Offshore Wind Market is Expected to Grow at a CAGR of 16% from 2016 to 2023

Global Offshore Wind Market Research Report- Forecast 2023
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 Scenario

Offshore Wind energy farms are constructed offshore on continental shelves to harvest wind energy and generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher contribution of electricity generation can be obtained through these installations.

Offshore Winds are steady and are of faster speeds resulting in higher & reliable energy generation. 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. However, high initial 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, will restrain the global offshore wind market.

 

The global offshore wind market is expected to grow at a CAGR of 16% during the forecast period.

 

Key Players

  • 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).

 

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Market Research Analysis

North-America region is expected to grow at the highest CAGR.

The offshore wind market in the Europe region is currently leading and is followed by North-America and Asia-Pacific market. But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.

 

Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Offshore Wind Market Research Report- Forecast 2023

 

Scope of the Report

This study provides an overview of the global offshore wind market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Offshore Wind market by its component type, by location and by region.

By Component Type

  • Turbine
  • Substructure
  • Electrical Infrastructure
  • Others

By Location

  • Shallow Water (< 30m Depth)
  • Transitional Water (30m – 60m Depth)
  • Deep Water (> 60m Depth)

America By Regions

  • North
  • Asia Pacific 
  • Europe
  • Rest of the World  

 

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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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