The offshore wind market is projected to be worth USD 114.0 Billion by 2027, registering a CAGR of 21% during the forecast period (2022 - 2030). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
Top Boosters and Main Challenges
Volatile electricity prices along with the increasing space constraints with respect to solar energy and the affordable costs of construction and installation of offshore wind technology can result in industry expansion. Optimistic offshore wind market outlook in line with the integration of large-scale turbines along with product quality and efficiencies, progressing blade size and foundation techniques also bolsters the penetration of offshore wind technology. The worldwide offshore wind market forecast also benefits from the increasing spending on the development of technologically advanced manufacturing facilities and the mounting energy demand across emerging countries.
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The market categories, depending on components, include tower, nacelle, turbine, electrical infrastructure, blades, and more. The highest gain in the offshore wind market outlook can be of the turbine segment, since in recent years, the energy generation has become extremely powerful with the emergence of modern turbine models that have bigger blade lengths. This way, more wind is utilized, more energy is generated and the overall cost comes significantly down.
Location-wise, the market sections can be transitional water, deep water and shallow water. At present, the leading segment belongs to the shallow water location, while the transitional water location can attain the fastest expansion rate of 10.86% between 2019 and 2025. The projects conducted in shallow water are generally lower priced given the ideal weather conditions.
Europe controls the largest portion of the global offshore wind market share, with North America being the second leading region. The offshore wind market outlook in the UK is quite favorable, as a result of the number of energy security policies and initiatives, supportive government regulations and de-carbonization reforms. The high consumer awareness regarding the environment and the increasing expenditure by leading contenders on the exploration of the offshore wind energy potential also promotes substantial offshore wind industry growth across the region.
The North American market for offshore wind energy can emerge quite strong in the near future, on account of the massive investments going into the expansion of the offshore supply chain combined with the exploration activities of untapped sites. The favorable financial outlook along with the de-carbonization standards imposed by the government also encourages the business growth within the region.
Some of the leading companies in the global offshore wind market include General Electric (US), Ørsted A/S (Denmark), Dong Energy A/S (Denmark), Suzlon energy Limited (India), EEW GROUP (Germany), MHI Vestas Offshore Wind (Denmark), Siemens Gamesa Renewable Energy, SA (Germany), ABB (Switzerland), ENERCON GmbH (Germany), Senvion SA (Luxembourg), Engie (France), Doosan Heavy Industries & Construction (South Korea), Goldwind Wind Energy GmbH (China), to mention a few.
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