Global Offshore Wind Energy Market (2020 to 2026) - Featuring Envision Energy, General Electric and Hitachi Among Others


Dublin, July 23, 2021 (GLOBE NEWSWIRE) -- The "Global Offshore Wind Energy Market 2020-2026" report has been added to's offering.

The global offshore wind energy market is anticipated to grow at a CAGR of around 14.6% during the forecast period. A variety of factors such as growing awareness towards green energy, diversified wind energy application, and so on are significantly contributing to the growth of the offshore wind energy market. The market is growing rapidly as offshore winds are much steadier than on land implicating a more reliable source of energy. Offshore wind farms are providing renewable energy without consumption of water and not emitting environmental pollutants or any harmful gases. The future growth of an offshore wind energy market is predicted to increase due to the rising technological advancement and innovation of offshore wind farms and government incentives across the globe. However, some factors are limiting the growth of the market such as technological and economic challenges, lack of energy storage and transportation facility and unpredictable water calamity such as storms. Moreover, the government supportive initiatives and investment related to wind energy generation further projected to create a significant opportunity in the market.

Segmental Outlook

The global offshore wind energy market is segmented based on the turbine of the foundation, depth of turbine and application. Based on the component market is segmented into the turbine, electrical structure, support structure, and others. On the basis of the depth of the turbine, the market is segmented into shallow, transitional, and deep water. Further on the basis of application, the market is segmented into the commercial, industrial, household.

Global Offshore Wind Energy Market Share by Component, 2020 (%)

Among component, the turbine segment is estimated to have a significant share in the global offshore wind energy market. The wind turbines are generally a wind turbine that turns wind energy into electricity using the aerodynamic force from rotor blades which work like an aeroplane wing or helicopter rotor blade. Some of the advantages of wind turbines are that Wind power is cost-effective, the Land-based utility-scale wind is one of the lowest-priced energy sources available today, costing 1-2 cents per kilowatt-hour after the production tax credit. Further, Wind turbine energy does not pollute the environment in the same way that power plants that burn fossil fuels, such as coal or natural gas, do, emitting particulate matter, nitrogen oxides, and Sulphur dioxide, which cause public health issues and economic losses. Additionally, wind is a form of solar energy. Wind turbines are caused by the sun's heating of the atmosphere, the Earth's rotation, and the irregularities on its surface. On existing farms or ranches, wind turbines may be built.

Regional Outlooks

The global offshore wind energy market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Europe projected to dominate the global offshore wind energy market. Contracts for difference were implemented by the UK government to ensure reliable long-term returns from electrical infrastructure ventures, lowering barriers to entry for industry participants.

Market Players Outlook

The key players of the offshore wind energy market include ABB Ltd. Siemens AG, Hitachi, Ltd., Vestas Wind System A/S, General Electric Co., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in December 2020, siemens Gamesa made an announcement that It will provide wind turbines for the Haystack wind farm in Nebraska, which has a capacity of 298 megawatts with Orsted. Following the global success of their offshore wind energy partnership, this is the first onshore project for both companies in the United States.

The Report Covers

  • Market value data analysis of 2020 and forecast to 2027.
  • Annualized market revenues ($ million) for each market segment.
  • Country-wise analysis of major geographical regions.
  • Key companies operating in the global offshore wind energy
  • market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
  • Analysis of market-entry and market expansion strategies.
  • Competitive strategies by identifying 'who-stands-where' in the market.

Key Topics Covered:

1. Report Summary

2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
2.3. Regulations

3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on key players

4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities

5. Market Segmentation
5.1. Global Offshore Wind Energy Market by Component
5.1.1. Turbine
5.1.2. Electrical Structure
5.1.3. Support Structure
5.1.4. Others
5.2. Global Offshore Wind Energy Market by Depth of Turbine
5.2.1. Shallow
5.2.2. Transitional
5.2.3. Deep Water
5.3. Global Offshore Wind Energy Market by Application
5.3.1. Commercial
5.3.2. Industrial
5.3.3. Household

6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World

7. Company Profiles
7.1. ABB Ltd.
7.2. Asociacion Empresarial Eolica
7.3. Damen Shipyards Group
7.4. Orsted Wind Power North America LLC
7.5. Doosan Heavy Industries & Construction
7.6. EDF Renewables, Inc.
7.7. Envision Energy USA Ltd.
7.8. General Electric Co.
7.9. Goldwind Science & Technology Co., Ltd.
7.10. Hitachi, Ltd.
7.11. London Aaray Ltd.
7.12. Mingyang Smart Energy Group Co., Ltd.
7.13. Nordex SE
7.14. Sinovel Wind Group Co. Ltd.
7.15. Siemens AG
7.16. Navingo B.V.
7.17. Vestas Wind System A/S,
7.18. XEMC Darwind BV

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