Market Research Logo

Global Offshore Wind Power Market 2019-2023

Global Offshore Wind Power Market 2019-2023

About this market

The rise in global energy demand is one of the key factors that will trigger the growth of the global offshore wind power market during the forecast period. There was strong growth in the global energy demand due to robust economic growth, propelled by countries such as China, the US, and India. Hence, with the growth of the population and the resulted increase in economic activities, electricity demand is expected to grow significantly during the forecast period. Factors such as the electrification of the heat and transportation sectors, the growth in the number of electronically connected devices, and the digitalization of modern economies have been encouraging the electrification of global energy systems. The demand for energy services such as air-conditioning is expected to rise in households in tandem with the growth in income levels. Furthermore, the use of electric motor systems in industries is fueling the energy demand in the industrial sector. Hence, the growth in energy demand is expected to augment the growth of the global offshore wind power market during the forecast period. Technavio’s analysts have predicted that the offshore wind power market will register a CAGR of nearly 18% by 2023.

Market Overview

Rising government support

Owing to the rising demand for clean energy mix and the shift toward a service-based economy, the demand for renewable energy resources is expected to rise during the forecast period. In June 2018, the Ministry of New and Renewable Energy (MNRE) of India announced a medium- and long-term offshore wind energy target of 5 GW by 2022 and 30 GW by 2030, respectively. Also, in October 2015, the MNRE notified the National Off-Shore Wind Policy to realize the offshore wind power potential in the country. Similarly, Taiwan government has been actively supporting the development of offshore wind power systems. The UK announced its plan to increase its renewable energy development with a target of 30% of the electricity production in the country from offshore wind. Owing to such favorable government regulations and support, the global offshore wind power market is expected to grow during the forecast period.

Environmental concerns

Some of the major environmental concerns related to offshore wind power projects include increased noise levels, alterations to food webs, changes to benthic and pelagic habitats, risk of collisions, and pollution from increased marine vessel traffic or the release of contaminants from seabed sediments. The construction phase is likely to have the maximum impact on marine mammals. Also, mortality of birds can be caused by the collision with the moving turbine blades, which will affect the birds migrating through the area as well as the species that breed or forage in the vicinity. Hence, stringent rules and regulations have been imposed by respective authorities to avoid the adverse environmental impact of offshore wind power generation. The environmental concerns and the stringent regulations to preserve the marine ecosystem can limit the growth of the global offshore wind power market during the forecast period.



For the detailed list of factors that will drive and challenge the growth of the offshore wind power market during 2019-2023, view our report.

Competitive Landscape

The market appears to be moderately fragmented. The presence of several companies including General Electric Co. and MHI Vestas Offshore Wind AS makes the competitive environment quite intense. Factors such as the rising government support and rise in global energy demand will provide considerable growth opportunities to the offshore wind power manufacturers. Erndtebrücker Eisenwerk GmbH & Co. KG, Nexans SA, and Siemens Gamesa Renewable Energy SA. are some of the major companies covered in this report.


PRESS RELEASE

Technavio Announces the Publication of its Research Report – Global Offshore Wind Power Market 2019-2023

Technavio recognizes the following companies as the key players in the global offshore wind power market: Erndtebrücker Eisenwerk GmbH & Co. KG, General Electric Co., MHI Vestas Offshore Wind AS, Nexans SA, and Siemens Gamesa Renewable Energy SA.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rising popularity of floating wind turbines.”

According to the report, one of the major drivers in this market is the declining LCOE of wind power generation.

Further, the report states that one of the major factors hindering the growth of this market is the high capital cost of offshore wind power projects.

Companies Mentioned

Erndtebrücker Eisenwerk GmbH & Co. KG

General Electric Co.

MHI Vestas Offshore Wind AS

Nexans SA

Siemens Gamesa Renewable Energy SA

  • Executive summary
  • Scope of the report
    • Preface
    • Currency conversion rates for US$
  • Market landscape
    • Market ecosystem
      • Table Global renewable energy market
      • Table Segments of global renewable energy market
    • Market characteristics
      • Table Market characteristics
    • Market segmentation analysis
      • Table Market segments
  • Market sizing
    • Market definition
      • Table Market definition - Inclusions and exclusions checklist
    • Market sizing 2018
      • Table Market size 2018
    • Market size and forecast 2018-2023
      • Table Global market: Size and forecast 2018-2023 ($ billions)
      • Table Global market: Year-over-year growth 2019-2023 (%)
  • Five forces analysis
    • Table Five forces analysis 2018
    • Table Five forces analysis 2023
    • Bargaining power of buyers
      • Table Bargaining power of buyers
    • Bargaining power of suppliers
      • Table Bargaining power of suppliers
    • Threat of new entrants
      • Table Threat of new entrants
    • Threat of substitutes
      • Table Threat of substitutes
    • Threat of rivalry
      • Table Threat of rivalry
    • Market condition
      • Table Market condition - Five forces 2018
  • Customer landscape
    • Table Customer landscape
  • Geographic landscape
    • Geographic segmentation
      • Table Market share by geography 2018-2023 (%)
    • Geographic comparison
      • Table Geographic comparison
    • Europe - Market size and forecast 2018-2023
      • Table Europe - Market size and forecast 2018-2023 ($ billions)
      • Table Europe - Year-over-year growth 2019-2023 (%)
    • ROW - Market size and forecast 2018-2023
      • Table ROW - Market size and forecast 2018-2023 ($ billions)
      • Table ROW - Year-over-year growth 2019-2023 (%)
    • Key leading countries
      • Table Key leading countries
    • Market opportunity
      • Table Market opportunity
  • Market segmentation by substructure type
    • Table Substructure type - Market share 2018-2023 (%)
    • Comparison by substructure type
      • Table Comparison by substructure type
    • Monopile - Market size and forecast 2018-2023
      • Table Monopile - Market size and forecast 2018-2023 ($ billions)
      • Table Monopile - Year-over-year growth 2019-2023 (%)
    • Jacket - Market size and forecast 2018-2023
      • Table Jacket - Market size and forecast 2018-2023 ($ billions)
      • Table Jacket - Year-over-year growth 2019-2023 (%)
    • Others - Market size and forecast 2018-2023
      • Table Others - Market size and forecast 2018-2023 ($ billions)
      • Table Others - Year-over-year growth 2019-2023 (%)
    • Market opportunity by substructure type
      • Table Market opportunity by substructure type
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
      • Table Impact of drivers and challenges
  • Market trends
    • Rising popularity of clean energy technologies
    • Technological developments in wind power market
    • Rising popularity of floating wind turbines
  • Vendor landscape
    • Overview
      • Table Vendor landscape
    • Landscape disruption
      • Table Landscape disruption
    • Competitive scenario
  • Vendor analysis
    • Vendors covered
      • Table Vendors covered
    • Vendor classification
      • Table Vendor classification
    • Market positioning of vendors
      • Table Market positioning of vendors
    • Erndtebrücker Eisenwerk GmbH & Co. KG
      • Table Erndtebrücker Eisenwerk GmbH & Co. KG - Vendor overview
      • Table Erndtebrücker Eisenwerk GmbH & Co. KG - Organizational developments
      • Table Erndtebrücker Eisenwerk GmbH & Co. KG - Key offerings
    • General Electric Co.
      • Table General Electric Co. - Vendor overview
      • Table General Electric Co. - Business segments
      • Table General Electric Co. - Organizational developments
      • Table General Electric Co. - Geographic focus
      • Table General Electric Co. - Segment focus
      • Table General Electric Co. - Key offerings
    • MHI Vestas Offshore Wind AS
      • Table MHI Vestas Offshore Wind AS - Vendor overview
      • Table MHI Vestas Offshore Wind AS - Organizational developments
      • Table MHI Vestas Offshore Wind AS - Key offerings
    • Nexans SA
      • Table Nexans SA - Vendor overview
      • Table Nexans SA - Business segments
      • Table Nexans SA - Organizational developments
      • Table Nexans SA - Geographic focus
      • Table Nexans SA - Segment focus
      • Table Nexans SA - Key offerings
    • Siemens Gamesa Renewable Energy SA
      • Table Siemens Gamesa Renewable Energy SA - Vendor overview
      • Table Siemens Gamesa Renewable Energy SA - Business segments
      • Table Siemens Gamesa Renewable Energy SA - Organizational developments
      • Table Siemens Gamesa Renewable Energy SA - Geographic focus
      • Table Siemens Gamesa Renewable Energy SA - Segment focus
      • Table Siemens Gamesa Renewable Energy SA - Key offerings
  • Appendix
    • Research methodology
      • Table Validation techniques employed for market sizing
    • List of abbreviations
    • Definition of market positioning of vendors
      • Table Definition of market positioning of vendors
  • Explore Technavio

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report