Global Offshore Wind Market is predicted to grow at approximately 16% by 2023
Offshore wind holds great potential in non-conventional electricity generation. The higher efficiency of the offshore wind farm is due to the steady offshore wind inputs as compared to land winds is resulting in the growth of offshore wind market. The main objective of offshore wind farm is to convert wind energy to electricity and propagate it as per requirement to the end user. These offshore wind farms are widely installed along continental shelves across oceans and seas.
Offshore Wind Market is classified based on their component as turbine, substructure, electrical infrastructure and others. The turbine component is expected to lead the offshore wind market. This is because it is comprised of the most vital components such as nacelle, rotor and blades, and tower, which support it to generate electricity. Also, the turbine accounts for the maximum share of capital investment needed to build an offshore farm.
Offshore wind market is classified based on their component as turbine, substructure, electrical infrastructure and others. The turbine component is expected to lead the offshore wind market. This is because it is comprised of the most vital components such as nacelle, rotor and blades, and tower, which support it to generate electricity. Also, the turbine accounts for the maximum share of capital investment needed to build an offshore farm.
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The key players of global offshore wind market are
- Siemens AG (Germany),
- Vestas Wind Systems A/S (Denmark),
- General Electric Company (U.S),
- Senvion SA (Germany),
- Areva (France),
- Clipper Windpower, LLC (U.S),
- ABB Ltd. (Switzerland),
- Sinovel Wind (Group) Co., Ltd. (China),
- Doosan Heavy Industries & Construction (South Korea),
- Suzlon (India),
- A2SEA (Denmark)
- EEW-Group (Germany).
The Offshore Floating Wind industry has huge potential and a Floating offshore wind can potentially reduce the cost of installation very significantly because of the use of the same techniques as the oil and gas industry and it is also less invasive in terms of the seabed.
Floating offshore wind is now a viable technology and ready to be rolled out on an industrial scale in a scenario especially when the world is facing fundamental challenges of climate change and geopolitics to the energy markets. And where the key players operating in the market are continually striving for new ways to utilise their expertise in the energy industry, exploring opportunities in new energy as well as driving innovation in oil and gas around the world. Oil & Gas companies are trying to be the most carbon-efficient oil and gas producers, as well as driving innovation in offshore wind.
Currently, the Offshore Wind market is spurting owing to the increase in demand for power, global initiatives to use more renewable and non-conventional energy sources and the global need to restrict carbon emission. The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources.
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However, initial high capital cost of projects with high maintenance cost and logistics issues can hinder the offshore wind market. The high tidal winds & bad weather conditions making offshore wind farms difficult for access in the event of problem rectification and preventive maintenance, which is also expected to restrain the growth of the global offshore wind market.
On the other hand, over the next decade, floating wind is expected to follow a cost reduction path similar to that of onshore and bottom-fixed offshore wind, making floating wind cost competitive with other renewable energy sources.
The MRFR analysis indicates that the Offshore Wind Market is highly competitive with the presence of several well-established players having regional and global existence. In order to gain competitive advantage and to maintain their market position; these players incorporate acquisition, collaboration, partnership, expansion, and technology launch. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Offshore Wind market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further
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