Offshore Wind Market: Current Analysis and Forecast (2021-2027)

Offshore Wind Market: Current Analysis and Forecast (2021-2027)

Global offshore wind market is expected to reach the market valuation around USD 55-60 billion by 2027 and is expected to grow at a significant rate during the forecasted period (2021-2027). It is mainly owing to decrease in the cost of wind power technology had positively influence its usage of wind power worldwide. In addition, surging government investment in renewable energy across various regions coupled with benefitting from rapid technology improvements, supportive government policies and continuous cost reductions are expected to be the main drivers of offshore wind deployment.

The outbreak of Coronavirus pandemic had adversely impacted the world economy. The government took various measure to stop the spread of virus by implementing lockdown has halt all the industrial, commercial and other ongoing activities across the world. The economies of the countries worldwide had been negatively affected and slowed down the growth as well. Moreover, along with global pandemic condition, world has faced drastic climate changes as well. Hence, escalated the strategies and development plans of renewable resources that helps in achieving zero net emission goals in the coming years. In 2020, some major regions worldwide had seen positive growth of offshore wind power turbine. For instance, according to Global Wind Energy Council, Europe had 220 GW of installed wind power capacity: 194 GW onshore and 25 GW offshore. In which Netherlands installed the most wind capacity in 2020, most of it offshore wind.

Siemens Gamesa Renewable Energy SA, ABB, Xinjiang, Goldwind Science & Technology Co. Ltd (Goldwind), Ørsted A/S, E.ON SE, General Electric, Vestas, Doosan Heavy Industries and Construction, DEME and Envision are some of the prominent players operating in the Global Offshore wind Market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Type, floating structure segment holds the major share”

Based on Type, the market is bifurcated into fixed structure, floating structure. Currently, floating structure expected to captured considerable market share. It is mainly owing to a rising scope for relishing the projects in deep-water, where the high wind speed creates a much favorable environment for operation, thereby driving the offshore wind energy market.

“Amongst Component, turbine Segment holds the major share”

Based on Component, the market is segmented into turbines, electrical infrastructure, substructure and others. The turbine segment holds extensive share in offshore wind market. The turbine segment is further classified into – nacelle, rotors and blades, and tower. Turbines are placed on the tower and is mainly responsible for harnessing the wind energy to produce power.

“Amongst location, shallow water segment holds the major share”

Based on location, the market is segmented shallow water, Transitional Water and Deep Water. Shallow water holds significant share in the offshore wind market and expected to have influential growth rate in the forecasted period as well. As shallow water is comparatively easier in, the establishment of electrical infrastructure while setting up a wind turbine. Due to comparatively less wind speed available in shallow water, the turbines with less MW capacity are installed in this region
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“Europe represents one of the largest markets of Global Offshore Wind Market”

For a better understanding of the market dynamics of the global offshore wind market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe and Rest of the World. Europe constitutes the largest market for the industry in 2020 predominantly because of surging offshore wind technology adoption and offshore wind farm development in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry