Offshore Wind Energy Market Size, By Component (Turbine {Rating (≤ 2 MW, >2 to ≤ 5 MW, > 5 to ≤ 8 MW, > 8 to ≤ 10 MW, > 10 to ≤ 12 MW, > 12 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Component [Blades, Tower]}, Fixed {Axis [Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)], Component [Blades, Tower]}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), By Depth (> 0 ≤ 30 m, > 30 ≤ 50 m, > 50 m), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Offshore Wind Energy Market size valued at USD 23 billion in 2020 and is anticipated to grow at a CAGR of over 15% between 2021 and 2027. Ongoing shift from the conventional energy sources to renewable energy technologies owing to the implementation of strict environmental policies will positively encourage the market growth. Accelerating offshore opportunities coupled with the development of a robust commercial & industrial sector base will influence the product penetration.
 

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The COVID- 19 pandemic has slowed down the overall market expansion. However, proper vaccination programs by respective government authorities across various nations have resulted in a decline in the number of patients. The growing requirement to deliver energy to numerous sectors including residential, healthcare, services, and food & beverages has positively encouraged the business landscape. Furthermore, upliftment of stringent regulations for global movement will further boost the offshore wind project pipelines thereby stimulating the industry dynamics.
 

Increasing investments in the development of offshore wind energy infrastructure will propel the market demand

Rising investments in the development of deep seas offshore wind energy projects along with the rapid technological advancements is set to augment the business landscape. The integration of renewable energy sources along with the increasing utilization of clean energy will drive the industry growth. In addition, the private & public expenditure for the development & expansion of utility-scale projects coupled with ongoing identification of the potential sites for offshore wind projects will provide a momentum to the overall industry expansion.
 

Surging investments toward the development of sustainable energy platforms including fixed and floating offshore wind projects will fuel the technology adoption. Low maintenance, reduced manpower requirement, and minimal land footprint are some of the prominent factors impelling the market share. Moreover, the robust R&D initiatives focused on enhancing the capacity utilization factor for energy generation in an economical & efficient manner will positively encourage the market dynamics.
 

Sustainable energy transition will foster the > 30 to ≤ 50 m depth offshore wind energy market trends

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Ongoing saturation of near shore infrastructure along with significant penetration to offer a higher potential has encouraged the > 30 to ≤ 50 m depth level offshore wind energy project development. The projects constructed offer economic viability and a huge potential for grid connectivity as compared to deep water level depth projects. Additionally, constant enhancements in the installation capabilities in line with the accessibility of high-speed winds far from shore are some of the key factors stimulating the deployment of offshore platforms at these levels.
 

Efficient electrical infrastructure to influence the offshore wind energy market revenue

The electrical infrastructure industry gained momentum on account of the rapid ongoing technological advancements along with shifting focus toward the development of hybrid units to sustain a long-route electrical transmission. However, far offshore projects and complex electrical systems incur huge overall project costs. Furthermore, significant potential for energy extraction will support the industry leaders to optimally tap the large resource portfolio in the coming years.
 

Favorable regulatory norms & policies will spur the growth for European region

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The UK offshore wind energy market is estimated to witness over 4% growth rate by 2027. Favorable government policies and several subsidies & incentive schemes along with robust regulatory & policy frameworks will support the acceptance of wind energy in the economy.
 

Rapid infrastructural expansion and the development of offshore wind energy projects across Europe have augmented the market progression. The region has a huge potential for offshore renewable energy offered by several water bodies including the Baltic and the North Sea to the Mediterranean, from the Atlantic to the Black Sea, covering the outermost regions. Moreover, stringent government regulations to curb emissions and favorable policies for the deployment of offshore windfarms will enhance the industry demand.
 

Strategic partnerships & contractual agreements will boost the focus of industry participants

Major companies working across the global market include Prysmian Group, Siemens Gamesa, Sumitomo Electric, Nexans, Southwire LLC, IMPSA, Enessere, LS Cable & System, Vestas, Goldwind, General Electric, Nordex, WEG, Suzlon Energy, Global Energy (Group), Senvion, RTS Wind, ENVISION Group, NSW Cable, Bergey Windpower, Clipper Windpower, Enercon, JDR Cable, Northland Power, NKT A/S, Vattenfall, Ørsted, and Zhejiang Windey. The key players are focusing on making joint ventures and strategic partnerships to achieve renewable energy targets set by respective government authorities.
 

Eminent manufacturers are focusing on strategic partnerships & collaborations to gain a competitive edge over their opponents. These strategies have been developed to significantly reorganize the industry trends by accelerating the manufacturing efficiency and reduce the overall cable expenditure to gain a significant revenue share.
 

The offshore wind energy market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2017 to 2027 for the following segments:

Market, By Component

• Turbine
  • Rating
    • ≤ 2 MW
    • > 2 to ≤ 5 MW
    • > 5 to ≤ 8 MW
    • > 8 to ≤ 10 MW
    • > 10 to ≤ 12 MW
    • > 12 MW
  • Installation
    • Floating
      • Axis
        • Horizontal (HAWTs)
          • Up-wind
          • Down-wind
        • Vertical (VAWTs)
      • Component
        • Blades
        • Towers
        • Others
    • Fixed
      • Axis
        • Horizontal (HAWTs)
          • Up-wind
          • Down-wind
        • Vertical (VAWTs)
      • Component
        • Blades
        • Towers
        • Others
• Support structure
  • Substructure (steel)
  • Foundation
    • Monopile
    • Jacket
  • Others
• Electrical infrastructure
  • Wires & cables
  • Substation
  • Others
• Others

Market, By Depth

• > 0 to ≤ 30 m
• > 30 to ≤ 50 m
• > 50 m

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Sweden
  • Poland
  • Denmark
  • Netherlands
  • Ireland
  • Belgium
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Vietnam
  • Taiwan
• Rest of World