Pune, India, July 19, 2021 (GLOBE NEWSWIRE) -- The global offshore wind power market size is anticipated to reach a capacity of approximately 94 GW by 2026, exhibiting a CAGR of 19.2% during the forecast period. The growth is primarily attributable to the rising investments in wind power projects. Favorable government policies are also complementing the market growth. Fortune Business Insights™ has presented this information in their report titled, “Offshore Wind Power Market, 2019-2026”. The market size stood at 23 GW in 2018.
Offshore wind power is one of the most valuable renewable energy sources worldwide. The market has gradually been gaining traction and is expected to witness substantial growth in the forthcoming years. The global market comprises countries like U.K., Denmark, Germany, China, and Belgium as the leading territories.
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List of Key Players in Offshore Wind Power Market:
- Siemens Gamesa Renewable Energy S.A.
- MHI Vestas Offshore Wind
- Senvion S.A.
- Adwen
- ABB Ltd.
- General Electric
- Ming Yang Smart Energy Group Co.
- Nordex SE
- Goldwind
- Envision Energy
- Suzlon Energy Limited
- Hitachi Ltd.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 19.2% |
| 2026 Installed Capacity Projection | 94 GW |
| Base Year | 2018 |
| Installed Capacity in 2018 | 23 GW |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 120 |
| Segments covered | Installation, Water Depth, Capacity and Geography |
| Growth Drivers | Rising Investments to Augment Market Growth |
| China to Emerge as Global Leader | |
| Strategic Collaborations to Offer Lucrative Growth Opportunities | |
| Higher Turbine Capacity to Gain Momentum in the Global Market |
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COVID-19 Impact-
The coronavirus pandemic has restrained the growth of many industries and markets, including the offshore wind power market. The pandemic has resulted in a decline in power consumption as many industries remain shut due to lockdowns, curfews, and social distancing norms. The pandemic has delayed projects, and the investments have also declined, inflicting a negative impact on the market. However, favorable government policies regarding wind energy production are expected to attract investments in the upcoming years. The reduction in the cost of wind power is also expected to propel the market growth post-pandemic.
Segmentation-
Based on the installation, the market divides into floating structures and fixed structures. On the basis of water depth, the market bifurcates into above 30m and up to 30m. Based on capacity, the market trifurcates into Above 5MW, 3MW to 5MW, and up to 3MW. Geographically, the market is categorized into prominent countries; U.K., China, Belgium, Denmark, Germany, Netherlands, U.S., Sweden, Netherlands, Vietnam, Spain, South Korea, France, Japan, Ireland, and the Rest of the World.
Report Coverage-
- The report offers quantitative and qualitative insights into the prospected market.
- The report offers a detailed analysis of the growth rate and market size.
- The report provides information on various segments of the global market, such as water depth, installation, capacity, and geography.
- The report also incorporates SWOT Analysis and PESTLE Analysis.
Drivers & Restraints-
Rising Investments to Augment Market Growth
As the world has limited supplies of non-renewable energy sources, it has become crucial to adopt renewable energy sources. Evolution in energy and power generation through technology has paved new ways for the offshore wind energy industry to grow. Several countries are formulating favorable government rules and regulations that are anticipated to drive the market growth further. Additionally, the installation costs have declined as the efficiency of offshore wind energy units has improved due to advance technology. Increasing investments in the sector will further propel market growth.
However, high maintenance costs are likely to act as a restraint to offshore wind power market growth.
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Regional Insights-
China to Emerge as Global Leader
The U.K. currently accounts for holding the lion’s share in the global installed offshore wind power market. China is anticipated to emerge as a global leader due to upcoming projects and ongoing construction projects. China had reportedly installed about 40% of the global offshore wind energy in 2018. The trend is likely to surge in the upcoming years, and China will likely hold the highest offshore wind power market share. Countries like India, Japan, Taiwan, U.S., and Vietnam are a few emerging countries in the global market.
Competitive Landscape-
Strategic Collaborations to Offer Lucrative Growth Opportunities
In the highly fragmented landscape of the offshore wind energy industry, key players are focusing on innovating product offerings and introducing products that convey more efficiency and incur low installation and maintenance costs. Major players are adopting collaboration and partnerships in order to strengthen their market position. For instance, Senvion S.A. collaborated with Renexia to install 30 MW offshore wind farms in the Italian Mediterranean Sea in March 2019.
Industry Developments-
- July 2019: Vattenfall won a tender to install a zero-subsidy offshore wind farm. Siemens Gamesa Renewable Energy facilitated turbines of 10 MW rated capacity, producing a total output of 760 MW.
- March 2019: Royal Dutch Shell collaborated with Van Oord and Eneco for two projects based in the Dutch part of the North Sea.
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Cost Comparison Analysis –By Different Component of Wind Turbine
- Global Offshore Wind Power Market Analysis (MW), Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Installations
- Fixed Structure
- Floating Structure
- Market Analysis, Insights and Forecast – By Capacity
- Up to 3 MW
- 3 MW to 5 MW
- Above 5 MW
- Market Analysis, Insights and Forecast – By Water Depth
- Up to 30 m
- Above 30 m
- Market Analysis, Insights and Forecast – By Region
- U.S.
- U.K.
- Germany
- France
- Spain
- Sweden
- Denmark
- Netherlands
- Ireland
- 5.5.10. Belgium
- 5.5.11. China
- 5.5.12. Japan
- 5.5.13. South Korea
- 5.5.14. Vietnam
- 5.5.15. Rest of the World
- U.S. Offshore Wind Power Market Analysis (MW), Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Installations
- Fixed Structure
- Floating Structure
- Market Analysis, Insights and Forecast – By Capacity
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