Offshore Wind Market Growing at a CAGR of 15.32% to reach $55.11 Billion by 2022

According to the new market research report Offshore Wind Market by Component (Turbine, Substructure, and Electrical Infrastructure), Turbine Module, Substructure Type, Location (Shallow Water, Transitional Water, and Deep Water), and Region – Global Forecast to 2022″, published by MarketsandMarkets™, The offshore wind market is projected to reach USD 55.11 billion by 2022, at a CAGR of 15.32% from 2017 to 2022. 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 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. The offshore wind market is gaining acceptance due to its high capacity factor which makes it an important renewable resource to help in the reduction of CO2 emissions. Moreover, countries like China and the U.S. are also focusing on emission reduction.

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The monopile substructure segment is expected to be the largest market from 2017 to 2022

With regard to the substructure segment, monopiles are expected to constitute the largest market from 2017 to 2022. This type of substructure is mostly the preferred foundation type in the shallow water location. It is mostly used for its simplicity, both in terms of installation and fabrication. Monopiles have been recently upgraded to be used in greater water depths and, thus, it is expected to maintain its position and cover the largest market during the forecast period.

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The nacelle component in the turbines is expected to be the largest segment for the offshore wind market from 2017 to 2022

The nacelle is an important part of the turbine. It accounts for the maximum cost of the turbine as it comprises all the major power generation equipment, namely, generator, gearbox, bearings, yaw system, converter, transformer, and switchgear among others. Hence, it is an integral part of the turbine and is expected to hold the largest share in the turbine component during the forecast period.

Europe: The largest market for the offshore wind market

The market in Europe is currently the largest market for offshore wind, followed by Asia-Pacific and North America. Growth in the region is primarily driven by the U.K., Germany, and Denmark. The U.K. is expected to dominate the offshore wind market. Rising energy efficiency mandates by the countries for meeting European Union’s (EU) renewable energy targets for 2020, would result in increasing the demand for offshore wind energy in Europe.

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The offshore wind market is dominated by a few key players such as Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others.

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