Offshore Wind Market Size By Component (Turbine (Floating (Tower, Rotor Blade), Grounded (Tower, Rotor Blade), Support Structure (Substructure{Steel}, Foundation (Monopile, Jacket)), Electrical Infrastructure (Wires & Cables, Substation)), Industry Analysis Report, Regional Outlook (UK, Germany, Denmark, Netherlands, Belgium, China, Japan, South Korea, Taiwan), Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: June 2017 | 240 Pages | Report ID: GMI1763 Report Format: PDF

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Industry Trends

Offshore Wind Market size for 2016 was valued over 60 Billion and cumulative capacity is set to exceed 60 GW by 2024.

Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)

Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)

Rising concern towards climate change coupled with growing demand for energy independency will foster the market size. National renewable addition targets along with increasing share of funds from financial institutions including the World Bank, International Finance Corporation and Green Investment Bank will further advance the industry growth. In 2012, Government of UK established the Green Investment Bank to support and encourage investments across green energy projects in the country.

Rapid urbanization coupled with soaring energy security concerns will stimulate the market growth. Favourable government norms toward preservation of depleting conventional resources along with refurbishment of aging and in-efficient power plants will augment the industry landscape. In 2017, the Council of Australian Governments (COAG) Energy Council introduced “the Blueprint” report with an aim to ensure future security of the electricity market in the country. The study proposes regulatory changes subjected to energy security and climate change policies across the country.

Exponential increase in energy demand along with significant development towards expansion of microgrid networks will embellish the market growth. Advancing wind based generation technologies coupled with increasing concern towards security of supply will further complement the business outlook. As per Energy Information Administration (EIA), strong economic development across non-OECD regions led to increase in electricity consumption to over 50% of the global electricity demand. The agency further anticipates non-OECD countries to hold over 61% of the global electricity generation share by 2040.

Government mandates towards energy efficiency coupled with abundant and consistent potential when compared with onshore installation will fuel the market share. Increasing R&D investments to enable deployment and development of robust wind technologies will positively impact the business landscape. In 2017, Horizon2020 program funded European Commission USD 17.83 million project with an aim to reduce offshore operations and maintenance costs through integration of advanced monitoring and control technologies for wind turbines.

Offshore Wind Market, By Component

Turbines in 2016 accounted for over 30% of the offshore wind market. Rising investment towards development of advance wind based technologies along with increasing adoption of large capacity turbines will significantly impact the overall cost. In 2017, UK offshore prices have witnessed a decline of 32% in the past four years. Low costs will further encourage investments across the sector and will further stimulate technology adoption.

Floating turbines are gaining significant momentum across the Asia Pacific & Europe offshore wind industry due to reduced visual pollution by providing simultaneous accommodation to fishing and shipping lane. In 2016, Norwegian offshore oil and gas group developed world’s first 30 MW floating plant across Scotland’s Aberdeenshire coast with total investment of USD 199 million.

Electrical infrastructure across the market will witness strong growth owing to increasing private investments by major component suppliers including Nexans and Senvion. In 2016, the Netherlands based VBMS appointed Nexans to supply inter array cable system to establish subsea connection between onshore transmission grid and offshore turbines for the demonstrator wind project across Blyth offshore in UK. It is considered as the first 66 kV offshore wind farm developed by EDF Energy Renewables and VBMS.

Offshore Wind Market, By Region

The U.S. market was valued over USD 140 billion in 2016. Federal government initiatives to meet the clean energy capacity addition targets will positively influence the country’s industry landscape. The country has synchronized its first 30 MW project in 2016 across Block Island. Citi and GE Energy Financial Services provided tax equity financing to the deep-water wind farm.

Germany market will witness strong growth due to stringent capacity addition targets and continuously declination in component prices on account of stiff competition between manufactures. In 2017, Government of Germany along with Government of Denmark and Belgium set up target to jointly add 60 GW of offshore capacity by 2027. 

Netherlands market is expected to expand over 12% in 2024. Policymakers are aggressively working on transition to a clean, reliable, and affordable energy supply for its citizen. The country has developed National Energy Agreement under which they are targeting to add 4.5 GW of offshore capacity by 2023. In 2017, the Netherlands synchronized its largest offshore farm across North Sea which can produce 2.6 TWh of clean energy ever year.

Competitive Market Share

Key participants in the industry include Siemens, Adwen, Senvion, MHI vestas, Sinovel Wind, Doosan Heavy Industries & Construction.

The industry has witness a twofold growth over the past decade due to stringent emission norms and favorable government’s clean energy schemes. Major players are aggressively adopting organic strategies to enhance their global penetration.

Offshore Wind Industry Background

Offshore Wind Market Segmentation

Offshore wind farms are constructed across sea beds, mainly on the continental shelf, to harness energy to generate electricity. Availability of higher wind speeds across deep-water as compared to on land has raised the industry size over the past years. Component price drop in the last five years has significantly impacted the investments across the industry. Adoption of floating and other advance turbine technology will accelerate the overall industry growth during the forecast period.

What Information does this report contain?

Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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