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Global Offshore wind Market, By Location (Deep Water, Shallow Water and others), By Component (Turbines, Electrical Infrastructure and Others), By Depth (0 to 30m, 31m to 50m, and others) By Region, Forecast & Opportunities to 2026

The global offshore wind market accounted for a value of USD 34.0 billion in 2019. Offshore wind market projected to register growth at a CAGR of 12.8% during forecast period.

COVID-19 has impacted all the businesses over globe. It has impacted the growth of oil & gas market across the world. Many companies have to shut down their manufacturing plants and services due to lockdown. The major projects of many companies have to postponed or halt. The prices of crude oil are also impacted due to this global pandemic. The supply chain of products has been disrupted due to travel restriction and international border closer. The offshore    and production activities have been impacted due to spread of corona virus in the world.

Definition:

Offshore wind energy can be defined as construction or building wind farms on the water bodies for harnessing the wind energy to generate electricity from it. These wind farms are usually build over oceans due to high and consistent wind speed and it has higher generation capacity than onshore wind farms.

Market Dynamics (Drivers/Opportunities):

The demand for energy is increasing immensely around the world. The industrialization and urbanization is increasing across various regions which increases energy demands. The awareness among people is increasing due to this there is a growth in power generation from renewable sources. This drives growth in offshore wind energy market during forecast period.

The governments across various regions have implanted various rules and regulation to promote offshore wind energy market. There are various supportive policies in various regions which makes industries establish offshore wind energy farm for power generation. This drives growth in offshore wind market during forecast period.

The offshore wind farms generate energy using wind and this energy is efficient and government ensures maximum utilization of such energy. The energy generated from such farms can be used to fulfill rising demands for energy by increasing population.

Market Insights, by Location

On the basis of location, the offshore wind market is segmented into deep water, shallow water and deep water. The shallow water segment is estimated to hold largest market share during forecast period. The development in this location is cost efficient as the weather conditions are better at this location. However installation cost of wind turbines in deep water is very high and the maintenance cost is also higher for deep water. The installation of wind turbines in each location depends on turbine capacity, region and speed of wind. Shallow water conditions are usually suitable for various regions such as Europe etc. The high preference of shallow water location is likely to drive growth in this region during forecast period.

Market Insights, by Component

On the basis of component, the offshore wind market is segmented into turbines, electrical infrastructure, support structure and others. The turbines segment accounted for 29% of market share in 2019. It is estimated to hold largest market share during forecast period. The turbines are becoming an important component for wind farms.  There are rapid technological advancements taking place in this segment. Various manufacturers are adopting processes which gives are compatible to environment, highly effective and have low installation cost. This drives growth in turbine segment during forecast period.

Market Insights, by Depth

On the basis of depth, the offshore wind market is segmented into 0 to 30m, 31m to 50m, and above 50m. The 31m to 50m depth segment is estimated to register growth at highest CAGR during forecast period. The projects which are between the levels of 31m to 50m water depth have high grid connectivity potential and they are cost effective and economical when compared to others. The average depth of offshore wind farms are usually 30m to 34m. This drives growth in 31m to 50m depth segment during forecast period.

Regional Insights

The Europe region is estimated to dominate the offshore wind energy market during forecast period followed by Asia-Pacific region which estimated to be second largest market during forecast period. Denmark was the country to install offshore wind power plant. UK is estimate to lad the market in European region during forecast period. The demand and adoption for offshore wind energy plant is rising rapidly across this region. This drives growth in European region during forecast period.

Key Companies & Market Share Insights

The key market players in offshore wind energy market are Siemens, Hitachi, Suzlon Energy, Envision Energy, Goldwind, Nordex SE, Ming Yang Smart, General Electric, ABB, Adwen, Senvion, MHI VEstas Offshore Wind, Doosan Heavy Industries, Dong Energy, EEW Group, Enercon GmbH, Engie and Orsted A/S.

Offshore Wind Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Offshore Wind Market, By Location, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Deep Water
  • Shallow Water
  • Deep water.
  1. Offshore Wind Market, By Component, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Turbines
  • Electrical Infrastructure
  • Support Structure
  • Others
  1. Offshore Wind Market, By Depth, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • 0 to 30m
  • 31m to 50m
  • Above 50m
  1. Offshore Wind MarketMarket, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Location
    • By Component
    • By Depth
    • By Country
      • USA
        • By Component
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Location
      • By Component
      • By Depth
      • By Country
        • Brazil
          • By Component
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Location
        • By Component
        • By Depth
        • By Country
          • UK
            • By Component
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Location
          • By Component
          • By Depth
          • By Country
            • China
              • By Component
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Location
            • By Component
            • By Depth
            • By Country
              • Saudi Arabia
                • By Component
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Orsted A/S
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Siemens
    • Hitachi
    • Suzlon Energy
    • Envision Energy
    • Goldwind, Nordex SE
    • Ming Yang Smart
    • General Electric
    • ABB
    • Adwen
    • Senvion
    • MHI VEstas Offshore Wind
    • Doosan Heavy Industries
    • Dong Energy
    • EEW Group
    • Enercon GmbH
    • Engie
    • Appendix
    • Interrelated Market

 

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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