New York, US, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Offshore Wind Market Research Report: Information, by Components, by Location and by Region - Forecast till 2030”, confirms that the global offshore wind market is poised to reach a valuation of USD 114.0 BN by 2027, registering a 21% CAGR throughout the review period (2021-2027).
Offshore Wind Market Overview
The offshore wind market is growing rapidly on the global platform. Growing government initiatives to increase renewable power generation foster the offshore wind market share. Offshore wind tops various transformational plans for green economic growth. Private investments in new projects create substantial offshore wind market demand. The renewable industry has paved a clear pathway for offshore wind to produce low-cost renewable hydrogen at scale, working with leading firms and technologies. Improving offshore wind efficiency helps reduce overall operational costs and contributes to the sustainable development of wind power on land & water.
Active players in the offshore wind market are,
- General Electric (US)
- MHI Vestas Offshore Wind (Denmark)
- Siemens Gamesa Renewable Energy SA ( Germany)
- Senvion SA (Luxembourg)
- Suzlon Energy Limited (India)
- Doosan Heavy Industries & Construction (South Korea)
- Dong Energy A/S (Denmark)
- ENERCON GmbH (Germany)
- EEW GROUP (Germany)
- Goldwind Wind Energy GmbH (China)
- Engie (France)
- ABB (Switzerland)
- Ørsted A/S (Denmark)
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Also, research and development activities are crucial to ensure lower costs, less environmental impact, and improved operating models for wind power projects. Resultantly, industry players partner with long-term research centers, the research community, and the governments to contribute to offshore wind power development.
Segments
The offshore wind market is segmented on the basis of component, location, and region. The components segment is further bifurcated into the turbine, tower, blades, electrical infrastructure, and nacelle. Among these, the turbine segment accounts for a leading market share due to its efficiency in energy generation. The latest powerful turbine models with their larger blade lengths produce more electricity and bring down the cost of renewable energy generation. The segment will lead the market throughout the forecast period.
The location segment is bifurcated into shallow water, transitional water, and deep water. Among these, the shallow water segment dominates the market share. The development of shallow water is usually cost-effective due to better weather conditions, whereas installing wind turbines in deep water becomes expensive due to high maintenance costs. Furthermore, the transitional water segment is expected to grow at an impressive CAGR during the assessment period.
Report Scope:
| Report Metrics | Details |
| Market Size by 2027 | USD 114.0 Billion |
| CAGR during 2021-2027 | 21% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increasing investment in the development of clean energy |
| Key Market Drivers | Escalating the production of energy from renewable resources |
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Industry Trends
Rapid growth in offshore wind power worldwide offers great opportunities for market players. Growing concerns over the environmental implication of burning fossil fuels impact the offshore wind market growth. Moreover, significant R&D investments in developing new green projects contribute to offshore wind becoming a new export industry. The rising demand in the renewable energy market and advances in renewables are estimated to offer significant market growth opportunities.
Also, the increasing numbers of wind farms worldwide and wind turbines boost the market growth. Furthermore, increasing levels of CO2 emissions and waste in traditional power generation methods and rising crude oil prices are expected to present untapped opportunities for offshore wind uses. Besides, increasing offshore wind generation capacities and government initiatives to create environmental safety awareness offer significant opportunities to international players.
With favorable government policies and increasing renewable power generation, emerging countries are estimated to offer robust growth opportunities for the market. Conversely, high construction cost associated with offshore wind infrastructures and lack of awareness is major factors affecting the offshore wind market growth. Also, prohibitive costs associated with the installation and maintenance of components used in offshore wind systems affect the market growth.
Regional Analysis
By region, the market is bifurcated into North America, Europe, Asia-Pacific, and the-rest-of-the-world. Europe dominates the global offshore wind market, witnessing a significant drop in cost per megawatt-hour. Besides, factors such as rising numbers of wind projects supported by favorable government incentives as a part of their carbon emission reduction goals in the region drive the offshore wind market growth.
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The strong presence of major industry players and well-developed renewable energy infrastructure fuels the growth of the market. Moreover, increasing demand for renewable technology and increasing R&D investments and modifications boost the offshore wind market size. The European offshore wind market is likely to remain a highly attractive market throughout the review period.
North America accounts for the second biggest share in the global offshore wind market. The region witnessed rapid growth in the offshore wind industry. Factors such as the increasing onshore & offshore wind infrastructures and technological upgrades in the region boost the market growth. Additionally, the increasing domestic system production and crude oil prices influence the region's offshore wind market share. The US derives the leading revenue share in the regional market due to its large number of offshore wind installations.
Competitive Analysis
The offshore wind market appears competitive, with many well-established players forming a competitive landscape. Players initiate several strategic approaches to gain a larger market share, such as mergers & acquisitions, collaboration, expansion, and product launches. Also, they make substantial strategic investments to drive research & development activities and expansion plans.
- For instance, on Nov.22, 2022, RWE Renewables GmbH (Germany), a leading global technology solution provider for electricity generation and storage systems, announced the completion of total 38 wind turbine installation work at its Kaskasi offshore wind farm and more than two-thirds of the turbines are up now feeding electricity into the grid.
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As part of its growing green investment and growth strategy, RWE aims to increase its offshore wind capacity from 3GW today to 8GW by 2030. Kaskasi offshore wind farm will be operational towards the end of 2022. The 342 MW offshore wind farm will be supplying green electricity to over 400,000 households annually for the next 25 years at least.
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