Offshore Wind Market Size (volume & value), Emerging Growth Factors, Most Attractive Segment and Updated Key Trends 2023

“Offshore Wind Market is Predicted to Grow at Approximately 11.12% by 2023”
Global Offshore Wind Market Report by Component (Turbine, Tower, BladesElectrical Infrastructure and Nacelle), By Location (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth)) and By Region – Global Forecast to 2023.

Offshore Wind Global Market – Overview

The Global Offshore Wind Market is expected to grow at CAGR ~11.12% during the forecast period 2018-2023. The increasing demand for electricity through renewable energy is the major factor driving the growth of the Global Offshore Wind Market. Moreover, end-users are readily investing in the electrical networks to enhance performance, in terms of distribution and transmission losses. Offshore wind also adds to the safety features of electrical system, which is a major driver for the growth of this market.

The most important problem the world is facing is environment pollution, most of the developed countries are switching from non-renewable energy sources to renewable energy which can create high impact on Offshore Wind Market.

The market for renewable energy has been growing phenomenally in the last few years. Offshore Wind Market is gaining momentum as most of the countries showing their interest towards clean reliable energy. Moreover, the economic growth with emissions reduction have given the growth, a momentum. The Global Offshore Wind Market is poised to grow over USD 49,741.0 million by 2023.

The Global Offshore Wind Market is segmented on the basis of Component, Location and by Region. Based on Component the market is segmented as Turbine and Support Structure. Turbine is sub-segmented by Nacelle, Tower, Rotor & Blades and Support Structure is segmented as Rating and Installation. Based on location the market is segmented as shallow water, transitional water and deep water. In Offshore Wind Market, Wind turbine technology has created an impact on power generation and in coming years it is expected to reach significantly.

Geographically, the Global Offshore Wind Market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia- Pacific dominated the global offshore wind market in 2017 and is expected to hold the largest market size during the forecast period. Rapid industrialization in the region is the major factor driving the growth of the market. Europe held the second largest market share in 2017, on account of the continuous upgradation of technology.

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Offshore Wind Global Market – Competitive Analysis

The global market for offshore wind has been estimated to grow steadily during the forecast period. All the players in the market have been investing heavily in research and development. Development of electrical equipment is capital intensive and time consuming, however innovative and efficient systems are high in demand. Market leaders are relying on innovation to stay ahead in the market. Also pricing of products has become extensively competitive and margins have been reduced for the OEMs.

Offshore Wind Global Market – Segmentation

The scope of Global Offshore Wind Market is segmented into three major segments which are explained below:

By Component

  • Turbine
  • Nacelle
  • Tower
  • Rotor & Blade
  • Support Structure
  • Rating
  • Installation

By Location

  • Shallow Water (< 30M depth)
  • Transitional Water (30M- 60M depth)
  • Deep Water (> 60M depth)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Offshore Wind Global Market –Key Players

General Electric (US), Siemens (Germany), Vestas Wind Systems A/S (Denmark), Senvion SA (Luxembourg), Doosan Heavy Industries & Construction Co., Ltd (Korea), Suzlon Group (India), Dong Energy A/S (Denmark), EEW Group (Germany), ENERCON GmbH (Germany) and Goldwind Windenergy GmbH (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global offshore wind market.

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Industry News

In August 2018 – Germany-based Deutsche Windtechnik AG wins the Contract of Yunlin offshore wind project. The total EPC (Engineering Procurement and Construction) is done by Windtechnik AG with the total capacity of 650MW to 700MW, the first construction phase.

In August 2018 – Siemens Gamesa has signed a subcontract with Orsted. In this contract Siemens will provide wind turbines for the coastal Virginia offshore Wind project in Virginia, US.

Siemens Gamesa will deliver approximately 112 SG 8.0-167 DD offshore wind turbines to Orsted projects in Greater Changhua with offshore construction planned to start in 2021. As part of the contractual agreement with Orsted, Siemens Gamesa has committed to establishing a local nacelle assembly facility by 2021.

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