Offshore Wind Energy Market Size By Component (Turbine {Rating (< 100 kW, 100 kW to 250 kW, > 250 kW to 500 kW, > 500 kW to 1 MW, 1 MW to 2 MW, > 2 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}, Fixed {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}}), 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 (U.S., Canada, Mexico, Germany, Spain, UK, France, Italy, Sweden, Poland, Denmark, Portugal, Netherlands, Ireland, Romania, Belgium, Austria, China, India, Australia, Japan, South Korea, Vietnam, Thailand, Philippines, Taiwan, South Africa, Egypt, Morocco, Ethiopia, Tunisia, Jordan, Brazil, Chile, Argentina, Uruguay), Competitive Market Share & Forecast, 2018 – 2024

Industry Trends

Offshore Wind Energy Market size valued at USD 20 billion in 2017 and is expected to cross annual installations of 14 GW by 2024.
 

Asia Pacific Offshore Wind Energy Market Size, By Rating, 2017 & 2024 (USD Million)

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Increasing awareness toward refurbishment of existing power generation technologies that comprises substantial use of fossil fuels to curtail greenhouse gas emissions will stimulate the offshore wind energy market growth. Positive regulatory inclination pertaining to optimum extraction of energy sources along with sustainable energy potential will positively impact the business dynamics. Furthermore, limited land utilization, reduced human interventions and low maintenance are some of the prominent factors which will enhance the product adoption.
 

High electricity prices and space constraints pertaining to solar energy along with reduction in installation & construction costs of offshore wind technology will augment the industry growth. Favourable industry outlook subject to the integration and development of large turbines in conjunction with product efficiencies, foundation techniques and advancing blade size will foster the product penetration. In addition, soring investments with respect to the establishment of technologically improved manufacturing facilities coupled with increasing energy consumption across emerging nations will enhance the industry dynamics.
 

By Component

Turbine component is projected to surpass USD 20 billion by 2024. Ongoing advancements in product size for new blade designs, innovative drive trains, offshore installations and emerging turbine assembly concepts are among the prime factors bolstering the product demand. These systems account for a majority portion of the overall project cost which plays a critical role toward feasibility and plant performance. In addition, increasing research & development reforms along with prevailing enhancements associated with flexibility & efficiency of the units will drive the industry growth.
 

Variable transmission devices, advanced generator speed control and introduction of superconducting generators are few imperative parameters restructuring the electrical infrastructure. Use of high voltage alternating current array cables along with technological developments pertaining to the effective cooling systems will complement the business outlook. Furthermore, significant variations and upgradation in line with manufacturing practices along with cost competitiveness will positively sway industry dynamics.
 

 By Rating

> 2MW rating is projected to exceed annual installation of 7 GW by 2024. Rising deployment of distributed energy resources across the electric infrastructure along with large scale investments pertaining to the extraction of untapped wind potential has provided a positive offshore wind energy industry scenario. In addition, lower costs, compact size, fewer moving parts, light weight and reduced emissions are among the underlined parameters which will drive the product deployment.
 

Ongoing expansion of co-generation systems to support heat and energy utilization across small industrial, off-grid and commercial networks will enhance the product penetration across 100 kW to 250 kW power rating segment. Effective energy utilization policies have drifted regulatory and consumer tendencies toward the expansion of offshore wind farms which in turn will augment the offshore wind energy market potential. In addition, restructuring of trade policies & investment flow across developing regions along with ongoing enhancements pertaining to the upgradation of regeneration units to withstand low energy requirements will encourage the product adoption.
 

By Installation

Soaring investments toward offshore development and exploration activities coupled with improved deep-water technologies will propel the floating installations. Standardized foundation designs & readily available installation vessels coupled with growing demand to discover the untapped potential of ultra-high-speed wind source in deep waters will positively impact the offshore wind market landscape.
 

Advanced project design software and improvement in seabed characterization along with depleting onshore reserves & associated high infrastructure cost will stimulate the fixed installation industry growth. In addition, deployment of LiDAR technology will enable decline in turbine installation costs which will complement the business outlook.
 

By Depth

Offshore Wind Energy Industry Size, By Depth (MW)

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30 – 50 m water depth segment in offshore wind energy market is projected to grow over 19% by 2024. Nearshore project deployments to offer a competitive energy transition along with higher potential for grid connectivity pose significant growth opportunities for projects with the respective depth. The plants have resulted into a sustainable platform for wind developers and consumers to incur optimized cost scenarios along with avoiding the social consequences of near shore projects.
 

Rising use of tripod and monopile type foundations in the shallow depths coupled with grid connectivity opportunities and superior transmission will drive 0-30 m water depth segment. Increasing focus toward floating wind energy projects favoured by rapid technological enhancements to integrate a feasible business platform have instituted a favourable industrial scenario.
 

By Region

Middle East Offshore Wind Market Size, By Country, 2024 (USD Million)

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The North America offshore wind energy market is anticipated to surpass 1 GW by 2024. Significant investments to increase offshore supply chain along with discovery of untapped potential sites will strengthen the product demand. In addition, favourable economic outlook coupled with positive government decarbonization regulations and reforms will augment the product demand.
 

UK market will onlook growth on account of energy security initiatives, decarbonization reforms and positive government regulations. Escalating consumer awareness pertaining to environmental impacts coupled with surging investments by leading industry players to explore the offshore wind energy potential will foster the business growth.
 

Competitive Market Share

Eminent participants operating in the offshore wind energy market includes Nordex Acciona, United Power, Global Energy Services, Prysmian, Senvion, Furukawa Electric, LS Cable, Enessere, Northern Power Systems, MHI-Vestas, Siemens Gamesa, Envision Energy, Wobben, Impsa, Clipper, Goldwind, Suzlon, Mingyang, WEG SA, Bergey, LM, General Cable, Nexans, , Southwire, Enercon, GE, Vestas, Sumitomo, Availon and RTS.
 

Major industry players are shifting their focus toward extensive research & development investments to expand their business platform. These companies have made substantial strides in enhancing their industrial performance & portfolio through expanding and building their industry infrastructure foundations. In addition, substantial investments in adjacencies coupled with inorganic growth ventures have been critical for the company strategies.
 

Industry Background

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Offshore wind power comprises of generation of clean energy by harnessing the energy of sea winds through developed offshore farms on the bodies of water. The energy generating turbines are generally installed at the potential ocean sites or on the continental shelf. These wind farms produce low carbon emissions per unit of electricity generated in comparison to onshore wind farms

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