The global offshore wind energy market size is expected to reach around US$ 129 billion by 2030 and is expected to grow at an impressive double-digit rate of 18.82% from 2022 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global offshore wind energy market for the period 2017-2030, wherein 2022 to 2030 is the forecast period and 2021 is considered as the base year.
Report Highlights
- Depending on the component type the turbines structure has dominated the offshore wind market. In order to prevent the corrosion of its blades new methods of prevention are coming in play a Norwegian company is working on the same.
- Depending on the depth of the water bodies the shallow water foundations are booming due to easy installation and low cost of maintenance
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Report Scope of the Offshore Wind Energy Market
| Report Coverage | Details |
| Market Size by 2030 | USD 129 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 18.82% |
| Largest Market | North America |
| Fastest Growing Market | Europe |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
Market Dynamics
Drivers
Nations across the globe are adopting policies for usage of renewable energy sources so this happens to be the major driver for the offshore wind energy market. There has been a drastic change in the green energy options in order to cut-down the carbon footprints various corporates and other sectors are finding this option lucrative Equinor is focusing on cutting down its carbon emissions to almost half by the year 2050. Off-shore winds are faster as compared to that on land and therefore generate more power ,also the wind are steady and hence there is constant production which means it is a reliable source for energy generation. They will create jobs in the future with the successful adoption of this technology and also eliminate all the environmental pollutants.
Restraints
The equipment and the foundation laid offshore involve high cost and also involve logistic issues due to the location of installation. Also the maintenance cost will be high and corrosion of the turbines can’t be ruled out. Solving even the smallest issues in the wind turbines becomes very difficult during the bad weather. Hurricanes or storms can damage the wind turbines, the underwater cables that transfer electricity back to land are highly expensive to produce and install.
Opportunities
Recent initiatives by the various governments to adopt renewable energy sources on the rise and this happen to the best opportunity governments are focusing on green options forthe reduction of carbon footprints. The international Renewable Energy Agency states there must be a rise of upto 86% in the green energy sources by the year 2050. The size of the blades can be huge as it has a large area for expansion over the water leading to an increased output.
Challenges
The pandemic COVID 19 has adversely affected the market and the installation and the supply chain wee affected. Due to which the desired output was not achieved. Since there were interruptions in the global trade the expansion of the market has slowed down. The turbines or the infrastructure has a negative impact on the wildlife, flora and fauna of the water and it poses a threat to birds flying over the water body safety of the employees is compromised when working on the offshore sites operators’ safety is also a concern for the R&D team. Currently the shallow water bodies are used for installation but in future the deeper waters will be used and the innovation and technology for the foundation to install the turbines must be apt for the same.
Recent Developments
The installation of 107 monopile foundation is likely to start in 2023. The contract was signed in the year 2021 by OrstedA/S and Jan De Nul Group. Another contract for 100 turbines will be deployed for a project; the contract was signed in April 2021 by Siemens Gamesa Renewable Energy. A multi turbine technology is under development by Norwegian company which will generate five times the energy as compared to the turbines that are presently used. The design is that of a square grid with about 100 small blades. All of this is supported by a floating Platform.
Research Methodology
A unique research methodology has been utilized to conduct comprehensive research on the growth of the global offshore wind energy market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the draw conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global offshore wind energy market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Why should you invest in this report?
If you are aiming to enter the global offshore wind energy market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for offshore wind energy are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Some of the prominent players in the global offshore wind energy market include:
Siemens Gamesa, Prysmian Group, Nexans, Sumitomo Electric, General Electric, Southwire LLC, IMPSA, Enessere, LS Cable & System, Vestas, Goldwind, Nordex, WEG, Suzlon Energy, Global Energy (Group), Senvion, RTS Wind, Vattenfall, ENVISION Group, NSW Cable, Clipper Windpower, Enercon, JDR Cable, Northland Power, Bergey Windpower, NKT A/S, and Zhejiang Windey.
Market Segmentation:
By Components
- Turbines
- Rating
- ≤ 2 MW
- > 2 to ≤ 5 MW
- > 5 to ≤ 8 MW
- > 8 to ≤ 10 MW
- > 10 to ≤ 12 MW
- > 12 MW
- Installation
- Floating
- Axis
- Component
- Fixed
- Axis
- Component
- Floating
- Rating
- Electrical infrastructure
- Wires & cables
- Substation
- Others
- Support Structure
- Substructure (steel)
- Foundation
- Monopile
- Jacket
- Others
By Location
- Shallow Water
- Transitional Water
- Deep Water
By Depth
- 0 to ≤ 30 m
- 30 to ≤ 50 m
- 50 m
By Capacity
- Up to 3MW
- 3MW to 5MW
- Above 5MW
Regional Analysis:
The geographical analysis of the global offshore wind energy market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American Market is again segmented into the US, Canada, and Mexico. Coming to the European Market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global offshore wind energy Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global offshore wind energy market in 2030?
- What is the expected CAGR for the offshore wind energy market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global offshore wind energy market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Offshore Wind Energy Market
5.1. COVID-19 Landscape: Offshore Wind Energy Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Offshore Wind Energy Market, By Components
8.1. Offshore Wind Energy Market, by Components Type, 2022-2030
8.1.1. Turbines
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Electrical infrastructure
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Support Structure
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Offshore Wind Energy Market, By Location
9.1. Offshore Wind Energy Market, by Location, 2022-2030
9.1.1. Shallow Water
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Transitional Water
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Deep Water
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Offshore Wind Energy Market, By Depth Type
10.1. Offshore Wind Energy Market, by Depth Type, 2022-2030
10.1.1. 0 to ≤ 30 m
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. 30 to ≤ 50 m
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. 50 m
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Offshore Wind Energy Market, By Capacity Type
11.1. Offshore Wind Energy Market, by Capacity Type, 2022-2030
11.1.1. Up to 3MW
11.1.1.1. Market Revenue and Forecast (2017-2030)
11.1.2. 3MW to 5MW
11.1.2.1. Market Revenue and Forecast (2017-2030)
11.1.3. Above 5MW
11.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 12. Global Offshore Wind Energy Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Components (2017-2030)
12.1.2. Market Revenue and Forecast, by Location (2017-2030)
12.1.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.1.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Components (2017-2030)
12.1.5.2. Market Revenue and Forecast, by Location (2017-2030)
12.1.5.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.1.5.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Components (2017-2030)
12.1.6.2. Market Revenue and Forecast, by Location (2017-2030)
12.1.6.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.1.6.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Components (2017-2030)
12.2.2. Market Revenue and Forecast, by Location (2017-2030)
12.2.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.2.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Components (2017-2030)
12.2.5.2. Market Revenue and Forecast, by Location (2017-2030)
12.2.5.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.2.5.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Components (2017-2030)
12.2.6.2. Market Revenue and Forecast, by Location (2017-2030)
12.2.6.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.2.6.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Components (2017-2030)
12.2.7.2. Market Revenue and Forecast, by Location (2017-2030)
12.2.7.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.2.7.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Components (2017-2030)
12.2.8.2. Market Revenue and Forecast, by Location (2017-2030)
12.2.8.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.2.8.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Components (2017-2030)
12.3.2. Market Revenue and Forecast, by Location (2017-2030)
12.3.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.3.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Components (2017-2030)
12.3.5.2. Market Revenue and Forecast, by Location (2017-2030)
12.3.5.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.3.5.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Components (2017-2030)
12.3.6.2. Market Revenue and Forecast, by Location (2017-2030)
12.3.6.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.3.6.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Components (2017-2030)
12.3.7.2. Market Revenue and Forecast, by Location (2017-2030)
12.3.7.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.3.7.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Components (2017-2030)
12.3.8.2. Market Revenue and Forecast, by Location (2017-2030)
12.3.8.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.3.8.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Components (2017-2030)
12.4.2. Market Revenue and Forecast, by Location (2017-2030)
12.4.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.4.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Components (2017-2030)
12.4.5.2. Market Revenue and Forecast, by Location (2017-2030)
12.4.5.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.4.5.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Components (2017-2030)
12.4.6.2. Market Revenue and Forecast, by Location (2017-2030)
12.4.6.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.4.6.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Components (2017-2030)
12.4.7.2. Market Revenue and Forecast, by Location (2017-2030)
12.4.7.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.4.7.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Components (2017-2030)
12.4.8.2. Market Revenue and Forecast, by Location (2017-2030)
12.4.8.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.4.8.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Components (2017-2030)
12.5.2. Market Revenue and Forecast, by Location (2017-2030)
12.5.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.5.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Components (2017-2030)
12.5.5.2. Market Revenue and Forecast, by Location (2017-2030)
12.5.5.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.5.5.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Components (2017-2030)
12.5.6.2. Market Revenue and Forecast, by Location (2017-2030)
12.5.6.3. Market Revenue and Forecast, by Depth Type (2017-2030)
12.5.6.4. Market Revenue and Forecast, by Capacity Type (2017-2030)
Chapter 13. Company Profiles
13.1. Siemens Gamesa
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Prysmian Group
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Nexans
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Sumitomo Electric
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. General Electric
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Southwire LLC
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. IMPSA
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Enessere
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. LS Cable & System
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Vestas
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
13.11. Goldwind
13.11.1. Company Overview
13.11.2. Product Offerings
13.11.3. Financial Performance
13.11.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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