The offshore wind power market will register a CAGR of nearly 18% by 2023
NEW YORK, June 4, 2019 /PRNewswire/ --
About this market
The rise in global energy demand is one of the key factors that will trigger the growth of the global offshore wind power market during the forecast period. There was strong growth in the global energy demand due to robust economic growth, propelled by countries such as China, the US, and India. Hence, with the growth of the population and the resulted increase in economic activities, electricity demand is expected to grow significantly during the forecast period. Factors such as the electrification of the heat and transportation sectors, the growth in the number of electronically connected devices, and the digitalization of modern economies have been encouraging the electrification of global energy systems. The demand for energy services such as air-conditioning is expected to rise in households in tandem with the growth in income levels. Furthermore, the use of electric motor systems in industries is fueling the energy demand in the industrial sector. Hence, the growth in energy demand is expected to augment the growth of the global offshore wind power market during the forecast period. Our analysts have predicted that the offshore wind power market will register a CAGR of nearly 18% by 2023.
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Market Overview
Rising government support
Owing to the rising demand for clean energy mix and the shift toward a service-based economy, the demand for renewable energy resources is expected to rise during the forecast period. In June 2018, the Ministry of New and Renewable Energy (MNRE) of India announced a medium- and long-term offshore wind energy target of 5 GW by 2022 and 30 GW by 2030, respectively. Also, in October 2015, the MNRE notified the National Off-Shore Wind Policy to realize the offshore wind power potential in the country. Similarly, Taiwan government has been actively supporting the development of offshore wind power systems. The UK announced its plan to increase its renewable energy development with a target of 30% of the electricity production in the country from offshore wind. Owing to such favorable government regulations and support, the global offshore wind power market is expected to grow during the forecast period.
Environmental concerns
Some of the major environmental concerns related to offshore wind power projects include increased noise levels, alterations to food webs, changes to benthic and pelagic habitats, risk of collisions, and pollution from increased marine vessel traffic or the release of contaminants from seabed sediments. The construction phase is likely to have the maximum impact on marine mammals. Also, mortality of birds can be caused by the collision with the moving turbine blades, which will affect the birds migrating through the area as well as the species that breed or forage in the vicinity. Hence, stringent rules and regulations have been imposed by respective authorities to avoid the adverse environmental impact of offshore wind power generation. The environmental concerns and the stringent regulations to preserve the marine ecosystem can limit the growth of the global offshore wind power market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the offshore wind power market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies including General Electric Co. and MHI Vestas Offshore Wind AS makes the competitive environment quite intense. Factors such as the rising government support and rise in global energy demand will provide considerable growth opportunities to the offshore wind power manufacturers. Erndtebrücker Eisenwerk GmbH & Co. KG, Nexans SA, and Siemens Gamesa Renewable Energy SA. are some of the major companies covered in this report.
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