Global Offshore Wind Market is expected to grow with the CAGR of approximately 16% from 2017 to 2023
World’s First Ever Floating Offshore Wind Farm Started Functioning in Scotland on October 18th 2017 and the already vibrant Global Offshore Wind Market started buzzing more vibrantly.
Operated by a Norwegian Company, Statoil, the new five turbine development has a lower costs of installation and will provide enough power for around 20,000 homes, which is expected to bring the energy costs down to 47 to 70 USD per megawatt-hour (MWh) by 2030 and that too with less of an impact on the marine environment.
Offshore wind holds great potential in non-conventional electricity generation. The higher efficiency of the offshore wind farm is due to the steady offshore wind inputs as compared to land winds is resulting in the growth of offshore wind market. The main objective of offshore wind farm is to convert wind energy to electricity and propagate it as per requirement to the end user. These offshore wind farms are widely installed along continental shelves across oceans and seas.
Offshore wind market is classified based on their component as turbine, substructure, electrical infrastructure and others. The turbine component is expected to lead the offshore wind market. This is because it is comprised of the most vital components such as nacelle, rotor and blades, and tower, which support it to generate electricity. Also, the turbine accounts for the maximum share of capital investment needed to build an offshore farm.
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The key players of global offshore wind market are Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries & Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group (Germany).
Shallow water offshore wind market is expected to grow at the highest rate.
The shallow water offshore wind market is expected to hold a larger market size as compared to the other two prominent location segments of offshore wind market by. This is due to the proximity of the wind farm from the ground level to reach the site for daily maintenance and inspection. Also, the low capital cost of shallow water wind farm, as it costs less for infrastructure, low logistic charges and manpower charges is expected to grow the shallow water offshore wind market. All these factors will add to the growth of shallow water offshore wind market.
Market Research Analysis
North-America region is expected to grow at the highest CAGR.
The offshore wind market in the Europe region is currently leading and is followed by North-America and Asia-Pacific market. But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.
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Table of Content
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Metering Pumps Market, By Type
5 Global Metering Pumps Market, By Application
List of Tables
Table 1 Global Offshore Wind Market, By Component
Table 2 Global Offshore Wind Market, By Location
Table 3 Global Offshore Wind Market, By Regions
Key questions answered in this report
- What will the market size be in 2023 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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