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