Offshore Wind Market: Current Analysis and Forecast (2023-2030)
Emphasis on Installation (Fixed Structure, Floating Structure); Component (Turbines, Electrical Infrastructure, Substructure, and Others); Location (Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m)); and Region and Country
Global Offshore Wind Market was valued at USD 25.6 billion in 2022 & is expected to grow at a CAGR of 12% from 2023-2030. The creation, building, and management of offshore wind farms are all part of the worldwide offshore wind market. A group of wind turbines called an offshore wind farm is situated in the ocean, usually in relatively shallow water. These wind farms are made to produce power from wind that is collected offshore. With more nations and businesses investing in offshore wind power as a source of renewable energy, the offshore wind market is a quickly expanding industry. A lot of variables influence the market, such as rising concerns about climate change, rising electricity demand, and governmental initiatives that stimulate the development of renewable energy sources. Government initiative plays a major role in development of global offshore wind market. For instance, January 2022, A paper by the DOE titled Offshore Wind Energy initiatives addresses regional and federal initiatives to speed up offshore wind deployment and operation in the United States. In this paper, the current state of offshore wind in the US is summarized. It also discusses obstacles to increasing its deployment and suggests solutions to ensure US leadership in the sector.
Some of the major players operating in the market include ABB, GE Vernova, Vestas, Vattenfall AB, Schneider Electric, Siemens Gamesa Renewable Energy, Envision Group, Goldwind, Ørsted A/S, Doosan Enerbility. 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 Installation, floating structure is expected to capture a considerable market share in 2022”
Based on installation, the market is bifurcated into fixed structure and floating structure. The floating structure is expected to capture a considerable market share in 2022. This is mainly owing to a rising scope for growing projects in deep water, where the high wind speed creates a much more favorable environment for operation leading to the high rise in the offshore wind energy market.
“Amongst Component, turbine segment held an extensive share of the offshore wind market in 2022”
Based on component, the market is segmented into turbines, electrical infrastructure, substructure, and others. The turbine segment held an extensive share of the offshore wind market in 2022. The turbine segment is further classified into nacelle, rotors and blades, and tower. Turbines are placed on the tower and are mainly responsible for harnessing wind energy to produce power. Major companies are working on supplying and constructing turbines to enhance the productivity of the wind farm. For instance, in May 2021, the third and final phases of the Dogger Bank offshore wind farm’s contracts for turbine supply, service, and warranty have been finalized, according to a statement from GE Renewable Energy.
“Europe is expected to grow with a robust CAGR during the forecast period”
Europe is expected to grow with a robust CAGR during the forecast period. Europe is the world’s leader in offshore wind. Europe is home to some of the world’s most favorable conditions for offshore wind power generation, including strong winds, deep waters, and a high demand for renewable energy. In recent years, there has been a growing trend towards the use of offshore wind power in Europe. This is because offshore wind power is a highly efficient and cost-effective way to generate renewable energy, and it can help to reduce Europe’s dependence on fossil fuels and mitigate the effects of climate change. Offshore wind power is typically generated using large wind turbines that are installed on offshore platforms or foundations. These turbines can be placed in a variety of locations, including shallow waters near the coast and deeper waters further offshore. In Europe, offshore wind power is typically generated in the North Sea, which is home to some of the world’s most favorable conditions for offshore wind power generation. The North Sea is home to several offshore wind farms, which are typically located in shallow waters near the coast. For instance, in April 2022, to make the offshore wind farms in the North Sea into what Belgium’s energy minister called “Europe’s biggest green power plant,” nine European nations have committed to increasing their capacity there by eight times before 2050.
Offshore Wind Market Report Coverage
Report Attribute | Details |
Base year | 2022 |
Forecast period | 2023-2030 |
Growth momentum | Accelerate at a CAGR of 12% |
Market size 2022 | USD 25.6 billion |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | Europe is expected to grow at the highest CAGR during the forecasted period |
Key countries covered | The U.S., Canada, Germany, The U.K., Spain, Italy, France, China, Japan, and India |
Companies profiled | ABB, GE Vernova, Vestas, Vattenfall AB, Schneider Electric, Siemens Gamesa Renewable Energy, Envision Group, Goldwind, Ørsted A/S, Doosan Enerbility. |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Installation; By Component; By Location; By End User; By Region/Country |
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- 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
Customization Options:
Global Offshore Wind Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Offshore Wind Market Analysis (2023-2030)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global offshore wind market were the three major steps undertaken to create and analyze the adoption of offshore wind system in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global offshore wind market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the global offshore wind market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the global offshore wind market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as installation, component, location, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of global offshore wind market. Further, we conducted factor analysis using dependent and independent variables such as increasing deployment installation of offshore wind and increasing adoption of different installation of offshore wind material. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the global offshore wind market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global offshore wind market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of global offshore wind market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global offshore wind market in terms of installation, component and location. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global offshore wind market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of installation and their installation of the global offshore wind market.
The main objective of the Global Offshore Wind Market Study
The current & future market trends of global offshore wind market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of global offshore wind market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of installation, component, and location
- Define and analysis of the regulatory framework for the global offshore wind market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the global offshore wind market for the major region
- Major regions studied in the report include Asia Pacific, Europe, North America and Rest of the world.
- Company profiles of the global offshore wind market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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