Dubai, UAE, Oct. 31, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Kings Research, the global Offshore Wind Energy Market was valued at USD 35.34 billion in 2022 and is estimated to reach USD 72.35 billion by 2030, growing at a CAGR of 10.70% from 2023 to 2030. Key factors driving the market growth include increasing government initiatives for reducing carbon emissions and promoting sustainability.
The offshore wind energy market is experiencing robust growth as it plays a pivotal role in the global drive towards meeting renewable energy targets. Governments worldwide are proactively enacting regulations that bolster the viability of offshore wind power as a clean energy solution. Furthermore, the integration of cutting-edge technologies has not only significantly increased the efficiency of wind power generation but has also driven down installation costs, resulting in a considerable surge in market expansion.
Moreover, this expansion is primarily propelled by the escalating demand for renewable energy sources and a heightened commitment to reducing the worldwide carbon footprint. Governmental bodies and energy corporations are actively implementing measures to curtail carbon emissions, thus further stimulating market growth.
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Trending Now: Tugdock and Salamander Partner to Develop Floating Offshore Wind Energy in Scotland
Tugdock, a UK-based developer of marine buoyancy technology, and Salamander Offshore Wind, a joint venture between Simply Blue Group, Ørsted, and Subsea7, have signed a Memorandum of Understanding (MoU) to collaborate on the development of floating offshore wind energy in Scotland.
Tugdock's patented air lift bag technology can be used to construct floating offshore wind turbine substructures in ports with limited water depth or space. This is a lighter, cheaper, and faster alternative to traditional methods, such as using steel-hulled barges or floating docks.
Global Offshore Wind Energy Market Snapshot:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| Market Value (2022) | USD 35.34 Billion |
| Forecasted Value (2030) | USD 72.35 Billion |
| CAGR | 10.70% |
| No. of Pages | 120 |
| Segments Covered | Component, Foundation, Power Capacity, and Geography |
| Drivers | Utilization of Turbines for Power Generation to Accelerate Market Proliferation |
| Commercialization of Floating Foundations to Aid in Offshore Wind Energy Market Progress |
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The global Offshore Wind Energy Market is segmented as:
By Component
- Turbines
- Electrical Infrastructure
- Substructure
- Others
Utilization of Turbines for Power Generation to Accelerate Market Proliferation
On the basis of components, the turbines segment accounted for the largest share of the global offshore wind energy market in 2022, driven by its extensive use for power generation. The transportation of wind turbine components by ships and barges has enabled the construction of larger turbines that can produce more electricity. This trend has been driven by the increasing popularity of offshore wind platforms that can float and facilitate deep-water installations. Numerous countries, including the United States, have developed offshore wind energy projects along their coasts, recognizing their significant potential.
The offshore wind industry has witnessed a number of advancements in research, technology, and collaboration with government entities to tackle several challenges such as environmental impacts, logistical considerations, and infrastructure development. Furthermore, major industry players such as Siemens Gamesa have played a vital role in the growth of the offshore wind sector.
By Foundation
- Fixed
- Floating
Commercialization of Floating Foundations to Aid in Offshore Wind Energy Market Progress
Based on foundation, the floating segment dominated the global offshore wind energy market in 2022 due to the promising opportunities in ocean energy. They allow access to deeper waters (over 50 meters) and enable turbine installation in mid-depth conditions (30 to 50 meters). The growth of floating wind energy production has been observed mainly in Asia and Europe, making these regions leaders in the global floating offshore energy market, especially in shallower waters. Consequently, the commercialization of floating foundations is progressively increasing, contributing to the expansion of this transformative technology.
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Technological Advancements to Drive Offshore Wind Energy Market Development
Supportive government policies and the increasing focus on offshore wind energy are driving a surge in offshore wind power industry investments. Governments globally are implementing procedures such as financial incentives and streamlined permitting to attract investments. This, coupled with declining wind energy costs due to advanced technologies and increased competition, is accelerating project development and contributing to the global clean energy transition.
Government Policies in North America to Support Offshore Wind Energy Market Growth
North America led the offshore wind energy industry in 2022 with a significant increase in offshore wind energy development. Policy support played a vital role, with governments at the federal and state levels implementing favorable regulations and incentives to promote the establishment of offshore wind farms. This not only contributed to a sustainable energy future but also had a positive economic impact. Job opportunities in various sectors, including manufacturing, installation, and maintenance, were generated, benefiting local economies and supporting the shift towards a green energy economy. In the United States, the offshore wind energy project development and operational pipeline expanded, with a potential generating capacity of 40,083 megawatts (MW) by 2022.
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Competitive Landscape
Leading companies in the global offshore wind energy market are adopting diverse business strategies to increase their market share. These strategies encompass forming alliances, engaging in mergers and acquisitions, product innovation, and establishing joint ventures. For instance, in July 2023, Iberdrola's Saint-Brieuc offshore wind farm successfully connected its first environmentally friendly megawatts to the French national electricity grid.
Major players in the global offshore wind energy market include:
- General Electric
- Equinor ASA
- Iberdrola, S.A.
- Mitsubishi Heavy Industries, Ltd
- Goldwind
- Naval Group
- Nordex SE
- Siemens
- ABB
- MODEC, Inc.
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Key Points from TOC:
Chapter 1 Introduction of The Global Offshore Wind Energy Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Offshore Wind Energy Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Offshore Wind Energy Market, By Component
Chapter 7 Global Offshore Wind Energy Market, By Foundation
Chapter 8 Global Offshore Wind Energy Market, By Power Capacity
Chapter 9 Global Offshore Wind Energy Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Offshore Wind Energy Market Competitive Landscape
Chapter 16 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/offshore-wind-energy-market-176
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