SEATTLE, March 29, 2019 (GLOBE NEWSWIRE) -- The global offshore wind energy market was pegged at US$ 22.6 GW in 2018, and is projected to exhibit a CAGR of 23.4% over the forecast period (2019–2027).
Key Trends and Analysis of the Offshore Wind Energy Market:
Increasing investments in the global offshore wind energy market is the major factor boosting the offshore wind energy market growth. For instance, according to International Energy Agency (IEA) estimation, the global renewable energy electricity production will account for US$ 5.9 trillion investment in between 2011 to 2035. Out of which 44% of the global renewable-energy capacity will be accounted by Asia.
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Furthermore, governments across the globe are planning to open floating offshore wind turbines to encourage the production of renewable wind energy. For instance, in 2017, Norwegian government announced plans to open one to two offshore areas for the development of floating wind power offshore projects.
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Key Market Takeaways:
- The market is expected to exhibit a CAGR of 23.4% during the forecast period (2019–2027) and this is attributed to increasing demand for offshore wind energy s across the globe.
- Growth in the turbine size aids in increasing wind farm output. These large turbines with greater swept areas yield higher capacity factors for the same resource quality, according to the International Renewable Energy Association. According to International Renewable Energy Association, weighted average turbine size for newly commissioned offshore wind farms could increase from 2.9 MW to 8.3 MW, between 2010 and 2022, owing to various research and development activities.
- Substructure, in the component segment includes nacelle, gearbox, generator, controller, rotor hub, transformer, tower, and others. Nacelle is the most crucial sub structure of wind turbine and also the important turbine component, which lies inside the fiberglass structure.
- Europe is anticipated to witness significant growth in the global market, owing to increasing number of approved and pipeline projects and rising investment for private sector in offshore wind energy, which has accelerated growth of the offshore wind energy market in this region. For instance, according to GTAI, Germany held the dominant position in Europe’s wind energy market, with 5.4 GW new capacity installed in 2016.
- The key market players are focusing on the partnership & collaboration to gain strong foothold in the global market. For instance, in June 2016, Adwen announced that it partnered with LM wind power to develop the longest blade in the world, which is 88.4 meters long and has been specifically designed for Adwen’s AD 8-180 wind turbine model. This partnership helps in reducing the cost of offshore wind turbine.
- Companies across the globe are expanding its presence by installing their new plants. For instance, EEW KHPC (EEW Korea Heavy Pipe Construction) was founded in 2015, as a second plant in Korea. The Korean plant specializes in the manufacturing of structural pipes
- Key players operating in the global offshore wind energy include MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Ming Yang Smart Energy Group Limited, Adwen GmBH, General Electric Company, A2SEA A/S, Nexans, and others.