Pune, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Offshore Wind Market Analysis
Market Research Future (MRFR) expects the global offshore wind market size to reach USD 114.0 billion at a CAGR of 19.39% from 2019 to 2026 (forecast period).
Offshore wind provides electrical energy on the continental shelf to harvest wind energy. Wind speed is usually higher and steady at offshores than on land. Offshore wind turbines are now located near coastal areas, reducing the need for new overland transmission lines. A small rise in wind speed will produce substantially higher amounts of electricity, as the potential energy of wind is directly proportional to the cube of wind speed. For example, a turbine at a site with an average wind speed of 16 miles per hour (mph) will generate more than 50% of electricity than the average speed of 14 mph of the same turbine.
The key factors pushing the development of the global offshore wind market include a rise in the share of renewable energy. As per Bloomberg New Energy Finance (BNEF), Germany aimed to set up auctions for the development of offshore wind turbines in 2019 to add more than 5 gigawatts, thus the total capacity to be around 20 gigawatts by the end of the decade.
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Over the last few years, the global offshore wind market has become lucrative due to continuous improvements in cutting-edge offshore wind farm technology. Energy firms are investing large funds in robust offshore wind services to keep turbines operating smoothly. In addition, some government policies and initiatives to implement clean energy plans promote the use of a significant portion of wind energy, especially offshore, for electricity generation, which drives the growth of the offshore wind market globally.
In addition, the global offshore wind market is expected to expand at a high pace during the forecast period due to growing investment in the development of clean energy. According to Bloomberg New Energy Finance (BNEF), in 2019, global investment in the development of clean energy amounted to about USD 332.1 billion, the fifth consecutive year in which the investment surpassed USD 300 billion. In addition, economic growth with a reduction in pollution serves as an opportunity for the global offshore wind industry.
However, high construction costs serve as a hindrance to the growth of the global offshore wind industry.
COVID-19 Impact on the Global Offshore Wind Market
The outbreak of COVID-19 triggered a country shutdown, a suspension of industrial activities as well as economic disruption, an effect on demand for electricity, which could lead to a decline in the global offshore wind market during the initial phase of the forecast period.
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Market Segmentation
The global offshore wind industry has been segmented based on components and location.
On the basis of components, the global offshore wind market has been segmented into the turbine, tower, blades, electrical infrastructure, and nacelle. The turbine is predicted to dominate the market in the forecast period. The energy generation from a wind turbine is becoming more efficient with the latest turbine models, larger blade lengths, in order to use more wind and generate more electricity, as well as to reduce the cost of renewable energy generation.
On the basis of location, the global offshore wind market has been segmented into shallow water, transitional water, and deep water. The shallow water segment leads the global offshore wind market. In addition, the transitional water is expected to register a high CAGR of 10.86% from 2019 to 2026. The development of shallow water is usually cost-effective due to better weather conditions, while the installation of wind turbines in deep water becomes costly due to high maintenance costs.
Regional Analysis
Based on region, the global offshore wind market has been segmented into North America, Europe, and the Asia Pacific.
Europe to capture the largest market share
Europe has the largest share of the offshore wind industry, followed by North America. The European government has funded wind projects with favorable incentives as part of its carbon emission reduction goals. In addition, in the last few years alone, the cost per megawatt hour has decreased by about 50% for several projects, which help the market expand. The Government of the United Kingdom has set up the Offshore Wind Investment Organization (OWIO) to encourage investment in sustainable energy resource integration. OWIO works with external investors to raise investment in the offshore wind supply chain of the country. However, high construction costs are a major obstacle to the growth of the offshore wind industry.
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Competitive Landscape
List of Notable players operating in the global offshore wind market are:
- General Electric (US)
- Senvion SA (Luxembourg)
- Siemens Gamesa Renewable Energy, SA (Germany)
- EEW GROUP (Germany)
- MHI Vestas Offshore Wind (Denmark)
- Doosan Heavy Industries & Construction (South Korea)
- Engie (France)
- Suzlon energy Limited (India)
- Goldwind Wind Energy GmbH (China)
- Dong Energy A/S (Denmark)
- ENERCON GmbH (Germany)
- ABB (Switzerland), and
- Ørsted A/S (Denmark).
Prominent players in the global offshore wind market like General Electric, Siemens Gamesa Renewable Energy, Doosan Heavy Industries & Construction, SA, and MHI Vestas offshore wind, are constantly focusing on signing contracts and agreements with industries to supply offshore winds.
Industry News
In 2019, Siemens Gamesa Renewable Energy received orders to supply 8 MW offshore wind turbines to the Ørsted 900 MW offshore wind farm in Taiwan.
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