expected to drive the wind energy market.
The Northwester 2 wind farm will comprise 23 MHI Vestas V164 wind turbines with a capacity of 9.5MW each and the capability of powering 9,500 Belgian homes.
The companies have been able to install taller wind turbines due to improvements in the wind turbine materials used, which allows the turbines to exploit higher altitude winds.
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The Belgium wind energy market is moderately fragmented. Some of the key players in this market include PoweratSea, Siemens Gamesa Renewable Energy SA, Parkwind NV, Renewable Energy Base Oostende, and Senvion SA.