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.
On this account, Market Research Future recently published a deep diving study report titled “Global Offshore Wind Market”. According to which, the Offshore Wind Market is booming and expected to gain further prominence over the forecast period. The market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 11.12% during the estimated period (2016 – 2023).
Offshore Wind Global Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Offshore Wind appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, Technology and services. Vendors operating in the Offshore Wind Market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. They compete based on pricing, servicing and technology enhanced solutions. Offshore Wind market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
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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)
- EEW-Group (Germany).
The Offshore Floating Wind industry has huge potential and a Floating offshore wind can potentially reduce the cost of installation very significantly because of the use of the same techniques as the oil and gas industry and it is also less invasive in terms of the seabed.
Floating offshore wind is now a viable technology and ready to be rolled out on an industrial scale in a scenario especially when the world is facing fundamental challenges of climate change and geopolitics to the energy markets. And where the key players operating in the market are continually striving for new ways to utilise their expertise in the energy industry, exploring opportunities in new energy as well as driving innovation in oil and gas around the world. Oil & Gas companies are trying to be the most carbon-efficient oil and gas producers, as well as driving innovation in offshore wind.
Currently, the Offshore Wind market is spurting owing to the increase in demand for power, global initiatives to use more renewable and non-conventional energy sources and the global need to restrict carbon emission. The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources.
However, initial high capital cost of projects with high maintenance cost and logistics issues can hinder the offshore wind market. The high tidal winds & bad weather conditions making offshore wind farms difficult for access in the event of problem rectification and preventive maintenance, which is also expected to restrain the growth of the global offshore wind market.
On the other hand, over the next decade, floating wind is expected to follow a cost reduction path similar to that of onshore and bottom-fixed offshore wind, making floating wind cost competitive with other renewable energy sources.
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Offshore Wind Market – Segmentation
Global Offshore Wind Market is segmented in to 2 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Component : Comprises – Turbine, Location, Electrical Infrastructure and Others), By Location (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth).
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
List Of Tables
Table 1 Global Offshore Wind Market, By Components, 2015-2023 (Usd Million) 27
Table 2 Global Offshore Wind Market, By Location, 2015-2023 (Usd Million) 30
Table 3 Global Offshore Wind Market, By Region, 2015-2023 (Usd Million) 34
Table 4 Europe: Global Offshore Wind Market, By Country, 2015-2023 (Usd Million) 36
Table 5 Europe: Global Offshore Wind Market, By Components, 2015-2023 (Usd Million) 36
Table 6 Europe: Global Offshore Wind Market, By Location, 2015-2023 (Usd Million) 36
Table 7 Germany: Global Offshore Wind Market, By Components, 2015-2023 (Usd Million) 38
Table 8 Germany: Global Offshore Wind Market, By Location, 2015-2023 (Usd Million) 38
Table 9 U.K.: Global Offshore Wind Market, By Components, 2015-2023 (Usd Million) 40
Table 10 U.K.: Global Offshore Wind Market, By Location, 2015-2023 (Usd Million) 40
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