New York, New York--(Newsfile Corp. - July 8, 2021) - Increasing efforts to decarbonize energy systems and reduce air pollution are major factors expected to drive market growth.
Market Size - USD 43.03 Billion in 2020 Market Growth - 15.4% Market Trends - Growth of clean energy technology
The global offshore wind energy market size is expected to reach USD 135.23 billion in 2028, registering a CAGR of 15.4% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are increasing efforts by governments worldwide to decarbonize energy systems and reduce air pollution. Offshore wind energy is rapidly becoming a significant part of global electricity supply. It currently provides only 0.3% of global power generation and its potential is vast. Governments around the world are actively working to expand the market further, which will make the industry a mainstay of clean energy transitions.
Offshore wind is a rapidly developing clean energy technology with the potential to play a significant role in future energy systems. Offshore wind generated a small portion of global electricity supply in 2018, but it is expected to develop rapidly in the coming decades to become a USD 1 trillion industry, matching capital investment on gas- and coal-fired capacity over the same timeframe, thanks to policy goals and declining technology costs. Offshore wind accounts for 10% of global investment in renewable-based power plants. Turbines are becoming larger and more capable in terms of power generation, resulting in significant efficiency and cost improvements for offshore wind farms.
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According to the International Energy Agency, the global offshore wind industry expanded at a rate of nearly 30% per year between 2010 and 2018, owing to rapid technological advancements. Approximately 150 new offshore wind projects are currently under construction around the world. Europe, led by the UK, Germany, and Denmark, has aided the growth of the offshore wind energy technology, but China added more wind energy capacity than any other nation in 2018.
Governments worldwide are working to augment the growth of the offshore wind energy market. For instance, the U.S. Department of Energy (DOE) has collaborated with various industries and academia to address research challenges specific to offshore wind in the U.S. and understand market barriers including environmental impacts, logistical challenges, and infrastructure growth. Land-based wind turbines have often faced logistical difficulties such as narrow roads or tunnels. These turbines are also often disliked as they cause noise problems. Offshore wind turbines face none of these problems as ships and barges carry offshore wind turbine components, avoiding some of the logistical difficulties. Offshore wind developers install larger turbines that can generate more electricity. Such advantages are additional drivers for the growth of the offshore wind energy market.
High capital costs as well as infrastructure and logistics problems are factors that can restrain market growth to a significant extent going ahead. Since they operate in harsh marine environment for decades, offshore wind turbines are prone to erosion.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/offshore-wind-energy-market
Some Key Highlights in the Report:
- The turbine segment is expected to account for largest revenue share in the market over the forecast period.
- Among the three location by the depth of offshore wind turbines, shallow water offshore wind turbines accounted for largest revenue share of the market in 2020.
- North American offshore wind energy market is expected to grow at the fastest pace during the forecast period.
- The offshore wind energy market in Europe was estimated at USD 13.27 billion in 2019, and is expected to continue this growth trend in the coming years. During the forecast period, the region is expected to register a CAGR of 12.9 % in terms of revenue.
- China, like Europe, has made significant progress in offshore wind energy development and is now among the industry leaders, adding to the offshore wind energy market growth in APAC.
List of Top Key Players of Offshore Wind Energy Market:
- Adwen
- Ming Yang Smart Energy Group Co.
- Doosan Heavy Industries and Construction Co. Ltd
- General Electric Company
- MHI Vestas Offshore Wind A/S
- Senvion SA
- Siemens AG
- Sinovel Wind Group Co.
- A2 SEA
- ABB, Ltd.
- Eew Group
- Nexans S.A.
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Segments Covered in the Report:
For the purpose of this report, Reports and Data has segmented the global offshore wind energy market on the basis of component, location and region:
Component Outlook (Revenue, USD Billion; 2018 - 2028)
- Turbine
- Substructure
- Electrical Infrastructure
- Others
Location Outlook (Revenue, USD Billion; 2018 - 2028)
- Shallow Water
- Transitional Water
- Deep Water
Regional Outlook (Revenue, USD Billion; 2018 - 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Sweden
- Belgium
- Denmark
- Finland
- The Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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