Offshore Wind Market 2017-2023: Historical Analysis, Opportunities And Strong Growth In Future

Global Offshore Wind Market
Global Offshore Wind Market Report by Component (Turbine, Location, Electrical Infrastructure and Others), By Location (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth)) and By Region – Global Forecast to 2023

Market Research Future published a Half Cooked Research Report on “Global  Offshore Wind Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023

Prominent Players

General Electric (U.S.), Siemens (Germany), Vestas Wind Systems A/S (Denmark), Senvion SA (Luxembourg), Doosan Heavy Industries & Construction Co., Ltd (Korea), Suzlon Group (India), Dong Energy A/S (Denmark), EEW Group (Germany), ENERCON GmbH (Germany) and Goldwind Windenergy GmbH (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global offshore wind market. 

 

Global Offshore Wind Market   – Overview

Offshore wind energy is the use of wind farms constructed offshore to harvest wind energy to generate electricity. This helps to meet multiple state and national goals which includes reducing energy imports, reducing air pollution and greenhouse gas emissions, meeting renewable electricity standards, and local business opportunities.

The global offshore wind market has been largely benefiting from the changing paradigms in government regulations and end-users perspective towards reducing global dependence on coal and other fossil fuels. With several driving trends such as, increasing share of renewable energy, rising investment towards development of clean energy dramatic cost declines and capacity additions, offshore wind has remained more reliable resource.

With rise in wind power production, competition between countries has increased and wind turbine manufacturers are working to gain the upper hand as they design, test, and manufacture more effective models. Improvements in the cost and performance of wind power technologies, increase in demand for renewable energy and state renewable portfolio standards play a role in driving the wind sector towards growth.

Offshore wind energy (OWE) is a newcomer to the sea, and many argue that it will play a key role in moving towards a sustainable energy system in Europe in 2020 and beyond. The EU energy system is challenged by global climate change threats, increasing dependency on energy imports as well as threats of supply disruptions from countries outside the EU. Faced with these challenges, the EU recently established a policy framework which includes a target of 20% share of renewable energy source (RES) by 2020. The offshore wind market is smaller today compared to other renewable energy technologies, but it is growing faster and is more efficient than other alternatives. Europe holds 90 percent of the world’s offshore wind capacity. U.S. and China are known as promising markets due to the cheaper and better-planned and executed projects, increased investor interest and government support.

Global offshore wind market is growing with the rapid pace; mainly due to advancement in technologies. According to a recent study report published by the Market Research Future, The global market of Offshore Wind is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023). 

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Offshore Wind Market   – Competitive Analysis

Offshore Wind market appears to be competitive with the presence of several large and small players operating in the offshore wind Market. These Key players compete based upon pricing, quality, technology and reputation. Offshore Wind market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further. Manufacturers operating in the offshore wind market strive to respond to the growing demand for larger wind capacity Moreover, manufacturers mainly ensure to deliver the best quality products based on innovative technologies, and best practices. 

Industry/ Innovation/ Related News:

On 29th September 2017:  Senvion SA launched its new products, the 3.7M144 EBC and 3.6M118 NES turbines, at the HUSUM Wind fair in Germany. 

On 17 Jun 2016: Siemens and Gamesa, merged wind businesses to create a leading wind power player.

On 2015: GE completed acquisition of Alstom Power and Grid Businesses.

In 2015: Suzlon Group, one of the world’s leading wind turbine manufacturers, has signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE, a wholly owned subsidiary of the Suzlon Group.

Offshore Wind Market   – Segments:

Global offshore wind market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.

Segmentation by Components: Turbine, Tower, Blades, Electrical Infrastructure,Nacelle.

Segmentation by Location: Shallow Water (< 30 M), Transitional Water (30m – 60m Depth), Deep Water (> 60m Depth)

Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

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Offshore Wind Market   – Regional Analysis

Expectations to the development of offshore wind are high, especially in Europe. The European Wind Energy Association (EWEA) expects a total capacity of between 19.5 and 27.8 GW by 2020 in Europe. European governments and the EU as a whole have supported wind projects with favourable incentives as part of their carbon emission reduction goals. Global offshore wind capacity was by end 2016 an estimated 14.1 GW, corresponding to 3.6% of total wind power capacity. The United Kingdom heads the field, with 46% of global installed capacity in 2015, followed by Germany (30%) and Denmark (11.5%). Offshore installations are expected to be up again in 2017, as well as in subsequent years, with much greater growth after 2020.

Attractive market for floating wind development with the combination of excellent natural resources and suitable port infrastructure developed for the offshore oil and gas sector that can be leveraged to service the offshore wind industry.

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