LONDON, Sept. 26, 2018 /PRNewswire/ -- Global Offshore Wind Energy Market to Reach $50.45 Billion by 2023
Increasing utilization of renewable energy for power generation mix continues to have a positive impact on the global offshore wind energy market.Today, the offshore wind energy sector has evolved to generate electricity, with the introduction of wind turbines taking off a major load from conventional sources of energy.
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Offshore wind energy forms an integral part of these clean energy resources and has a higher capacity factor as compared to the onshore wind energy.Wind turbines use the power of natural wind to generate electricity.
This process of generating electricity is growing rapidly across the globe. Several developing countries have opened up huge opportunities for the global offshore wind turbines market since the pressure of keeping the carbon emissions low is increasing day-by-day.
The growth of the offshore wind energy market is attributed to the increasing demand for clean energy to reduce carbon emissions and the increasing demand for electricity generation with the help of renewable energy resources.The offshore wind energy market research study offers a wide perspective on where the industry is heading toward.
The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The report answers the following questions about the global offshore wind energy market:
• What is the global offshore wind energy market size in terms of revenue from 2017-2023, and what will be with the growth rate during the forecast period 2018-2023?
• What is the dominant component used in the offshore wind turbine for power generation?
• What is the revenue generated from the different components, such as turbine, substructure, electrical infrastructure, and others?
• What is the market size of offshore wind turbines for different locations, such as shallow water, transitional water, and deep water?
• What is the offshore wind energy market size for different regions on the basis of various locations and components?
• What are the key trends and opportunities in the market pertaining to countries included in different geographical regions?
• How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of offshore wind energy?
• What are the major driving forces that are expected to increase the demand for offshore wind turbines during the forecast period?
• What are the major challenges inhibiting the growth of the global offshore wind energy market?
• What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
• What is the competitive strength of the key players in the offshore wind energy market by analyzing their recent developments, product offerings, and regional presence?
The report further includes a thorough analysis of the impact of the Porter's five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the offshore wind energy market by the players, research organizations, and governmental bodies.
Further, the report includes an exhaustive analysis of the regional split into North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).Each region details the individual push and pull forces in addition to the key players from that region.
Some of the prominent players in the offshore wind energy market are GE Renewable Energy, Siemens Gamesa Renewable Energy, MHI Vestas, Adwen, Statoil, Senvion, Nexans, and EEW Group.
Several industries across the globe such as oil and gas, chemical, and transportation, among others, are dependent on fossil fuels for electricity/power generation.Although these fuels are very effective, they are subjected to depletion in the long run.
Moreover, these fossil fuels are the origin of greenhouse gases which further lead to global warming.Thus, the shift from fossil fuels to the renewable sources of energy and the development of clean energy are of utmost importance for effectively dealing with climate change and its effects.
This shift would also address the growing electricity demand across the globe.As per the data by International Energy Agency (IEA), the world electricity demand will increase by 70% by 2040 due to the emerging economies of India, China, Africa, the Middle East, and South-East Asia.
Moreover, more than 17% of the global population does not have access to electricity, and the majority of the population uses conventional sources for heating and lighting purposes.
Wind energy is considered as the most efficient energy of all the renewable energies available globally.This is because it does not emit toxic substances and wastes and do not contaminate air or water.
Wind farms can be based onshore (on land) or offshore (sea or freshwater). As per the data by the World Wind Energy Association (WWEA), 80 countries across the globe are already using wind power on a commercial basis, wherein prominent countries, such as the U.S., Canada, and the U.K. are ranked first, second and eighth, respectively in terms of installed capacity (both onshore and offshore).
Offshore wind power, i.e. the kinetic energy of the wind, is one of the sources of clean and renewable electricity/power for countries across the globe. The offshore wind power involves using energy from wind turbine to generate electricity. Wind farms are constructed off the coasts, usually on the continental shelf to produce the wind energy for electricity generation. The offshore wind energy technology has attained considerable growth in a very short span of time, but there is clearly much development expected in terms of technological advancement. Increase in investments by governments, especially in the developing countries, such as China and India, rapid urbanization, and rising demand for clean and renewable energy, are expected to support the market growth of offshore wind energy.
Offshore wind turbines prove to be more competent than onshore wind turbines due to the more consistent wind speed and direction.Due to this, less number of turbines are required to be installed to generate the same amount of electricity as compared to onshore turbines.
Moreover, offshore wind turbines do not interfere with regular land use.These prove to be advantageous with high energy potentials associated with the large areas and the stronger winds.
Offshore wind infers better power generation; however, they have higher initial investment, operation, and maintenance costs. Although the fundamentals of technology are the same in both onshore and offshore, the offshore wind technology is expected to witness more advancements than the onshore technology.
The offshore wind energy market is projected to grow from $XX million in the year 2018 to $50,450.9 million by 2023, at a CAGR of XX% from 2018 to 2023. This growth is attributed to the rising demand for renewable energy sources for power generation, increasing investments in the offshore wind energy sector by several companies and government of different countries, and the government initiatives to reduce the carbon footprint. Each region has varied installed capacity of wind power generated on offshore setups. The global offshore wind energy market in terms of installed capacity is projected to grow from XX MW in the year 2018 to 55,835MW by 2023, growing at a CAGR of XX% from 2018 to 2023.
The offshore wind energy turbines require various components to perform the operations efficiently.Some of these components are electrical infrastructure, substructure, and others.
Also, sea depth is an important factor while checking for the feasibility of the offshore wind farms because the cost of foundations significantly increases with the increase in depth. The most commonly preferred types of sea depth for installing wind turbines are shallow water (0-30m), transitional water (30-50m), and deep water (50-200m).
The trends of the offshore wind energy market vary across different geographical regions.The offshore wind energy market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
Presently, North America and Europe are at the forefront of the offshore wind energy market, with high market penetration in countries such as the U.S., the Netherlands, the U.K., Spain, Italy, and France, among others. However, during the forecast period, the Asia-Pacific region is expected to display the highest growth rate. Increased awareness about the use of renewable energy mix for power generation is supporting the growth of the offshore wind energy market in the region.
The competitive landscape for the offshore wind energy market demonstrates an inclination toward companies adopting strategies such as business expansion, product launch and development, partnerships, joint ventures, and collaboration, and others. The growing market for offshore wind energy is further expected to increase the involvement of companies across different segments of the value chain. MHI Vestas, Siemens Gamesa, GE Renewable Energy, Adwen Offshore Inc., Statoil, Orsted, ABB ltd., Senvion, Sinovel, and Petrofac Inc., among others, are some of the prominent players in the offshore wind energy market.
The market has presence of a large number of small-sized to medium-sized companies that compete with each other and the large enterprises.The key players operating in this market have increased their business expansion over the recent years to enhance their geographical presence, enter into new ventures, and increase their customer base.
Business expansion has been the most widely adopted strategy by the players in this market.New product launch has also been a significantly adopted strategy in the offshore wind energy market.
With the increasing growth in the global market, companies operating in this industry are coming up with new turbines to generate public awareness about their existing and new products, technologies, and components, and compete with the competitors' product portfolio.
The need for more R&D activities and appropriate regulatory environments is a prerequisite for sustained growth of this market.Various government and private research institutes and regulatory bodies and associations are putting in substantial efforts to identify how offshore wind energy can be better utilized for meeting the growing demand for power generation.
The technology advancements in various components can provide good growth opportunities to the players in the offshore wind energy market.Moreover, the emergence of wind/solar hybrids, more sophisticated grid management, and increasingly affordable storage are expected to define the future of this commercial fossil-free power sector.
The wind power technology is the most competitively priced technology in majority of the markets across the globe.
• The U.K.
• The Netherlands
• North America
• The U.S.
• Asia-Pacific (APAC)
• South Korea
• Rest-of-Asia Pacific
• Rest-of-the-World (RoW)
• Saudi Arabia
• South Africa
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