Global Offshore Wind Market Size By Location (Shallow Water, Transitional Water, Deep Water), By Component (Electrical Infrastructure, Turbine), By Geographic Scope And Forecast

Offshore Wind Market Size And Forecast

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Offshore Wind Market size was valued at USD 33.64 Billion in 2022 and is projected to reach USD 146.06 Billion by 2030, growing at a CAGR of 17.72% from 2023 to 2030.

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The Global Offshore Wind Market has been influenced by an increased emphasis on conserving water, energy-efficiency permits as well as government incentives, growing energy demand, and an increased proportion of renewable energy in the energy production mix. The Global Offshore Wind Market report provides a holistic evaluation of the market. The research report provides a thorough analysis of the market’s key segments, trends, drivers, restraints, competitive environment, and other important elements.

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Global Offshore Wind Market Definition

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Offshore wind power is a process of generating electricity from wind energy by establishing wind farms in water bodies, generally the ocean. The wind speed accessible offshore is higher than the wind speed obtainable on land. As an outcome, the electricity produced by offshore wind power is more expensive per unit of capacity installed. Many inshore water areas, including lakes, sheltered coastal areas, and deeper-water areas are used for offshore wind power. It is one of the most cost-effective and environmentally friendly ways of generating electricity. Offshore wind turbines are bigger and have elevated wind speeds than onshore wind farms. Turbines are increasing in size and energy capacity, leading to significant performance and economic improvements for offshore wind farms.

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The Global Offshore Wind is classified as Wind Power Plant, Horizontal Axis, and Vertical Axis. Horizontal-axis turbines are similar to aircraft propeller engines and they generally have three blades. Taller turbines with lengthier blades produce more energy. Almost all wind turbines in use presently are horizontal-axis turbines. Vertical-axis turbines are differentiated by blades placed at the top and bottom of a vertical propeller. Wind farms are groups of wind turbines that generate large amounts of power. A wind farm typically has many turbines applied to a large area. To generate electricity, it mainly uses traditional fixed-bottom wind turbine innovations and floating wind turbines. The enhanced use of renewable energy for electricity generation has led to the expansion of the Offshore Wind Market.

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Global Offshore Wind Market Overview

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The inclusion of renewable energy sources, as well as the enhanced use of clean energy, drive industry growth. Moreover, private and public investment in the development and growth of utility-scale projects, as well as ongoing identification of opportunities offshore wind project sites, provide the driving force to the overall industry expansion. Surging improvements in the creation of sustainable energy systems, such as fixed and floating offshore wind projects, drive technology acceptance. Low maintenance, reduced manpower demands, and a small land footprint is some of the key factors driving market share.

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Moreover, the robust R&D proposals aimed at improving the capacity utilization factor for energy generation suitably and effectively will significantly improve market dynamics. Furthermore, enhanced attention on water conservation, energy-efficiency permits and government subsidies, rising energy requirement, and an increased proportion of renewable energy in electricity-generating have been driving the Market Growth. The cost of structural components, electric grids, and turbines is considerably higher than an onshore wind turbine.

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The support systems including such frameworks are extremely expensive because of the high depth of water, surface area, and construction techniques. High investment costs, as well as issues about maintenance and logistics, may inhibit global growth. The introduction of innovative technologies and energy-efficient solutions, as well as prominent industries undergoing initiatives to reduce their carbon footprint and make a significant contribution to a sustainable environment and sustainability, are rising the market size.

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Global Offshore Wind Market Segmentation Analysis

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The Global Offshore Wind Market is Segmented on the basis of Location, Component, and Geography.

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Offshore Wind Market, By Location

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• Shallow Water

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• Transitional Water

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• Deep Water

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Based on Location, The market is segmented into Shallow Water, Transitional Water, and Deep Water. Shallow Water has the largest segment of the Global Offshore Wind Market because of the ease of transportation and preservation Moreover, when compared to the deep water sub-segment, the foundation and electronic power structure costs are very low during the forecasted period.

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Offshore Wind Market, By Component

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• Electrical Infrastructure

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• Sub Structure

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• Turbine

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• Others

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Based on Component, The market is segmented into Electrical Infrastructure, Sub Structure, Turbine, and Others. The Electrical Infrastructure has the Largest Segment of the Global Offshore Wind Market because the industry grows rapidly as a result of intense ongoing technological developments, as well as a shift in focus toward the production of hybrid units to assist long-distance electronic transmission during the projected period.

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Offshore Wind Market, By Geography

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• North America

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• Europe

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• Asia Pacific

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• Rest of the world

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On the basis of Geography, The Global Offshore Wind Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is projected to be the highest growing market over the forecasted period. Growing investment, combined with increasing energy demand, is boosting the region’s offshore wind market. Furthermore, the United States and Mexico have increased their presence in renewable sources.

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Key Players

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The “Global Offshore Wind Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Petrofac Inc., MHI Vestas, Adwen Offshore Inc., Siemens Gamesa, GE Renewable Energy, Orsted, ABB ltd., Senvion, Sinovel, and Statoil.

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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Key Developments

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• In March 2020, Enercon installed a prototype E-138 EP3 wind turbine for their E2 wind turbines at their Janneby site in Schleswig-Holstein, Germany. The prototype model enhanced the nominal power of E2 turbines from 3.5 MW to 4.2 MW, allowing the company to generate 1.5 million kWh more per year.

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• In April 2018, MHI Vestas Offshore Wind formed a partnership with Ramboll, the company that developed the industry’s first encapsulated foundation load software tool. The partnership aided the company in developing the proposed tool that allows foundation designers to accomplish independent integrated load analyses in a closed-system version of the full turbine model used for comprehensive foundation load simulation studies.

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Report Scope

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Research Methodology of Market Research:

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Reasons to Purchase this Report

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Provision of market value (USD Billion) data for each segment and sub-segment
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
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• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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• Provides insight into the market through Value Chain
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• Market dynamics scenario, along with growth opportunities of the market in the years to come
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