Offshore Wind Energy Market By Turbine Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW) By Installation Type (Floating, Fixed Structure) By Water Depth (>0 ≤ 30 m, >30 ≤ 50 m, > 50 m) By Component (Turbine, Substructure, Electrical Infrastructure) By Region - Global Forecasts 2016 to 2026

Date : Jan 2021

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Report ID : 24

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Category : Clean and Renewable Energy

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Report Format:  PDF EXCEL PPT WORD

Offshore Wind Energy Market Report Overview:

The global Offshore Wind Energy Market is projected to grow at a CAGR of 15.2% to reach USD 61.9 billion by 2026 from 23 billion in 2019. Offshore Wind Energy plant is an infrastructure facility used to produce electricity using wind energy from plants established at offshore locations. Rising investment in renewable energy sources, rising concerns over environmental emissions, and government support are proliferating the demand for Offshore Wind Energy plants. The Offshore Wind Energy market is largely growing on account of environmental concerns regarding reducing greenhouse gas emissions and effective utilization of renewable energy resources. Various governing bodies and organizations across the world are thus investing heavily in renewable energy sources for reducing carbon emissions and also to ensure a stable and secure energy supply.

There are many sites in the ocean which have a very significant potential to generate Offshore Wind Energy and the market of Offshore Wind Energy is also expected to grow on account of the growing availability of technology and keen interest shown by wind energy companies.

The Offshore Wind Energy market is also growing on account of new emerging use cases which this report seeks to explore in detail. The increasing exploitation of the earth’s offshore wind potential brings new challenges and opportunities for the power generation and transmission sector. On account of high grid connection cost, limited grid availability and the lack of a proper regulatory framework for wind energy farms the majority of offshore wind projects are located 100 km from the coast. A wind turbine is comparatively more capital-intensive as compared to conventional fossil fuel operated natural gas power plant.

Offshore Wind Energy Market

At present the offshore wind energy accounts for a small share of the total installed wind power capacity of the world. The development of offshore wind energy has largely been focussed towards the northern European counties, particularly around the North Sea and the Baltic Sea.

The research report analyses the ecosystem of Offshore Wind Energy   and categorizes the Offshore Wind Energy Market to forecast the revenues and analyse the trends in each of the following below mentioned market segments.

By Turbine Rating

  • ≤ 2 MW
  •  >2≤ 5 MW
  • >5≤ 8 MW
  • >8≤10 MW
  • >10≤ 12 MW
  •  > 12

By Installation Type

  • Floating
  • Fixed Structure

By Water Depth

  • >0 ≤ 30 m
  • >30 ≤ 50 m,
  • > 50 m

By Component

  • Turbine
  • Substructure
  • Electrical Infrastructure
  • Others

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Norway
    • Italy
    • Spain
    • Netherlands
    • Rest Of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • New Zealand
    • Rest Of Asia Pacific
  • South America
  • ROW

The unique insights provided by the offshore wind energy market report also includes the following:

  1. In-depth value chain analysis
  2. Opportunity mapping
  3. Sector snapshot
  4. Technology landscape
  5. Regulatory scenario
  6. Patent trends
  7. Market trends
  8. Covid-19 impact analysis
  9. Wind energy statistics
  10. Electricity tariffs and pricing trends
  11. Sustainability trends and environmental concerns
  12. Critical Success Factors
  13. Competitive Landscape
  14. Customer preferences

In terms of market by Installation type, the fixed structure segment is estimated to be the largest segment during the forecast period

On the basis of the market by Installation type, the offshore wind energy market is segmented into floating and fixed structure types.  The fixed structure segment of the Offshore Wind Energy market is expected to be the biggest segment of the Offshore Wind Energy market in the forecast period. The fixed structure is preferred on account of ease of installation, maintenance, and cost-effectiveness. Fixed structures also provide a higher level of structural integrity under various loading scenarios.

By Water Depth the, > 30m segment is expected to be the largest segment

In terms of water depth in the current global Offshore Wind Energy market, the less than 30-meter segment accounts for the largest share. This is because it is easy to install and maintain wind turbines in shallow water. However, the market is fast shifting towards deepwater installations. The wind turbines based on floating structures specifically designed for deeper waters are currently in the early phase of development and deployment.

Europe is expected to be the largest segment in the forecast period

The European region accounted for the largest share of the Offshore Wind Energy market. While Asia Pacific is expected to be the fastest-growing market in terms of CAGR trend. The UK is a leading market for Offshore Wind Energy generation in Europe. China is investing heavily in offshore wind energy and is expected to lead the offshore wind energy market in the near future. Other key emerging countries in the offshore wind energy market include U.S., Taiwan, India, Vietnam, South Korea, and Japan.

Snapshot of Drivers, Restraints, Opportunities, and Challenges of Offshore Wind Energy Market:

Drivers:

  • Demand for alternate sources of energy
  • Technological advancements
  • Supportive government policies
  • Higher energy generation as compared with on shore wind energy turbines

Restraints:

  • Higher capital costs
  • Higher grid connection costs and limited grid availability
  • Lack of a proper regulatory framework for wind energy farms

Opportunities:

  • Growing Asia-Pacific Market
  • Floating offshore wind turbines
  • Direct drive technology
  • Autonomous Offshore Wind Inspection and Repair Solutions

Company Profiles and Competitive Intelligence Covered in Offshore Wind Energy Market Report are:

  1. Company Profiles (Installation Companies)
    1. Adwen
    2. Ming Yang Smart Energy Group Co.
    3. Doosan Heavy Industries and Construction Co., Ltd
    4. General Electric Company
    5. MHI Vestas Offshore Wind A/S
    6. Senvion SA
    7. Siemens Gamesa
    8. Sinovel Wind Group Co.
    9. ABB, Ltd.
    10. Bergey Windpower
    11. Nexans
    12. RTS Wind AG
  2. Company Profiles (Testing, Inspection and Advisory Services)
    1. DNV GL
    2. TÜV SÜD
    3. SGS
    4. ABS Group
    5. UL
    6. Offshore Wind Consultants (OWC)
    7. K2 Management
    8. ODE (Offshore Design Engineering Limited) Group
    9. Everoze
    10. LOC group
    11. RCG
    12. Xodus Group
    13. BVG Associates

Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. Market Introduction
    1. Definition
    2. Scope Of The Study
    3. List Of Assumptions
    4. Market Structure
  2. Executive Summary
  3. Market Overview
    1. Market Drivers
      1. Technological advancements
      2. Government Initiatives for carbon foot print reduction
      3. Increasing Share of Renewable Energy in the Power Generation Mix
    2. Market Restraints
      1. Capital Costs
    3. Opportunities
      1. Growing Asia-Pacific Market
      2. Floating offshore wind turbines
      3. Direct drive technology
      4. Autonomous Offshore Wind Inspection and Repair Solutions
    4. Value Chain Analysis
    5. Offshore Wind Energy Site Section, Feasibility and Installation Services
      1. Technical Due Diligence
      2. Risk Assessment
      3. Wind Turbine Certification
      4. Grid support services
      5. Offshore wind turbine testing and inspection
    6. Revenue opportunity analysis for Offshore Wind Energy Site Section, Feasibility and Installation Services
  4. Premium Insights
    1. Key Revenue Pockets By Segments
    2. Key Revenue Pockets By Geographies
    3. Technological Advancements
    4. Case studies of successful ventures
    5. Market Leader Benchmarking
      1. Process / Technology
      2. Targeted Industry
      3. Targeted Applications
      4. Geographic Presence
      5. Certifications / Standard Adherence 
      6. Key Strategies
    6. COVID – 19 Opportunity Mapping
      1. Revenue Impact & Opportunity
      2. Strategic Adjustments
      3. Supply Chain Impact
      4. Impact Outlook
  5. Market Segmentation
    1. Turbine Rating
      1. ≤ 2 MW
      2.  >2≤ 5 MW
      3.  >5≤ 8 MW
      4.  >8≤10 MW
      5.  >10≤ 12 MW
      6. > 12 MW
    2. Installation Type
      1. Floating
      2. Fixed Structure
    3. Water Depth
      1. >0 ≤ 30 m
      2.  >30 ≤ 50 m
      3.  > 50 m
    4. Electrical Infrastructure
      1. Wires & Cables
      2. Substation
    5. Component
      1. Turbine
        1. Blades
        2. Tower
      2. Substructure
        1. Steel foundations
        2. Monopile
        3. Jacket
      3. Electrical Infrastructure
        1. Wires & Cables
        2.  Substation
      4. Others
    6. Geography
      1. North America
        1. US
        2. Canada
      2. Europe
        1. UK
        2. Germany
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
      3. APAC
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Singapore
        6. Rest of APAC
      4. RoW
        1. Middle East
        2. Africa
        3. LATAM
  6. Competitive Landscape
    1. Market Share
    2. Key Strategies Adoption
    3. Recent Development
  7. Company Profiles (Installation Companies)
    1. Adwen
    2. Ming Yang Smart Energy Group Co.
    3. Doosan Heavy Industries and Construction Co., Ltd
    4.  General Electric Company
    5. MHI Vestas Offshore Wind A/S
    6. Senvion SA
    7. Siemens Gamesa
    8. Sinovel Wind Group Co.
    9. ABB, Ltd.
    10. Bergey Windpower
    11. Nexans
    12. RTS Wind AG
  8. Company Profiles (Testing, Inspection and Advisory Services)
    1. DNV GL
    2. TÜV SÜD
    3. SGS
    4. ABS Group
    5. UL
    6. Offshore Wind Consultants (OWC)
    7. K2 Management
    8. ODE (Offshore Design Engineering Limited) Group
    9. Everoze
    10. LOC group
    11. RCG
    12. Xodus Group
    13. BVG Associates
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