Offshore Wind Power Market

Offshore wind power is the usage of wind farms constructed in water bodies, to convert wind energy into electricity. Offshore wind speed is faster than that on land, hence even a small increase in wind speed yields a larger energy production. Offshore wind energy has multiple advantages similar to land-based wind farms as they do not consume water, provide renewable energy, create jobs, and do not emit environmental pollutants or greenhouse gases. It also overcomes economic, technical, and political challenges for commercial and large-scale deployment. Multiple developing countries have opened up opportunities for offshore wind power market due to the rising emphasis on reducing carbon emission.

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The major factors propelling the growth of the Offshore Wind Power market include the increasing government initiatives to reduce carbon footprint, growing energy demand coupled with the rising share of renewable energy in the power generation mix, and is highly cost-efficient as compared to the traditional turbines. Historically, the cost of offshore wind power was higher than that of onshore wind generation as the designs of offshore wind turbines were technically challenging, facing both aerodynamic and hydrodynamic loads. However, along with passing years, multiple changes have been made in turbine design. Through technical innovation, turbine equipment manufacturers have been able to reduce the turbine cost and managed to decrease the total mass. Therefore, continuous growth in the capacity of the off-shore wind power turbines, design improvements, and upscaling of wind turbine is catalyzing the growth of the Offshore Wind Power market globally.

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On the basis of components, the market is segmented into turbine, substructure, electrical infrastructure, and others. Among these, the turbine segment is projected to grow at a higher CAGR during the forecast period. The turbine contains essential components including nacelle, tower, rotor, and blades, which helps in generating electricity. Moreover, the technological advancement in the turbine equipment along with its declining price are the major factors propelling the growth of the turbine segment in the market.

Based on location, the market is segmented into shallow water, transitional water, and deep water. Among these, the deep water segment is expected to grow at a higher CAGR during the forecast period. The installation of wind power in lower depth is easier and reduces capital expenditure cost. Moreover, the rising trend for deep water installation is driven by the increasing investment across numerous countries in the floating offshore wind power projects, which are mostly installed in deeper locations.

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Based on the region, Europe is projected to grow at a higher CAGR during the forecast period. This is attributed to the large expansion in offshore wind power generation across the European countries. Governments of key economies have supported multiple wind projects with favourable incentives as a part of carbon emission reduction goals, which will positively influence the growth of the market in the region. The Asia-Pacific region is also anticipated to grow at a higher CAGR during the forecast period as the region is witnessing a significant number of windfarm installations across major countries such as, China, Japan, India, and Korea.

The major players in the market include Siemens AG, ABB Ltd, Nexans SA, EEW Group, General Electric Co, Sinovel Wind Group Co. Ltd, Dong Energy A/S, Vestas Wind Systems A/S, Equinor Energy AS, and MHI Vestas Offshore Wind among others.

Key Developments:

• • In 2020, Siemens Gamesa Renewable Energy SA was selected by the U.S., as preferred turbine supplier for 2,640-MW Dominion Energy Virginia Offshore Wind project. Siemens Gamesa’s has secured a long-term maintenance and service agreement with the U.S. government.

The Global Offshore Wind Power market has been segmented based on Component, Location, and Key Region. Based on Component, the market is segmented into Turbine, Substructure, Electrical Infrastructure, and Others. Based on Location, the market is segmented into Shallow Water, Transitional Water, and Deep Water.

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Key questions answered in this research report:

• • At what pace is the global Offshore Wind Power market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Offshore Wind Power market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Offshore Wind Power market?
  • What are the various components of the global Offshore Wind Power market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Offshore Wind Power Market by Component

• • Turbine
    • Nacelle
    • Rotors and Blades
    • Tower
  • Substructure
    • Monopile
    • Jacket and Gravity Based
    • Others
  • Electrical Infrastructure
  • Others

Global Offshore Wind Power Market by Location

• • Shallow Water (< 30m Depth)
  • Transitional Water (30m – 60m Depth)
  • Deep Water (> 60m Depth)

Global Offshore Wind Power Market by Region

• • North America Offshore Wind Power Market
    Option 1: As a part of the free 25% customization

• • • By Component
    • By Location
    • US Offshore Wind Power Market All-Up
    • Canada Offshore Wind Power Market All-Up
  • Europe Offshore Wind Power Market
    Option 2: As a part of the free 25% customization
    • By Component
    • By Location
    • UK Offshore Wind Power Market All-Up
    • Spain Offshore Wind Power Market All-Up
    • France Offshore Wind Power Market All-Up
    • Germany Offshore Wind Power Market All-Up
    • Rest of Europe Offshore Wind Power Market All-Up
  • Asia-Pacific Offshore Wind Power Market
    Option 3: As a part of the free 25% customization
    • By Component
    • By Location
    • China Offshore Wind Power Market All-Up
    • India Offshore Wind Power Market All-Up
    • Japan Offshore Wind Power Market All-Up
    • Rest of APAC Offshore Wind Power Market All-Up
  • RoW Offshore Wind Power Market
    Option 4: As a part of the free 25% customization
    • By Component
    • By Location
    • Brazil Offshore Wind Power Market All-Up
    • South Africa Offshore Wind Power Market All-Up
    • Saudi Arabia Offshore Wind Power Market All-Up
    • UAE Offshore Wind Power Market All-Up
    • Rest of the World (remaining countries of LAMEA region) Offshore Wind Power Market All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Siemens AG
  • ABB Ltd
  • Nexans SA
  • EEW Group
  • General Electric Co
  • Sinovel Wind Group Co. Ltd
  • Dong Energy A/S
  • Vestas Wind Systems A/S
  • Equinor Energy AS
  • MHI Vestas Offshore Wind