Global Offshore Wind Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- October 18, 2021
- ENERGY & POWER, NEWS
- Offshore Wind Market, Offshore Wind Market growth, Offshore Wind Market share, Offshore Wind Market size, Offshore Wind Market trends
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Global Offshore Wind Market is expected to reach the market value of around US$ 55-60 billion by 2027 expanding at a robust growth rate during the forecast period (2021-2027). Factors that are driving the market share of offshore wind such as 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. Moreover, various key players investing in installing offshore wind in various industry expected to escalate the market share of offshore wind market.
Wind power is one of the fastest-growing renewable energy technologies and owing to the decrease in the cost of wind power technology had positively influence its usage of wind power worldwide. According International Renewable Energy Agency, global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018. In addition, production of wind electricity doubled between 2009 and 2013, and in 2016 wind energy accounted for 16% of the electricity generated by renewables in which offshore wind power offers tremendous potential.
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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.
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.
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.
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For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Currently, 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.
Some of the major players operating in the market include Siemens Gamesa Renewable Energy, 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.
Global Offshore Wind Market Segmentation
Market Insight, by Type
- Fixed Structure
- Floating Structure
Market Insight, by Component
- Electrical Infrastructure
Market Insight, by Location
- Shallow Water
- Transitional Water
- Deep Water
Market Insight, by Region
- North America Offshore Wind Market
- United States
- Rest of North America
- Europe Offshore Wind Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Offshore Wind Market
- Rest of Asia-Pacific
- Rest of World Offshore Wind Market
Top Company Profiles
- Siemens Gamesa Renewable Energy
- Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind)
- Ørsted A/S
- E.ON SE
- General Electric,
- Doosan Heavy Industries and Construction