Offshore Wind Market worth over $75bn by 2026

Offshore Wind Market size is set to exceed USD 75 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

The market growth can be attributed to ongoing transition toward the adoption of RE technologies on account of implementation of stringent environmental norms & policies. For instance, as per WindEurope in 2019, 502 new wind turbines for offshore wind projects were deployed across 10 projects in Europe.

 

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Surging investments toward the development of sustainable energy platforms will proliferate the market size. In addition, rising R&D initiatives focused toward enhancing the Capacity Utilization Factor for energy generation at an efficient & economical manner will positively impact the offshore wind market revenue over the coming years. Small land footprint, minimal maintenance, and limited manpower requirement are few prominent factors complementing the market demand.
 

Growing demand for sustainable structures & foundations will fuel the market growth from component segment

Increasing project depth and ongoing technological upgradation have also aligned focus toward the installation of sustainable foundation and support structures. To better capture the abundantly available technical resource potential, project developers are venturing to deep waters of 30 or more depth. As a result, manufacturers are engaged in the production of high quality structures & foundations which are able to withstand the harsh environmental & water flow conditions. Rising installation of offshore wind energy projects will create a cyclical demand for high quality offshore wind energy infrastructure components.
 

Browse key industry insights spread across 530 pages with 1,071 market data tables & 48 figures & charts from the report, “Offshore Wind 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 – 2026in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/offshore-wind-energy-market
 

Availability of high technical wind resource potential will augment the market growth from > 50 m depth levels

The > 50 m depth levels segment is anticipated to witness growth of over 84% through 2026. Windfarm developers in line of achieving higher CUF and with depletion of near-shore locations are now focusing toward locations having high technical wind potential. These locations are usually situated across deep waters which is at a significant distance from the shore. Floating Offshore Wind has been gaining significant traction owing to high availability of offshore wind resource located in waters 60 m and deeper in the sea. Traditional bottom-fixed offshore wind platforms(BFOW) are not economically & operationally attractive, thereby driving the market size for > 50 m depth levels.
 

Growing energy demand along with ongoing exploration of untapped potential across Asia Pacific will boost the offshore wind market value

The energy demand across the region is surging at a consumerate rate with the population index. However, majority of the energy generated across the region is from fossil fuel powered technologies. To increase sustainability of the energy sector, respective governments have introduced mandates obligating the adoption of clean energy infrastructure to meet the rising energy demand in a sustainable manner. Asia Pacific with its countries including China, Japan, Taiwan, and South Korea is considered as emerging countries in these markets. Industry size of countries including Japan are investing aggressively toward offshore wind energy owing to lack of land space and future volatility of the nuclear energy.
 

Surging investments toward the deployment RE technologies has gained significant momentum, most notably offshore wind energy owing to the availability of wind resource potential. Increasing offshore opportunities along with the existence of a robust industrial & commercial sector base will drive the market size, thereby influencing the industry growth. Supportive government regulations enabling the development of offshore platforms for commercial operations will drive the installations of offshore wind energy projects during the forecast timeline.
 

The eminent market players profiled across market comprise of Siemens Gamesa, MHI -  Vestas, General Electric, Nexans, Goldwind, Furukawa Electric, Ltd, Enercon, IMPSA, Nordex SE, Global Energy Services, Senvion Gmbh, United Power, Ørsted, and Vattenfall AB amongst others.
 

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