Offshore Wind Energy Market
Global Offshore Wind Energy Market Size, Share & Trends Analysis Report by Component (Turbine, Electrical Structure, Support Structure, and Others), By Depth of Turbine (Shallow, Transitional, and Deep Water), By Application (Commercial, Industrial, and Household) Forecast 2021-2027 Update Available - Forecast 2024-2030
The global offshore wind energy market is anticipated to grow at a CAGR of around 14.6% during the forecast period. A variety of factors such as growing awareness towards green energy, diversified wind energy application, and so on are significantly contributing to the growth of the offshore wind energy market. The market is growing rapidly as offshore winds are much steadier than on land implicating a more reliable source of energy. Offshore wind farms are providing renewable energy without consumption of water and not emitting environmental pollutants or any harmful gases. The future growth of an offshore wind energy market is predicted to increase due to the rising technological advancement and innovation of offshore wind farms and government incentives across the globe. However, some factors are limiting the growth of the market such as technological and economic challenges, lack of energy storage and transportation facility and unpredictable water calamity such as storms. Moreover, the government supportive initiatives and investment related to wind energy generation further projected to create a significant opportunity in the market.
Segmental Outlook
The global offshore wind energy market is segmented based on the turbine of the foundation, depth of turbine and application. Based on the component market is segmented into the turbine, electrical structure, support structure, and others. On the basis of the depth of the turbine, the market is segmented into shallow, transitional, and deep water. Further on the basis of application, the market is segmented into the commercial, industrial, household.
Global Offshore Wind Energy Market Share by Component, 2020 (%)
The turbine segment is projected to dominate the global offshore wind energy market
Among component, the turbine segment is estimated to have a significant share in the global offshore wind energy market. The wind turbines are generally a wind turbine that turns wind energy into electricity using the aerodynamic force from rotor blades which work like an aeroplane wing or helicopter rotor blade. Some of the advantages of wind turbines are that Wind power is cost-effective, the Land-based utility-scale wind is one of the lowest-priced energy sources available today, costing 1–2 cents per kilowatt-hour after the production tax credit. Further, Wind turbine energy does not pollute the environment in the same way that power plants that burn fossil fuels, such as coal or natural gas, do, emitting particulate matter, nitrogen oxides, and Sulphur dioxide, which cause public health issues and economic losses. Additionally, wind is a form of solar energy. Wind turbines are caused by the sun's heating of the atmosphere, the Earth's rotation, and the irregularities on its surface. On existing farms or ranches, wind turbines may be built.
Regional Outlooks
The global offshore wind energy market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Europe projected to dominate the global offshore wind energy market. Contracts for difference were implemented by the UK government to ensure reliable long-term returns from electrical infrastructure ventures, lowering barriers to entry for industry participants. Moreover, government initiatives
Global Offshore Wind Energy Market Growth, by Region 2021-2027
Asia-Pacific will have considerable growth in the global offshore wind energy market
Geographically, Asia-Pacific is projected to grow significantly in the global offshore wind energy market during the forecast period. Asia-Pacific represents a huge potential for offshore wind in countries such as China, Japan, Korea, and Taiwan. India has set various goals for the offshore wind industry. China is one of the leading countries in offshore wind power generation, with plans to reach 30 GW by 2020, according to the National Energy Agency of China. Japan is developing floating offshore wind energy at a rapid pace, to increase offshore wind power consumption to 20% by 2050, according to the Ministry of Economic Trade and Industry. South Korea and Taiwan are both working to raise wind power generation by 500 MW by 2020 and 4 GW by 2030, respectively. Therefore, the significant production of wind energy in these countries further provides ample opportunity for market growth.
Market Players Outlook
The key players of the offshore wind energy market include ABB Ltd. Siemens AG, Hitachi, Ltd., Vestas Wind System A/S, General Electric Co., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in December 2020, siemens Gamesa made an announcement that It will provide wind turbines for the Haystack wind farm in Nebraska, which has a capacity of 298 megawatts with Ørsted. Following the global success of their offshore wind energy partnership, this is the first onshore project for both companies in the United States.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global offshore wind energy-market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
1.1. Research Methods and Tools
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Offshore Wind Energy Industry
• Recovery Scenario of Global Offshore Wind Energy Industry
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
2.3. Regulations
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Offshore Wind Energy Market by Component
5.1.1. Turbine
5.1.2. Electrical Structure
5.1.3. Support Structure
5.1.4. Others
5.2. Global Offshore Wind Energy Market by Depth of Turbine
5.2.1. Shallow
5.2.2. Transitional
5.2.3. Deep Water
5.3. Global Offshore Wind Energy Market by Application
5.3.1. Commercial
5.3.2. Industrial
5.3.3. Household
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. ABB Ltd.
7.2. Asociacion Empresarial Eolica
7.3. Damen Shipyards?Group
7.4. Orsted Wind Power North America LLC
7.5. Doosan Heavy Industries & Construction
7.6. EDF Renewables, Inc.
7.7. Envision Energy USA Ltd.
7.8. General Electric Co.
7.9. Goldwind Science & Technology Co., Ltd.
7.10. Hitachi, Ltd.
7.11. London Aaray Ltd.
7.12. Mingyang Smart Energy Group Co., Ltd.
7.13. Nordex SE
7.14. Sinovel Wind Group Co. Ltd.
7.15. Siemens AG
7.16. Navingo B.V.
7.17. Vestas Wind System A/S,
7.18. XEMC Darwind BV
1. IMPACT OF COVID-19 ON GLOBAL OFFSHORE WIND ENERGY MARKET, 2020-2027 (% MILLION)
2. IMPACT OF COVID-19 ON GLOBAL OFFSHORE WIND ENERGY MARKET BY SEGMENT, 2020-2027 (% MILLION)
3. RECOVERY OF GLOBAL OFFSHORE WIND ENERGY MARKET, 2020-2027 (%)
4. GLOBAL OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
5. GLOBAL OFFSHORE WIND ENERGY FOR TUBINES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL OFFSHORE WIND ENERGY FOR ELECTRICAL INFRASTRUCTURE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL OFFSHORE WIND ENERGY FOR SUPPORT STRUCTURE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL OFFSHORE WIND ENERGY FOR OTHER COMPONENT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY DEPTH OF TURBINE,
10. GLOBAL OFFSHORE WIND ENERGY FOR SHALLOW MARKET RESEARCH AND ANALYSIS BY DEPTH OF TURBINE OF FOUNDATION, 2020-2027 ($ MILLION)
11. GLOBAL OFFSHORE WIND ENERGY FOR TRANSITIONAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL OFFSHORE WIND ENERGY FOR DEEP WATER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
14. GLOBAL OFFSHORE WIND ENERGY IN COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL OFFSHORE WIND ENERGY IN INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION 2020-2027 ($ MILLION)
16. GLOBAL OFFSHORE WIND ENERGY IN HOUSEHOLD MARKET RESEARCH AND ANALYSIS BY REGION 2020-2027 ($ MILLION)
17. GLOBAL OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY 2020-2027 ($ MILLION)
18. NORTH AMERICAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
19. NORTH AMERICAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
20. NORTH AMERICAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY DEPTH OF TURBINE, 2020-2027 ($ MILLION)
21. NORTH AMERICAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BYAPPLICATION, 2020-2027 ($ MILLION)
22. EUROPEAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
23. EUROPEAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS COMPONENT, 2020-2027 ($ MILLION)
24. EUROPEAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY DEPTH OF TURBINE, 2020-2027 ($ MILLION)
25. EUROPEAN OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
26. ASIA-PACIFIC OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
27. ASIA-PACIFIC OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
28. ASIA-PACIFIC OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY DEPTH OF TURBINE, 2020-2027 ($ MILLION)
29. ASIA-PACIFIC OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
30. REST OF THE WORLD OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
31. REST OF THE WORLD OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
32. REST OF THE WORLD OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY DEPTH OF TURBINE, 2020-2027 ($ MILLION)
33. REST OF THE WORLD OFFSHORE WIND ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
1. GLOBAL OFFSHORE WIND ENERGY MARKET SHARE BY COMPONENT, 2020 VS 2027 (%)
2. GLOBAL OFFSHORE WIND ENERGY MARKET SHARE BY DEPTH OF TURBINE, 2020 VS 2027 (%)
3. GLOBAL OFFSHORE WIND ENERGY MARKET SHARE BY APPLICATION, 2020 VS 2027 (%)
4. GLOBAL OFFSHORE WIND ENERGY MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
5. GLOBAL OFFSHORE WIND ENERGY FOR TURBINES MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL OFFSHORE WIND ENERGY FOR ELECTRICAL INFRASTRUCTURE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL OFFSHORE WIND ENERGY FOR SUPPORT STRUCTURE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL OFFSHORE WIND ENERGY FOR OTHER COMPONENT MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL OFFSHORE WIND ENERGY FOR SHALLOW MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
10. GLOBAL OFFSHORE WIND ENERGY FOR TRANSITIONAL MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
11. GLOBAL OFFSHORE WIND ENERGY FOR DEEP WATER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
12. GLOBAL OFFSHORE WIND ENERGY IN COMMERCIAL MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL OFFSHORE WIND ENERGY IN INDUSTRIAL MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL OFFSHORE WIND ENERGY IN HOUSEHOLD MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
15. US OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
16. CANADA OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
17. UK CORONARY STENTAND MONOPIILEMARKET SIZE, 2020-2027($ MILLION)
18. FRANCE OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
19. GERMANY OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
20. ITALY OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
21. SPAIN OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
22. REST OF EUROPE OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
23. INDIA OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
24. CHINA OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
25. JAPAN OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
26. SOUTH KOREA OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
27. REST OF ASIA-PACIFIC OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
28. REST OF THE WORLD OFFSHORE WIND ENERGY MARKET SIZE, 2020-2027($ MILLION)
