Offshore Wind Energy Market Analysis

Offshore Wind Energy Market Analysis

Offshore wind energy market value from the support structure component segment is anticipated to surpass USD 49 billion by 2032, fueled by growing emphasis on enhancing the design and development of supporting infrastructures for sustaining coincident loads and waves at offshore locations. These efforts are leading to consistent advancements in substructures and foundations such as jacket and monopile for various depth applications such as medium, shallow, and deep water.
 

In terms of depth, the offshore wind energy market from the > 0 to ≤ 30 m segment are predicted to observe nearly 9% gains through 2032, owing to favorable regulatory mandates across emerging economies. Meanwhile, strong investments by major government bodies to encourage the deployment of wind energy is also escalating the segment growth. Europe, with an abundance of sea basins, dominates the industry when it comes to offshore wind investments. in fact, the EU invested over €41 billion ($43.5 billion) in new wind farms in the region 2021. The capital primarily went into financing 25 GW of novel capacity, a new record.
 

Asia Pacific offshore wind energy market revenue share is poised to increase by more than 12% by 2032, driven by the growing electricity demand in the region. This demand is fueling rapid infrastructure expansion initiatives in the region, where a number of new offshore installations are currently under development.
 

Leading industry players that are active in the region are also introducing more initiatives to make offshore farms more economically efficient. For instance, in 2020, a consortium of leading Japanese firms, MODEC, Inc., Toyo Construction Co., Ltd., Furukawa Electric Co., Ltd., unveiled that their proposal for the public offering of R&D for technology to reduce expenses on offshore wind turbines was officially adopted by the country’s largest public management organization, New Energy and Industrial Technology Development Organization.