Offshore Wind Energy Market Analytical Overview, Growth Factors, Demand, Trends and Forecast to 2027
according to a current analysis by Emergen Research Offshore Wind Energy Market will be worth USD 106.10 Billion by 2027 . The growth of this market can be attributed to the increasing trend of industrialization in developing economies. The rapid urbanization and the increasing demand for electricity in developing countries are expected to drive the offshore wind energy market demand. The emergence of technologically advanced platforms powered by Artificial Intelligence, robotics, machine learning, data analytics, and the Internet of things, Big data, the cloud help maintain wind energy and monitor the turbine’s energy level statistics. The technologies also help the turbines in reserving more energy for no wind situations and reduce the risks of damage by giving prior information about system failures. The technological development of offshore wind turbines has increased capacity, reduced the weight of the wind turbines, and made the blades mores stronger and durable. The advancements have reduced the overall cost of offshore wind energy, which is expected to drive the system’s demand.
Furthermore, the report provides a comprehensive analysis of the factors that are likely to bolster or impede the growth of the market in the coming years. The report considers the COVID-19 pandemic that is currently unfolding as a key market influencer. The report provides a thorough estimation of the overall impact of the pandemic on the Offshore Wind Energy market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Offshore Wind Energy market.
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Key Highlights From The Report
- In February 2019, Vestas entered into a partnership with a local manufacturing service provider, Marand Precision Engineering, for Wind Turbine Assembly Facility in Geelong. The partnerships will help Vestas to expand its wind turbine assembly in the Victorian renewable energy sector.
- The Fixed structure held the largest market share of 57.5% in the year 2019. Cost-effectiveness and ease of operation of the fixed structure have resulted in the segment’s increasing demand.
- Deep water (>60m Depth) is forecasted to grow with the fastest CAGR of 15.9% over the forecast period. The reductions in installations cost, improved engineering of turbines, and the development of turbines with floating substructures are expected to drive the segment’s demand.
- The Turbines accounted for the largest market share of the offshore wind energy market in 2019. Technological advancements of the turbines increased its capacity, which resulted in the requirement of fewer turbines to produce the same amount of power.
- The Asia Pacific region is expected to be the second-largest market for offshore wind energy. Increasing initiatives of the government to promote subsidy-free renewable projects in order to reduce the CO2 emission levels.
Major Players/Manufacturers profiled in the report are:
Vestas, General Electric Company, Adwen, Doosan Heavy Industries and Construction Co., Ltd, Siemens Gamesa Renewable Energy, S.A., Senvion SA, Sinovel Wind Group Co., ABB, Ltd., Nexans S.A., and Nordex SE, among others.
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Emergen Research has segmented the global Offshore Wind Energy Market on the basis of Installation, Location, Component, and region:
- Installation Outlook (Revenue, USD Billion; 2017-2027)
- Floating structure
- Fixed Structure
- Location Outlook (Revenue, USD Billion; 2017-2027)
- Shallow Water (<30m depth)
- Transitional Water (30m-60m Depth)
- Deep Water (>60m Depth)
- Component Outlook (Revenue, USD Billion; 2017-2027)
- Electrical Infrastructure
Regional Analysis of the Offshore Wind Energy Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report offers a complete understanding of the Offshore Wind Energy market in key regions with respect to regional production and consumption patterns, import/export, supply and demand dynamics, trends, growth prospects, and the presence of prominent players in each region. Each of the mentioned regions is analyzed based on the comprehensive market data obtained from the major countries of each region to impart a clear understanding of the market.
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The report offers insightful information about the market dynamics of the Offshore Wind Energy market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Offshore Wind Energy market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Offshore Wind Energy market.
Key Coverage of the Offshore Wind Energy Market:
- Insightful information regarding the global Offshore Wind Energy market
- Identification of growth in various segments and sub-segments of the Offshore Wind Energy market
- Strategic recommendations for investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Accelerates the decision-making process through the availability of the drivers and limitations
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