Global Offshore Wind Market Is Expected to Witness Substantial Demand from Diverse Verticals

Market Dynamics

The global Offshore Wind market was valued at USD 22.85 Billion in 2015, and is projected to reach USD 72.18 billion by 2025, growing at a CAGR of over 12% over the forecast period. The continuous growth is attributed to the growing demand for clean energy for protecting the environment and decreases the carbon emissions by generating power from renewable resources. Offshore wind energy forms an integral part of clean energy resources and possess higher capacity factor in comparison to onshore wind.

National Renewable Energy Laboratory (NREL) for the U.S. Department of Energy (DOE) is intended to deliver offshore financiers, wind policymakers, developers, regulators, researchers, engineers, and supply chain participants. The laboratory offers quantitative information about the offshore wind market, cost trends and various technologies offered in the United States and worldwide. According to Offshore Wind Technologies Market Report by NREL, Europe dominates the market with 90% of global installed capacity at the end of 2016. North America is expected to witness significant growth for commissioning of first offshore wind project, the 30-MW BIWF. Furthermore, Asia Pacific region has also witnessed an offshore deployment in 2015 and 2016.

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Various emerging nations have unwrapped surplus opportunities for the global offshore wind turbines market, since the pressure for lowering carbon emissions is mounting each day. A combination of increasing plant size, infrastructure technology improvements, and related R&D investments, coupled with favorable market, policies, and economic conditions has led to a key trend in power generation for offshore wind. Offshore wind technology has become more cost-effective with each competitive tender in Europe. Industry-leading countries such as the UK, the Netherlands, Germany, Denmark, and Belgium are into a transition phase to market-oriented policies.

Industry Overview

Offshore wind is an abundant clean energy solution for many coastal load centers with large population and higher energy demand. Cost reduction strategies and technological improvements are being exported globally with the deployment of offshore wind market. Offshore wind technology includes inshore water areas as well including creeks, lakes, and sheltered coastal areas, utilizing conventional fixed bottom turbine technologies and deep water areas utilize floating turbines.

Shifting preference of consumers, growing demand for conventional sources of energy and rise in demand for electricity consumption are major drivers of the global offshore wind market. However, less investments and high initial costs tends to hinder the growth over the forecast period. Although, increasing R&D activities in cheaper products has anticipated paving new opportunities for offshore wind market.

Top Industry Player’s

Some of the prominent players operating in the global offshore wind turbines market are Enercon GmbH, Xinjiang Goldwind Science & Technologies Co. Ltd, Gamesa Corporacion Technologica S.A., Siemens Wind Power, Guodian United Power Technology Company Ltd, Vestas Wind Systems A/S, Nordex S.E., Upwind Solutions Inc., Suzlon Group, and GE Wind Energy.

Based on component segment, the report includes the revenue, growth rate, and market share, of each type,

Turbine, Substructure, Electrical Infrastructure

The turbine component is estimated to be the largest segment for the offshore wind market

The turbines segment has been expected to acquire the major share of the total offshore wind project. It is the most important component of an offshore wind farm. Companies are upgrading and increasing the turbine size owing to advanced technologies and to increase energy efficiency. Moreover, larger the wind turbine, the more energy is produced each time as the turbines rotate. Therefore, turbine manufacturers are continuously upgrading and expanding their product portfolio for contributing to the ever increasing demand for high capacity wind turbines.

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On the basis of capacity, the market has been segmented further, and displays growth rate and market share over the forecast period;

Upto 1 MW, 1-3 MW, 3-5 MW, 5 MW and Above

Based on location, the market has been bifurcated into:

Shallow Water, Transitional Water, Deep Water

Shallow water segment has been anticipated to be the largest offshore wind market by location

Among the three water depth location for offshore wind turbines market, shallow water is anticipated to hold the largest share over the forecast period. The development of shallow water is cost effective owing to better weather conditions, however, installing wind turbines in deep water becomes expensive due to high maintenance cost. Although, offshore wind turbines are getting installed in all three water locations depending on the region, turbine capacity, and wind speed. Shallow water condition mostly prevails in the European countries owing to favorable weather conditions.

Globally, the market has been segregated into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, market share¸ with revenue (Billion USD), and growth rate for the regions, from 2015 to 2025 (forecast)

  • North America: U.S., and Rest of North America
  • Europe: France, Germany, UK, and rest of Europe
  • Asia Pacific: China, India Japan, and Rest of Asia Pacific
  • Middle East & Africa: South Africa, North Africa, GCC, and Rest of MEA
  • Latin America: Brazil and Rest of Latin America

Europe region is predicted to grow substantially over the forecast period

Europe and Asia Pacific region are anticipated to deliver significant growth potential for the offshore wind turbines market throughout the forecast period. Europe region has been anticipated to dominate the global offshore wind turbines market, with vast expansion in offshore wind power generation. Wind is one of the leading sources of the renewable energy mix in the region. Offshore wind energy is gaining market share at a rapid pace in the renewable energy mix, since the advantages it possesses over onshore wind energy.

Various nations across the globe have established electricity generation targets from green energy sources. Emerging economies such as India are now focusing on green energy for power generation. India has set targets of electricity generations by wind energy and solar energy. Exploration of offshore sites is being carried out in order to enhance profitability of power generation from wind energy. Unlike onshore sites, offshore sites generally have uninterrupted winds throughout the year.

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