Pune, India, Jan. 11, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, global offshore wind power market was valued at USD 16890 million in 2020 and is touted to register an annual growth rate of 17.7% over 2021-2027, accumulating USD 52940 million by the end of assessment period.
The document also offers a detailed analysis of the sub-markets, including type, application range, and geographical landscape, thus uncovering the major avenues for investment in the forthcoming years. An exclusive study of industry value chain, from the suppliers to the distributors and consumers, is entailed in the report as well.
Notable shift towards renewable & green energy owing to climate change, rising focus on reducing carbon emissions, and depletion of fossil fuels are major factors driving the market growth. Governments are formulating regulations and policies to support the greener economy and make offshore power a feasible option, thereby favoring the market outlook.
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For the record, offshore wind power denotes generation of electricity using wind energy by the construction of wind farms in water bodies. It is one of the cheapest and cleanest forms of electricity generation. Offshore wind turbines are larger in size with greater wind speed in comparison with onshore wind turbines, and offers several advantages.
Moreover, introduction of advanced technologies and energy efficient solutions, along with prominent companies undertaking initiatives to reduce their carbon footprint and contribute to a greener planet & sustainability, are adding to the overall market size.
On the downside, high capital costs, and various issues related with operations, transportation, maintenance, and logistics, are likely to impede the industry progress over the projected timeline.
Market segmentation overview
Based on type, global offshore wind power industry is segmented into monopiles, jacket, gravity, tripods, floating, and tripiles. Speaking of the application range, the marketplace is bifurcated into commercial, and demonstration.
An overview of geographical outlook
The geographical analysis of the worldwide offshore wind power industry extends to Asia Pacific, Europe, Middle East & Africa, North America, and Latin America. As per expert verbatim, the Germany market presently holds a 57% share, while Denmark accounts for a 12% market share.
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Global Offshore Wind Power Market, by Type (Revenue, USD Million, 2016-2027)
- Monopiles
- Jacket
- Gravity
- Tripods
- Floating
- Tripiles
Global Offshore Wind Power Market, by Application Range (Revenue, USD Million, 2016-2027)
- Commercial
- Demonstration
Global Offshore Wind Power Market, Regional Terrain (Revenue, USD Million, 2016-2027)
North America
- U.S.
- Canada
Asia Pacific
- China
- Japan
- Australia
- India
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
Europe
- U.K.
- Germany
- France
- Nordic Countries
- Italy
- Russia
- Rest of Europe
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
Rest of the World
Global Offshore Wind Power Market, Competitive Dashboard (Revenue, USD Million, 2016-2027)
- Xinjiang Goldwind Science & Technology Co Ltd.
- EnVision Corporation
- Shanghai Electric Group
- Sinovel Wind Group Co. Ltd.
- Hitachi Ltd.
- Siemens Gamesa Renewable Energy
- C. R. Bard Inc.
- Orano S.A.
- Senvion S.A.
- MHI Vestas Offshore Wind A/S
- Siemens AG
Table of Content:
1 Study Coverage
1.1 Offshore Wind Power Product Introduction
1.2 Market by Type
1.3 Market by Application
1.3.1 Global Offshore Wind Power Market Size Growth Rate by Application
1.3.2 Commercial
1.3.3 Demostration
1.4 Study Objectives
1.5 Years Considered
2 Executive Summary
2.1 Global Offshore Wind Power Market Size Estimates and Forecasts
2.2 Offshore Wind Power Market Size by Region: 2021 Versus 2027
2.3 Offshore Wind Power Sales by Region (2016-2027)
2.4 Offshore Wind Power Market Estimates and Projections by Region (2022-2027)
3 Global Offshore Wind Power by Manufacturers
3.1 Global Top Offshore Wind Power Manufacturers by Sales
3.2 Global Top Offshore Wind Power Manufacturers by Revenue
3.3 Global Offshore Wind Power Price by Manufacturer (2016-2021)
3.4 Competitive Landscape
3.5 Global Offshore Wind Power Manufacturing Base Distribution, Product Type
4 Company Profiles
5 Breakdown Data by Type
5.1 Global Offshore Wind Power Sales by Type (2016-2027)
5.2 Global Offshore Wind Power Revenue Forecast by Type (2016-2027)
5.3 Offshore Wind Power Average Selling Price (ASP) by Type (2016-2027)
6 Breakdown Data by Application
6.1 Global Offshore Wind Power Sales by Application (2016-2027)
6.2 Global Offshore Wind Power Revenue Forecast by Application (2016-2027)
6.3 Offshore Wind Power Average Selling Price (ASP) by Application (2016-2027)
7 North America
7.1 North America Offshore Wind Power Market Size YoY Growth 2016-2027
7.2 North America Offshore Wind Power Market Facts & Figures by Country
7.3 North America Offshore Wind Power Sales by Type
7.4 North America Offshore Wind Power Sales by Application
8 Asia-Pacific
8.1 Asia-Pacific Offshore Wind Power Market Size YoY Growth 2016-2027
8.2 Asia-Pacific Offshore Wind Power Market Facts & Figures by Region
8.3 Asia-Pacific Offshore Wind Power Sales by Type
8.4 Asia-Pacific Offshore Wind Power Sales by Application
9 Europe
9.1 Europe Offshore Wind Power Market Size YoY Growth 2016-2027
9.2 Europe Offshore Wind Power Market Facts & Figures by Country
9.3 Europe Offshore Wind Power Sales by Type
9.4 Europe Offshore Wind Power Sales by Application
10 Latin America
10.1 Latin America Offshore Wind Power Market Size YoY Growth 2016-2027
10.2 Latin America Offshore Wind Power Market Facts & Figures by Country
10.3 Latin America Offshore Wind Power Sales by Type
10.4 Latin America Offshore Wind Power Sales by Application
11 Middle East and Africa
11.1 Middle East and Africa Offshore Wind Power Market Size YoY Growth 2016-2027
11.2 Middle East and Africa Offshore Wind Power Market Facts & Figures by Country
11.3 Middle East and Africa Offshore Wind Power Sales by Type
11.4 Middle East and Africa Offshore Wind Power Sales by Application
12 Supply Chain and Sales Channel Analysis
Related Report:
Offshore Wind Energy Market Size, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 - 2026
The offshore wind energy market will witness substantial growth over the forecast timeframe owing to the growing demand for clean energy and increasing focus on reducing carbon emissions and promoting environmental conservation. Offshore wind energy generation is a clean, renewable form of harvesting energy by taking advantage of the power of the wind that is produced on the high seas, where it moves at a much higher and more consistent speed than it does on land, because of the absence of barriers. In order to take advantage of this resource, very large structures called wind turbines are installed offshore and placed on the seabed, equipped with the modern technical innovations. There are several benefits of offshore wind energy, including the fact that, unlike sunlight, it can be harvested round the clock. Additionally, in comparison to onshore wind, wind resources are significantly more abundant offshore. The acoustic and visual impact of offshore farms is also exceptionally small, and as they are located offshore, they can span larger areas.
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