Offshore Wind Energy Market to exceed to $75 Bn by 2026

Offshore Wind Energy Market size is expected to surpass USD 75 billion by 2026, as reported in the latest study by Global Market Insights Inc.
 

The ongoing transition toward the adoption of RE technologies due to the implementation of stringent environmental norms & policies is poised to drive the offshore wind energy industry growth. 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. Moreover, 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 energy market statistics. Small land footprint, minimal maintenance, and limited manpower requirement are few prominent factors complementing the market revenue.
 

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

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 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 – 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 growth from > 50 m depth levels

The offshore wind energy market from > 50 m depth levels is estimated to witness more than 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, driving the market size.
 

Growing energy demand coupled with ongoing exploration of untapped potential to propel Asia Pacific offshore wind energy market

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. Market size of APAC countries including Japan are investing aggressively toward offshore wind energy on account of 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 led by the availability of wind resource potential. Increasing offshore opportunities along with the existence of a robust industrial & commercial sector base will drive the market revenue. Supportive government regulations enabling the development of offshore platforms for commercial operations will spur the installations of offshore wind energy projects.
 

The eminent market players profiled across offshore wind energy 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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