Global Opportunity Outlook on the Offshore Wind Energy Market 2018-2023 - High Capital Expenditure and Cost of Energy is Hindering Growth
DUBLIN, July 27, 2018 /PRNewswire/ --
The "Global Offshore Wind Energy Market: Focus on Components (Turbine, Electrical Infrastructure and Substrate) & Focus on Location (Shallow, Transitional, and Deep Water) by Revenue and by Regional Installed Capacity - Analysis and Forecast, 2018-2023" report has been added to ResearchAndMarkets.com's offering.
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 reach $50,450.9 million by 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 reach 55,835MW by 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.
Key Topics Covered
Executive Summary
1 Market Dynamics
1.1 Drivers
1.1.1 Growing Demand for Renewable Energy for Power Generation
1.1.2 Government Initiatives to Reduce Carbon Footprint
1.2 Restraints
1.2.1 High Capital Expenditure and Cost of Energy
1.3 Opportunities
1.3.1 Innovative Technology Advancement in Offshore Wind Components
1.3.2 Increased R&D Expenditure
2 Competitive Insights
2.1 Key Market Developments and Strategies
2.1.1 Business Expansion
2.1.2 Partnerships, Agreements, Collaborations, and Joint Ventures
2.1.3 New Product Launch and Development
2.1.4 Others (Merger and Acquisition, Investment and Awards)
2.2 Market Share Analysis
2.2.1 Market Share Analysis of Global Offshore Wind Energy Market
2.2.2 Market Share Analysis of European Offshore Wind Energy Market
2.2.2.1 Europe Offshore Wind Energy Market Share, by Wind Turbine Manufacturers
2.2.2.2 Europe Offshore Wind Farms Owners Market Share, 2017
3 Industry Analysis
3.1 Industry Attractiveness
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Bargaining Power of Suppliers
3.1.4 Threat from Substitutes
3.1.5 Intensity of Competitive Rivalry
3.2 Opportunity Matrix
3.3 Target of Offshore Wind Energy Capacity Installation (by Country)
3.4 Cost Analysis
4 Global Offshore Wind Energy Market by Installed Capacity
4.1 Assumptions for Analysis and Forecast of the Global Offshore Wind Energy Market
4.2 Limitations for Analysis and Forecast of the Global Offshore Wind Energy Market
4.3 Market Overview
4.4 Europe
4.4.1 Installed Capacity of Europe Offshore Wind Energy Market (by Country)
4.5 North America
4.5.1 Installed Capacity of North America Offshore Wind Energy Market (by Country)
4.6 Asia-Pacific
4.6.1 Installed Capacity of Asia Pacific Offshore Wind Energy Market (by Country)
4.7 Rest-of-the-World (RoW)
4.7.1 Installed Capacity of RoW Offshore Wind Energy Market (by Country)
5 Global Offshore Wind Energy Market (by Component)
5.1 Turbine
5.2 Electrical Infrastructure
5.3 Substructure
5.4 Others
6 Global Offshore Wind Energy Market (by Location)
6.1 Shallow Water
6.2 Transitional Water
6.3 Deep Water
7 Global Offshore Wind Energy Market (by Region)
7.1 Europe
7.1.1 Europe Offshore Wind Energy Market (by Components)
7.1.2 Europe Offshore Wind Energy Market (by Country)
7.1.2.1 Germany
7.1.2.2 The U.K.
7.1.2.3 The Netherlands
7.1.2.4 Denmark
7.1.2.5 Belgium
7.1.2.6 Rest-of-Europe
7.2 North America
7.2.1 North America Offshore Wind Energy Market (by Components)
7.2.2 North America Offshore Wind Energy Market (by Country)
7.2.2.1 The U.S.
7.2.2.2 Canada
7.2.2.3 Mexico
7.3 Asia-Pacific (APAC)
7.3.1 Asia-Pacific Offshore Wind Energy Market (by Components)
7.3.2 Asia Pacific Offshore Wind Energy Market, by Country
7.3.2.1 China
7.3.2.2 India
7.3.2.3 South Korea
7.3.2.4 Japan
7.3.2.5 Taiwan
7.3.2.6 Rest-of-Asia Pacific
7.4 Rest-of-the-World (RoW)
7.4.1 RoW Offshore Wind Energy Market (by Components)
7.4.2 RoW Offshore Wind Energy Market (by Country)
7.4.2.1 Saudi Arabia
7.4.2.2 Brazil
7.4.2.3 South Africa
7.4.2.4 Others
8 Company Profiles
Offshore Wind Turbine Component Manufacturers
8.1 China Ming Yang Wind Power Group Limited
8.1.1 Company Overview
8.1.2 Product Portfolio
8.1.3 Corporate Summary
8.1.4 SWOT Analysis
8.2 EEW Group
8.2.1 Company Overview
8.2.2 Product Portfolio
8.2.3 Corporate Summary
8.2.4 SWOT Analysis
8.3 GE Renewable Energy
8.3.1 Company Overview
8.3.2 Product Portfolio
8.3.3 Financials
8.3.3.1 Financial Summary
8.3.4 SWOT Analysis
8.4 Goldwind Science & Technology Co. Ltd.
8.4.1 Company Overview
8.4.2 Product Portfolio
8.4.3 Financials
8.4.3.1 Financial Summary
8.4.4 SWOT Analysis
8.5 MHI Vestas Offshore Wind A/S
8.5.1 Company Overview
8.5.2 Product Portfolio
8.5.3 Corporate Summary
8.5.4 SWOT Analysis
8.6 Nordex SE
8.6.1 Company Overview
8.6.2 Product Portfolio
8.6.3 Financials
8.6.3.1 Financial Summary
8.6.4 SWOT Analysis
8.7 Senvion S.A.
8.7.1 Company Overview
8.7.2 Product Portfolio
8.7.3 Financials
8.7.3.1 Financial Summary
8.7.4 SWOT Analysis
8.8 Siemens Gamesa Renewable Energy S.A.
8.8.1 Company Overview
8.8.2 Product Portfolio
8.8.3 Financials
8.8.3.1 Financial Summary
8.8.4 SWOT Analysis
8.9 Sinovel Wind Group Co.ltd.
8.9.1 Company Overview
8.9.2 Product Portfolio
8.9.3 Corporate Summary
8.9.4 SWOT Analysis
8.1 XEMC DARWIND
8.10.1 Company Overview
8.10.2 Product Portfolio
8.10.3 Corporate Summary
8.10.4 SWOT Analysis
Offshore Wind Farm Owners
8.11 ADWEN
8.11.1 Company Overview
8.11.2 Product Portfolio
8.11.3 Corporate Summary
8.11.4 SWOT Analysis
8.12 Northland Power Inc.
8.12.1 Company Overview
8.12.2 Product Portfolio
8.12.3 Financials
8.12.3.1 Financial Summary
8.12.4 SWOT Analysis
8.13 Orsted
8.13.1 Company Overview
8.13.2 Product Portfolio
8.13.3 Financials
8.13.3.1 Financial Summary
8.13.4 SWOT Analysis
8.14 Statoil
8.14.1 Company Overview
8.14.2 Product Portfolio
8.14.3 Financials
8.14.3.1 Financial Summary
8.14.4 SWOT Analysis
Other (Service and Support Providers)
8.15 Clipper Windpower LLC
8.15.1 Company Overview
8.15.2 Product Portfolio
8.15.3 Corporate Summary
8.15.4 SWOT Analysis
9 Research Scope and Methodology
9.1 Report Scope
9.2 Global Offshore Wind Energy Market Research Methodology
9.2.1 Assumptions
9.2.2 Limitations
9.2.3 Primary Data Sources
9.2.4 Secondary Data Sources
9.2.5 Data Triangulation
9.2.6 Market Estimation and Forecast
For more information about this report visit https://www.researchandmarkets.com/research/5h4cqd/global?w=5
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