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China Offshore Wind Power Industry Research Report, 2018-2020

Publisher Name :
Date: 16-Aug-2018
No. of pages: 105

In 2017, China added 319 new turbines installation for offshore wind power, with a capacity of 1160MW, an increase of 97% over the previous year. The cumulative installed capacity of offshore wind power showed an explosive growth, from 150MW in 2010 to 2790MW in 2017. The proportion of newly installed offshore wind power in integrated new installation increased rapidly, from 0.74% in 2010 to 5.90% in 2017.

Started from 2017, offshore wind power was fully launched in China, and the installed capacity of offshore wind power continued to expand. In 2017, domestic offshore wind power project tenders were 3.4GW, up 81% year-on-year, accounting for 12.5% of the overall national tenders. According to the national ‘13th five-year plan’ for wind power development, the construction scale of offshore wind power will reach 10GW by 2020, and the cumulative grid-connection capacity will be more than 5GW.

The CAGR of installed offshore wind power capacity will exceed 75% in the next four years. Combined with the 13th five-year development goal of offshore wind power, we expect China's cumulative installed capacity of offshore wind power will reach 15.78GW by 2020.

The domestic offshore generating sets are faced with obvious shortcomings such as lack of effective verification and lack of standards. The technology gap with overseas companies is obvious. The main capacity of China's offshore wind power turbines is 3MW-4MW, and most of the 5MW-6MW wind power turbines are in the stage of small batch test. The independent R&D has made some breakthroughs, but the core technology still relies on mature overseas companies. In Europe, 6 MW offshore wind power turbines have been industrialized, 8.5 MW and 9.5 MW offshore wind power turbines have entered the trial operation stage, and 12MW offshore wind power turbines have also begun to be designed. Currently China cannot realize localization of large power wind turbines, coupled with limited technical level, the cost of domestic wind power turbines manufacturing is relatively high, which is about RMB 5,000-8,000/KW.

By the end of 2017, there were 11 domestic offshore wind turbine suppliers, among which, suppliers with a 150MW+ capacity includes Envision, Goldwind, SINOVEL, etc. The market is highly concentrated. In 2017, a total of 8 manufacturers got new turbine hoisting, most of these turbines came from Goldwind, Envision and CSIC Haizhuang.

China Offshore Wind Power Industry Research Report, 2018-2020

Table of Contents

1. Executive Summary
1.1 Abundant offshore wind power resources
1.2 The development of wind power is shifting to non-restricted areas
1.3 Market cap outlook

2. Snapshot of Policies
2.1 Electricity price standard changes from concession bidding to benchmark price
2.2 From project demonstration to overall accelerated development driven by policy planning
2.3 Grid parity is near, offshore wind will step into market-oriented development
2.4 Policy reference-Quota system drives UK offshore wind power development

3. Landscape of Industry Chain
3.1 Industry landscape of onshore & offshore wind power
3.2 Large-scale central government-owned power enterprises dominate the development of offshore wind power
3.3 Core components and raw materials
3.4 Concentrated wind turbine market
3.5 Profitable wind power tower and pile foundation
3.6 Submarine cable-attractive in high seas projects in the future
3.7 Offshore wind farm vessel and O&M market

4 Cost down driven by technology changes

5 Major Offshore Wind Turbine Players in China
5.1 Xinjiang Golden Wind Science & Technology Co., Ltd.
5.1.1 Profile
5.1.2 Wind power turbine business
5.1.3 Wind power farm business
5.1.3 Wind power farm O&M business
5.2 CSIC Haizhuang Windpower Co., Ltd.
5.2.1 Profile
5.2.2 Main products
5.2.3 Wind power turbine business
5.2.3 Clients & suppliers
5.3 Ming Yang Smart Energy Group Limited
5.3.1 Profile
5.3.2 Main Products
5.3.3 Wind power turbine business
5.3.4 Clients & suppliers
5.4 Zhejiang Windey Co., Ltd.
5.4.1 Profile
5.4.2 Main products
5.4.3 Wind power turbine business
5.4.4 Clients & suppliers

6 Major Offshore Wind Tower Players in China
6.1 Shanghai Taisheng Wind Power Equipment Co., Ltd.
6.1.1 Profile
6.1.2 Operation
6.1.3 Offshore Wind Tower Business
6.2 Titan Wind Energy (Suzhou) Co., Ltd
6.2.1 Profile
6.2.2 Operation
6.2.3 Offshore Wind Tower Business

7 Major Offshore Wind Submarine Cable Players in China
7.1 Ningbo Orient Wires & Cables Co., Ltd.
7.7.1 Profile
7.7.2 Operation
7.7.3 Submarine Cable Business
7.7 Jiangsu Zhongtian Technology Co., Ltd.
7.7.1 Profile
7.7.2 Operation
7.7.3 Submarine Cable Business

8 Industry Development Trends
8.1 Large-scale and high power
8.2 Scale expansion of offshore wind power projects, stepping into deep seas

List of Charts

Distribution of annual duration of wind speed above 3m/s in China
Distribution of annual average wind power density at an altitude of 100 meters in waters 5-20 meters deep off the coast of China
China's potential development capacity of onshore and offshore wind resources
Regional distribution of China’s wind power resources
Proportion of abandoned wind power in China, 2013-2018Q1
Wind power utilization hours have shown improvement, 2017Q1/2018Q1
New installed capacity of onshore wind power in China, 2010-2017
Electricity consumption in some coastal and northwest provinces, 2013-2017
Newly & accumulative installation of wind power capacity in China, 2010-2017 (GW)
Wind power installation change by region, 2017
Newly & accumulative installation of offshore wind power capacity in China, 2010-2017 (MW)
Growth rate of onshore and offshore newly installed wind power capacity in China, 2010-2017
Newly & accumulative installation of onshore& offshore wind power capacity in China, 2010-2017 (GW)
Offshore wind power layout of major provinces, 2020
Construction scale proportion of wind power layout in major provinces, 2020
Forecast of newly & accumulative wind power capacity installation in China, 2018-2020
Overview of the first batch of offshore wind power concession bidding projects in China
On-grid price comparison between onshore and offshore wind power in China
Major policies of offshore wind power in China, 2009-2013
Built-up offshore wind plants in China by the end of 2013
Major policies of offshore wind power in China, 2014-2016
Overview of built-up offshore wind projects, 2014-2016
Major policies of offshore wind power in China, 2017-2018
Approved newly started and under construction offshore wind projects in 13th Five-Year Plan
Layout of major provinces according to 13th Offshore Wind Power Development Plan
Dynamic adjustment of major provinces’ offshore wind power plan
Assumed conditions for calculating of renewable energy subsidies gap in China, 2016-2020E
Forecast of renewable energy subsidies gap in China, 2016-2020E
China's current major wind power subsidy policy
Operation process of renewable energy quota system in UK
Changes in renewable energy certificate value in UK, 2012-2017
Flow diagram of offshore wind power investment & development
Transmission system composition of offshore wind power plant
Cost structure of onshore wind power plant
Cost structure of offshore wind power plant
Industrial links of offshore wind power
Related listed companies of offshore wind power in China by industrial segments
Accumulative installed capacity of offshore wind power developers in China, 2017
Cost structure of doubly-fed wind turbine
Key raw material demand of offshore wind power in China, 2020/2030/2050
Accumulative installed offshore wind power capacity by different single turbine capacity in China by the end of 2017
Major parameters of wind turbines manufactured by Chinese enterprises
Major parameters of large megawatt-level wind turbines manufactured by overseas enterprises
Development status of 10MW+ high power wind turbines domestic & overseas
Newly installed offshore wind turbines and capacity by domestic manufacturers， 2017
Accumulative installed offshore wind capacity by domestic turbine manufacturers by the end of 2017
Newly installed offshore wind capacity by intertidal zone，2001-2017
Average bidding price of 2.5MW/2.0MW/1.5MW wind power turbines in China, 2010-2018Q1
Internal structure of wind power tower
Basic structure and range of application of offshore wind power turbines
Merits and demerits of different types of pile foundations
Specification of submarine cable used in intertidal zone/inshore/ high seas wind power projects
Forecast of submarine cable demand from offshore wind power construction in China, 2020
Grid-connection scheme- Flexible DC & AC
Distance of overseas offshore projects are close to 200km
Bids wined by major 4 submarine cable enterprises, 2017-June.2018
Competitive landscape of 220kv+ high voltage submarine cable
Parameters of major offshore wind farm O&M vessels
Expected cost on investment and on-grid price of typical wind farms in China，2010-2050
Major assumed conditions for cost calculation
Cost and yield of offshore wind power investment
Sensitivity analysis of offshore wind farm operation IRR against EPC and utilization time
Sensitivity analysis of offshore wind farm operation LCOE against EPC and utilization time (yuan/Kwh)
Market share of Goldwind’s wind power turbine business in China and worldwide, 2012-2018E
Gross margin comparison among major wind power turbine manufacturers in China, 2017-2017
Gross margin of Goldwind’s wind power turbines by types, 2013-2017
Wind power turbine sales capacity of Goldwind v.s. newly added hoisting capacity in China, 2013-2017 (GW)
Wind power turbine export capacity of Goldwind v.s. total export capacity in China, 2013-2017 (MW)
Order in hand of Goldwind, 2016Q1-2017Q4
Order in hand of Goldwind’s wind power turbines by types, 2015-2017
Average sale price and average cost of Goldwind’s wind power turbines, 2013-2017 (Yuan/kW)
Sales price of Goldwind’s wind power turbines by types, 2013-2017 (Yuan/kW)
Accumulative (equity) grid connection capacity of Goldwind’s wind farm business, 2013-2017
Wind farm reserves of Goldwind by the end of 2017
Utilization hours of Goldwind’s self-run wind farms, 2013-2017
Revenue and gross margin of Goldwind’s wind farm investment & development business, 2013-2017
Status of Goldwind’s international business by the end of 2017
Market size of China’s wind poer farm O&M, 2012-2017
Revenue and gross margin of Goldwind’s wind farm O&M business, 2013-2017
Revenue structure by segments, 2013-2017
Main products of Haizhuang Windpower
Output/sales/capacity of Haizhuang Windpower’s wind power turbine business, 2014-2017H1
Revenue and average price of Haizhuang Windpower’s wind power turbine business, 2014-2017H1
TOP 5 Clients of Haizhuang Windpower, 2014-2017H1
TOP 5 Suppliers of Haizhuang Windpower, 2014-2017H1
Parameters of Mingyang’s 3MW+ wind power turbines
Wind farms installed with Mingyang’s 3MW+ wind power turbines
Operating wind farms of Mingyang by the end of 2017
Wind farms of Mingyang not officially operating by the end of 2017
Capacity and capacity utilization of Mingyang, 2015-2017
Output & sales of Mingyang’s wind turbines by types, 2015-2017
Revenue of Mingyang’s wind turbines by types, 2015-2017
TOP 5 Clients of MIngyang, 2015-2017
Mingyang’s average sales price for major clients, 2015-2017
Components purchase amount of Mingyang, 2015-2017
Average price of components purchased by Mingyang, 2015-2017
TOP 5 suppliers of Mingyang, 2015-2017
Revenue of Windey by product types, 2015-2017
Output, sales and average sales price of Windey’s wind turbines, 2015-2017
Capacity of Windey’s manufacturing bases, 2015-2017 (万千瓦)
Capacity and capacity utilization of Windey, 2015-2017
TOP 5 clients of Windey, 2015-2017
Components purchase amount of Windey by products, 2015-2017
TOP 5 suppliers of Windey, 2015-2017
Revenue of TSP, 2013-2018Q1
Net income of TSP, 2013-2018Q1
Revenue structure of TSP, 2013-2017
Overseas revenue of TSP, 2013-2017
Output and sales of TSP’s Offshore Wind Tower, 2012-2017 (units)
TSP’s revenue from Offshore Wind Tower, 2012-2017
Revenue of Titan Wind, 2013-2018Q1
Net income of Titan Wind, 2013-2018Q1
Revenue structure of Titan Wind, 2013-2017
Overseas revenue of Titan Wind, 2013-2017
Output and sales of Titan Wind’s Offshore Wind Tower, 2012-2017 (tons)
Titan Wind’s revenue from Offshore Wind Tower, 2012-2017
Revenue and net income of Orient Cable, 2012-2017
Revenue structure of Orient Cable, 2017
Gross margin Orient Cable by products, 2011-2017
Assets & liabilities of Orient Cable, 2012-2017
Orient Cable’s submarine cable orders from offshore wind, Dec. 2016-July 2018
Existing submarine cable capacity of Orient Cable by production lines
Output and sales of Orient Cable’s submarine cable, 2012-2017 (km)
Revenue of ZTT, 2013-2018Q1 (RMB mln)
Net income of ZTT, 2013-2018Q1
Revenue structure of ZTT, 2017
Gross margin and net income margin of ZTT, 2013-2017
ZTT’s submarine cable orders from offshore wind, Nov. 2016-Nov. 2017
Proportion of different types of turbines by accumulative offshore wind power capacity till the end of 2017 in China
Capacity demand of single wind power turbine in China, 2010-2050
Evolution and demand of offshore wind power turbines in China, 2010-2050
R&D status of domestic & overseas high power offshore wind power turbines
Development status of 10MW+ high power wind turbines domestic & overseas

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