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.
For more details, visit: 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 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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the offshore wind location is likely to lead by 2025?
- Which of the depth segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?