Offshore Wind Energy Market Size By Component (Turbine {Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 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 [Blade, Tower]}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), By Depth (>0 ≤ 30 m, >30 ≤ 50 m, > 50 m), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Offshore Wind Energy Market size surpassed USD 24 billion in 2019 and is anticipated to grow at over 14.8% CAGR between 2020 and 2026. The surging electricity demand along with rapidly increasing emission levels associated with traditional power plants will propel the market growth.
 

Offshore wind is an abundant and renewable source of energy generally located close to coastal load regions. It serves as a sustainable and efficient alternative to long-distance transmission of electricity in land-constrained areas. The market for offshore wind energy will continue to gain traction with increasing deployment in North America. 
 

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Ongoing focus toward the adoption of RE sources comprising of wind, geothermal, solar, and waste-to-energy has resulted in offshore wind energy market expansion. Installation of offshore wind energy technologies are gaining significant acceptance on a global scale owing to its high-power generation capabilities. Reduced noise levels, no land acquisition expenditure, and significant supply of wind resource when compared to onshore wind projects are few prominent factors fueling the market demand.
 

Offshore wind energy technologies have achieved significant traction subjected to high CUF and favorable regulatory policies complementing the offshore wind energy market growth. Policy makers on a global scale are intensifying efforts to successfully achieve the emission reduction targets as per the Paris agreement. Respective governments and market players are investing aggressively toward clean energy sources. This has fueled the industry growth as demand for installation of high capacity offshore wind energy projects is anticipated to witness significant momentum over the coming years.
 

The global offshore wind energy market report covers detailed analysis of the industry trends that are segmented on a regional & country basis across component and depth levels. Moreover, reported market forecasts & estimates are aligned with the data represented by state and federal authorities including the American Wind Energy Association, Global Wind Energy Council (GWEC), World Energy Outlook, Department of Energy, European Commission, World Bank, Asian Development Bank, regulatory bodies and company annual reports.
 

Rising technological advancements along with increasing investments toward offshore wind energy infrastructure will propel the market growth for components

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Turbines in 2019, accounted for over 29% of the global offshore wind energy market revenue from the component segment. Wind turbines in the last decade have emerged as a core component across modern day wind-based power plants. Fundamental for this evolution is the industry re-structuring across power markets along with rapid technological enhancements associated with the field of aerodynamics, and material composition. Manufactures operating across the industry through effective optimization & standardized product processes have incorporated environmental compatibility, high product efficiencies & power output and low installation costs, thereby positively swaying the market demand for offshore wind energy components.
 

The offshore wind energy market leaders are directing significant budgets toward project installation and R&D activities aimed toward augmenting the operational efficiency and develop their product portfolio. The ongoing incorporation of advance components & infrastructure will boost the market growth. For instance, in March 2020, Enercon installed a new prototype E-138 EP3 for their E2 wind turbines at the Janneby site which is situated in Schleswig-Holstein, Germany. The new prototype increased the nominal power of E2 turbines from 3.5 MW to 4.2 MW and will help the company yield an additional power of 1.5 Million kWh every year.
 

Competitive energy transition will boost the offshore wind energy market growth for >0 ≤ 30 m depth level projects

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Nearshore project deployments have gained significant penetration over the past decade. Their ability to offer a competitive energy transition along with higher potential has accelerated the development of offshore projects at >0 ≤ 30 m depth levels. As of now, the average water depth of offshore wind farms under construction is between 30 - 33 meters. The projects developed in this water depth offer higher potential for grid connectivity and more economical as compared to the projects developed across high water depths, thereby boosting the market size.
 

Adoption of favorable regulatory policies to drive the demand for offshore wind energy projects across Europe

Europe has emerged as a dominant player across the offshore wind energy market over the past decades. Denmark was the first country to install a 5 MW offshore wind farm in 1991. Since 2008, the country’s offshore wind capacity had more than tripled. The UK leads the European market with a cumulative capacity of 9.9 GW in 2019 and will witness growth of over 28% through 2026. The country has added over 5 GW of offshore wind energy in its renewable portfolio from 2015. The government of the UK has introduced Contracts for Difference to ensure stable long-term returns from electrical infrastructure projects, thereby minimizing the barriers to entry for industry participants.
 

The reform also lays provision to establish viable return to investors coupled with encouraging funding through leveraging schemes. Strong focus toward the development of utility scale projects along with ongoing identification of potential sites for offshore projects will provide impetus to the offshore wind energy market growth. The market sentiment across the EU toward the development of offshore wind energy infrastructure remains bullish, thereby appealing prominent investments which will fuel the installation of offshore wind energy projects over the forecast timeline.
 

Strategic collaborations acting as the focal point for the market leaders

The eminent companies operating across the offshore wind energy market are intensifying focus on collaborations & partnerships to gain a competitive edge. The strategy on collaborations has been devised to significantly transform the market trends by increasing the manufacturing efficiency and drive down the overall cable costs to accumulate a dominant market share. The key market players include MHI-Vestas, Goldwind, General Electric, Furukawa Electric Co. Ltd., Nexans, Siemens Gamesa and Enercon.
 

The offshore wind energy market research report includes in-depth coverage of the market trends with estimates & forecast in terms of “MW, and ‘USD” from 2015 to 2026, for the following segments:
 

Market by Component

• Turbine
  • Rating
    • ≤ 2 MW
    • >2≤ 5 MW
    • >5≤ 8 MW
    • >8≤10 MW
    • >10≤ 12 MW
    • > 12 MW
  • Installation
    • Floating
      • Axis
        • HAWT
          • Up-wind
          • Down-wind
        • VAWT
      • Component
        • Blade
        • Tower
        • Others
    • Fixed
      • Axis
        • HAWT
          • Up-wind
          • Down-wind
        • VAWT
      • Component
        • Blade
        • Tower
        • Others
• Support Structure
  • Substructure (Steel)
  • Foundation
    • Monopile
    • Jacket
  • Others
• Electrical Infrastructure
  • Wires & Cables
  • Substation
  • Others
• Others

Market by Depth

• >0 ≤ 30 m
• >30 ≤ 50 m
• > 50 m

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

• 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 the World