Offshore Wind Market worth $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™, Offshore Wind Market is expected to grow from an estimated USD 27.02 Billion in 2017 to USD 55.11 Billion by 2022, registering a CAGR of 15.32% from 2017 to 2022. 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.

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The turbines accounts for the maximum cost of the total offshore wind project. It is the most important component of an offshore wind farm. The three components such as nacelle, rotor, and tower comprises the largest share of the capital cost, whereas, the substructure represents comparatively lesser share of the capital expenditure, mainly in shallow water locations. Companies are upgrading and increasing the turbine size due to advanced technologies and to increase energy efficiency. Moreover, larger the wind turbine, the more energy they produce each time the turbines rotate. Therefore, turbine manufacturers are continuously upgrading and expanding their product portfolio to contribute to the ever increasing demand for high capacity wind turbines.

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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.

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.

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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. These players are present across different places in the value chain.

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