The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020. The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market.
Offshore Wind Market is projected to grow from an estimated USD 27.02 Billion in 2017 to USD 55.11 Billion by 2022, at a CAGR of 15.32% from 2017 to 2022.
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The North America market is projected to grow at the highest CAGR from 2017 to 2022. North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.
Scope of the Offshore Wind Market Report:
- Rotor & Blades
- Gravity based and Jacket
- Other substructure (Suction Bucket, Tripods, Tripiles, and Floating)
- Electrical Infrastructure
- Others (Logistics and transportation, and Installation and assembly)
- Shallow water (< 30 m depth)
- Transitional water (30 m–60 m depth)
- Deep water (> 60 m depth)
- North America
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Offshore Wind Market Ecosystem:
The market ecosystem comprises of turbine manufacturers, electrical infrastructure manufacturers, installation providers, substructure providers, and logistics, transportation and assembly providers. Leading players in the market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.) among others.
The report segments the offshore wind market by location into three categories, namely, shallow water, transitional water, and deep water. Deep water location is expected to grow at the fastest rate during the forecast period. As the offshore wind market is progressing over the years, the offshore wind farms are getting built further from the coast and in deeper waters. The offshore wind sector is developing larger turbines as the trend is moving towards deep water where the wind speed is high. This would help in optimization of wind connections and generate power efficiently. Although, the market for offshore wind in deep water location accounts less share compared to shallow water and transitional water. It is still expected to grow at a faster rate from 2017 to 2022. Companies like MHI Vestas (Denmark), A2Sea (Denmark), and Siemens AG (Germany), among others supply turbine and related components that can operate in a depth of 60 meters.