Chicago, June 26, 2023 (GLOBE NEWSWIRE) -- The global Offshore Wind Market is projected to reach USD 56.8 billion by 2026 from USD 31.8 billion in 2021 at a CAGR of 12.3% according to a new report by MarketsandMarkets™. Increasing global investments in renewable energy are likely to drive the offshore wind market. Offshore wind turbines are increasingly being installed across Europe and Asia Pacific region and is showing robust growth. Increasing demand of renewable power and move to cut down carbon emission across the globe are expected to offer lucrative opportunities for the offshore wind market during the forecast period. The offshore wind industry is growing rapidly and is contributing significantly to meet the energy efficiency mandates of the countries in Europe, Asia, and the US. Several developments are taking place, and investments in offshore wind are being made to cater to the ever-increasing power demand. Countries such as the US, China, and France have set ambitious targets for offshore deployments. Hence, the rising demand for clean energy would drive the growth of the global offshore wind energy market.
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According to the International Renewable Energy Agency (IRENA), the share of renewables in yearly worldwide energy generation must rise from the current 25% to 86% by 2050 to satisfy the Paris Agreement's targets. To achieve this, the world must invest USD 110 trillion in the sector by 2050, up from the USD 95 trillion anticipated to be invested by 2030. This change will result in a perceptible movement from fossil fuels to renewable energy sources. Between 2019 and 2050, Bloomberg BNEF projects that USD 13.3 trillion would be spent in new power production assets, with 15,145 GW of carbon-free plants likely to be built. Wind and solar, according to the BNEF, would account for 50% of the global electricity generation by 2050.
Offshore Wind Market Scope:
| Report Coverage | Details |
| Market Size | USD 56.8 Billion by 2026 |
| Growth Rate | 12.3% of CAGR |
| Largest Market | Europe |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2021-2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offshore Wind Market by Component, Location, and Region. |
| Geographies Covered | Europe, Asia Pacific, North America, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Initiatives by governments and companies to reduce carbon emissions |
| Key Market Drivers | Increasing global investments in renewable energy are likely to drive offshore wind market |
The emergence of offshore wind farms started with the necessity to reduce greenhouse gas emissions and increase the share of renewable energy in the total energy mix. With the globally increasing consumption of electricity, new technologies are expected to influence the production, transmission, distribution, and use of electricity. Conventional sources of electricity lead to climatic changes, environmental pollution, and other issues. Thus, the offshore wind market is gaining momentum, and there exists a lot of untapped potential in this market.
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Offshore Wind Market Dynamics:
Drivers:
- Increasing global investments in renewable energy are likely to drive offshore wind market.
- Favorable government policies across all regions.
Restraints:
- High capital costs and logistic issues.
- Low cost of conventional electricity generation
Opportunities:
- Initiatives by governments and companies to reduce carbon emissions.
- Floating foundation wind farms are permitting access to better wind resources.
Challenges:
- Lack of technical expertise needed to develop an offshore wind farm.
- Climatic challenges during operations of wind farm.
Asia Pacific is expected to lead the offshore wind industry.
Asia Pacific is expected to show a robust growth during the forecast period. The Asia Pacific region includes China, Japan, Vietnam, Taiwan and South Korea. This region has shown strong demand for power owing to rapid urbanization and industrialization. With the shift towards decarbonization and sustainable development, there has been a strong demand for renewable power resources. Governments in this region are increasingly opening gates for development and installation of offshore wind. Technological advancements and clean energy consumption would further propel wind power deployment and open up opportunities in the emerging markets in APAC. Various countries are speeding up the installation of offshore wind in order to diversify their energy mix as well as to meet their goal of rection in carbon emission Moreover, favourable supportive schemes, huge investments in grid infrastructure to maximize wind power generation, and foreign direct investments would attract investors to the wind power industry. The market in China is expected to grow mainly because of government initiatives to cut down carbon emissions as well as shift to alternative renewable energy mix. China is aggressively adding up its offshore wind power and is the leader in offshore wind in Asia Pacific.
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Key Market Players:
The leading players in the Offshore Wind Companies include Siemens Gamesa (Spain), Vestas (Denmark), General Electric (US), Shanghai Electric Wind Power (China).
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