Offshore Wind Market | by Segments, & Industry Growth by Forecast to 2020-2030.

Offshore wind energy or power is generated by installing wind turbines on bodies of water and harvesting wind energy. Maritime transport has eased the construction of wind farms by lack of limitations on seaways as well as transportation of necessary components. The global Offshore wind Market size is poised to reach USD 114 billion by 2030, according to the latest report by Market Research Future (MRFR). It can register 19.39% CAGR over the forecast period (2022-2030). MRFR is a reputed market research firm that provides business intelligence to key leaders through solid research on upcoming trends and niches.

Competitive Scope

General Electric, ENERCON GmbH, Doosan Heavy Industries & Construction, Goldwind Wind Energy GmbH, Ørsted A/S, Dong Energy A/S, ABB, Engie, Siemens Gamesa Renewable Energy, SA, Senvion SA, EEW GROUP, MHI Vestas Offshore Wind, and Suzlon Energy Limited are key players of the global offshore wind market. Agreements, partnerships, expansions, and investments are to be witnessed in the industry.

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Industry News

Vestas Wind Systems A/S has launched a new 15 MW wind turbine for offshore wind energy developers. The increasing investment in renewable energy projects is likely to create scope for the company to branch its solutions.

Market Scope

The global offshore wind market is estimated to gain huge demand due to heavy investments in renewable energy as well as sustainable energy integration plans of governments. Offshore wind energy is capable of generating energy by leveraging on the power of the wind on the high seas. Saturation of sites onshore is expected to create new opportunities for the market in the coming years. Improvements in installation as well as capacity of wind turbines can induce demand from the market. The shift from conventional energy sources as well as regulatory frameworks for pushing the installation of wind farms can bode well for the market. Investments in floating offshore plants due to efficiency and resilience of latest turbines can assist the industry in its growth trajectory.

The COVID-19 pandemic had affected the production chain of various components. However, the establishment of a common forum by members of wind energy producers has been able to rein in the losses. Economic relief stimulus packages coupled with health and safety regulations of workers have been taken into consideration for ensuring the sustainability of the industry.

But the impact of wind farms on the environment and surrounding marine ecosystem can hamper its growth.

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Segmentation

By components, turbines are expected to lead the global offshore wind market. Large amount of power generated due to large blade lengths and innovation in turbine models can push the segment growth.

By location, the shallow water segment is likely to dominate the market owing to favorable wind conditions for generating more power. The low capital required is likely to drive financing of shallow water based wind generation projects.

Regional Analysis

Geographically, the global offshore wind market is segmented into North America, Europe, and Asia Pacific (APAC).

Europe is touted to gain the largest market share, followed by North America. Supportive government policies coupled with incentives for lowering carbon emission levels can drive the demand for offshore wind in the region. Dipping costs of power consumption is likely to spur investments in Europe. Continuous evolution of wind turbines as well as installation of wind farms away from the coast can facilitate market growth.

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North America is expected to be highly lucrative for the global offshore wind market owing to initiatives towards clean energy initiated in the U.S. Reduction of greenhouse gases as well as efforts for curbing pollution levels can bode well for the market. Moreover, the recent survey by the U.S. Department of Energy (DoE) has outlined the potential of the U.S. being capable of producing 7,200 terawatt hours of electricity. Energy priority changes amid awareness of global warming have led to identification of spots for wind farms. Clean energy targets as well as approval of installations can augur favorably for the market.