Global Offshore Wind Market: Synopsis
Offshore Wind Market share is projected to be worth USD 114 Billion by 2027, registering a CAGR of 21% during the forecast period.
Factors Studied For Market Forecast
Drivers:
Escalating the production of energy from renewable resources including wind and solar power, for the reduction of harmful emissions.
Restraints:
- Huge capital investments.
- High maintenance cost.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 21 % CAGR |
Revenue forecast in 2022-2030 | USD 114 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2021 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
Key Companies Profiled
- General Electric
- Parker-Hannifin Corporation
- Siemens Gamesa Renewable Energy, SA
- MHI Vestas Offshore Wind
- Senvion SA
- Doosan Heavy Industries Construction
- Suzlon Energy Limited
- Dong Energy A/S
- EEW GROUP
- ENERCON GmbH
- Goldwind Wind Energy GmbH
- ABB
- Engie
- Ørsted A/S
Global Offshore Wind Market: Segmental Analysis
The global offshore wind market has been segmented on the basis of component type and location. Based on component type, the global offshore wind market has been segmented into turbine, substructure, electrical infrastructure, and others. Among these, the turbine segment commands for the major share of the global offshore wind market as it is the most important component of the offshore wind farm. Based on location, the global offshore wind market has been segmented into shallow water (30m depth), transitional water (30m-60m depth), and deep water (60m depth). Among these, the shallow water (30m depth) segment commands for the maximum share of the global offshore wind market. The factors such as easy installation and maintenance as compared to the other two locations, favorable surrounding conditions and cost-effective nature are majorly contributing to the growth of the shallow water (30m depth) segment in the global offshore wind market during the assessment period.
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Global Offshore Wind Market: Regional Analysis
Geographically, the global offshore wind market has been segmented into four major regions such as Asia Pacific (APAC), Europe, North America, and the rest of the world. The Europe region commands the maximum share of the global offshore wind market during the assessment period. The factors such as growing investment for the development of non-conventional electricity generation by utilizing renewable sources, increasing preference towards renewable energy sources over non-renewable sources as a result of rise in environmental concerns, and increased research activities for the development of highly durable windmills that require low maintenance cost are majorly propelling the growth of the global offshore wind market in the Europe region. Increasing approval for the installation of wind farms in various emerging economies in order to tackle the major issue of energy crisis by developing alternative energy sources that can harvest energy through natural elements and rise in concerns regarding the adverse effects caused on the environment due to exploitation of non-renewable energy sources such as fossil fuels are fueling the growth of the global offshore wind market in the Asia Pacific region.
