Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global offshore wind power market size is estimated to grow from 23 GW in 2018 to 94 GW by 2026, at CAGR of 19.2% during forecast period. Constantly increasing demand for energy, baked by decreasing fossil fuel resources is anticipated to drive the global offshore wind power market. Fortune Business Insights has published this inforamtion in its report, titled “Offshore Wind Power Market Size, Share and Industry Analysis to 2026.”
According to our analyst, the increasing requirement for clean energy has caused a boom in the worldwide market for offshore wind power. In recent times, this sector has gained significant attention, as its total capacity continues to expand due to advancements in wind energy technology and the growing urgency for renewable energy sources.
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Global Offshore Wind Power Market Highlights:
Offering Higher Capacity, 5 MW and Above Segment to Witness Increased Adoption
In terms of capacity, the 3 MW to 5MW segments is the most popular among the market. The capacity is widely accepted by market players and is very cost effective. However, over the forecast period the 5 MW and above segment is likely to account for more than 50% of the market share. Owing to the preference shift towards floating type structure and deeper installation, the segments is likely to witness expansion. Besides this, the 3 MW and below segment is foreseen to decline over the forecast period owing to the increasing demand for high MW system.
The advancement in floating wind technology is predicted to open new avenues in the offshore wind market globally. This technology enables the building of wind turbines in deep waters, which leads to increased rotor diameters of offshore turbines, resulting in increased power production. Increasing awareness about renewable energy and huge investments in the offshore wind power project are a few factors anticipated to drive the global market. Additionally, introduction of advanced technology to smoothly implement offshore wind power system is a factor likely to fuel the demand in market.
The offshore wind farm market is developing rapidly and this trend is expected to persist in the future. With an ample wind resource and the rising adoption of wind energy technology, the offshore wind market is poised for growth. The offshore wind energy industry has shown remarkable endurance and is expected to remain a critical participant in the renewable energy sector for years to come. As the offshore wind power market continues to mature, the demand for offshore wind projects is expected to increase, driving the growth of the market.
Despite its potential, there are still a number of challenges that need to be addressed in order to further develop the offshore wind energy market. One of the main challenges is the high cost of building offshore wind farms, which is due to the challenging environmental conditions and the complex infrastructure required.
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ABB to Adopt Innovative Strategies to Gain Higher Share in Market
On the contrary high cost involved in the installation of offshore wind power plant is the major factor that may hamper the growth of the market. Furthermore, undeveloped economies that are not able to adapt the energy source is a factor that might restrain the market to a certain extent.
The offshore wind energy market is also becoming increasingly competitive, with a number of companies vying for a share of this growing market. Some of the key players in this market include Siemens Gamesa Renewable Energy, Vestas, General Electric, and MHI Vestas Offshore Wind.
Covid-19 impact on Global Offshore Wind Power market:
The COVID-19 pandemic has had a significant impact on the global offshore wind power market. The pandemic has caused disruptions in supply chains, delays in construction activities, and a decrease in demand for energy, all of which have affected the offshore wind power industry.
However, despite these challenges, the offshore wind power market has remained resilient, with many countries continuing to invest in renewable energy sources. This is due to the increasing recognition of the need to transition to a low-carbon energy mix to address climate change, as well as the declining costs of offshore wind power technology.
Regional Insights:
The European market held a considerable share in the market in 2018. European nations such as Germany, Denmark, and Belgium are among the leading economies in the global offshore wind power market. In this region, the U.K. has reflected impressive growth in 2018 and is forecast to continue to follow the trend with its investment plans. This is anticipated to enable growth in the global market. The
Asia Pacific offshore wind power market is nowhere behind and also holds a good share in the global market. In terms of offshore wind power, China stands among the leading nations. In 2018, China witnessed tremendous growth and is foreseen to expand in the future. Owing to China’s new renewable energy investment plans, the regional market is likely to have major gains. This subsequently would fuel the demand for offshore wind power system in the region.
China is also foreseen to become the market leader over the forecast period 2019-2026. China installed 40% of the total offshore wind power system in 2018. Moreover, the nation has lined up various projects for the coming years. The global offshore wind power is likely to witness impressive growth due to China’s upcoming projects.
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Major Offshore Wind Power Key Players Studied in Report:
- Siemens Gamesa Renewable Energy S.A.
- MHI Vestas Offshore Wind
- Senvion S.A.
- Adwen
- ABB Ltd.
- General Electric
- Ming Yang Smart Energy Group Co.
- Nordex SE
- Goldwind
- Envision Energy
- Suzlon Energy Limited
- Hitachi Ltd.
- Other prominent players
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Cost Comparison Analysis – By Different Component of Wind Turbine
- Global Offshore Wind Power Market Analysis (MW), Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Installations
- Fixed Structure
- Floating Structure
- Market Analysis, Insights and Forecast – By Capacity
- Up to 3 MW
- 3 MW to 5 MW
- Above 5 MW
- Market Analysis, Insights and Forecast – By Water Depth
- Up to 30m
- Above 30m
- Market Analysis, Insights and Forecast – By Region
- U.S.
- U.K.
- Germany
- France
- Spain
- Sweden
- Denmark
- Netherlands
- Ireland
- Belgium
- China
- Japan
- South Korea
- Vietnam
- Rest of the World
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