Rise in the demand for electricity and preference toward the use of renewable sources of electricity present numerous opportunities for market expansion. Moreover, increase in investments by governments and usage of offshore wind energy as substitutes to reduce greenhouse emissions are further anticipated to boost the overall growth of the market. However, high costs associated with initial installations and infrastructure of expensive components are expected to hamper the overall industry growth.
Global offshore wind energy market was valued at $2,727 thousand in 2016, and is projected to reach at $11,334 million by 2023, growing at a CAGR of 19.4% from 2017 to 2023. Offshore wind energy is one of the most effective and robust sources of energy, which helps in the reduction of CO2 emissions and thus replace fossil fuels. Similar to land-based wind technologies, offshore wind makes use of wind turbines to generate electricity, which is delivered to the shore through an export cable. The main advantage of installing offshore wind energy is the consistent and stronger winds, which blow offshore allowing the use of larger horizontal turbine blades.
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In 2015, Europe accounted for the maximum share of the global market, in terms of volume, and is expected to continue this trend, owing to increase in urbanization, specifically in Denmark, Belgium, and the Netherlands. Moreover, rise in urban population with increased per capita disposable income and growth in overall demand for renewable energy sources drive growth of the European market.
The major companies profiled in the report include
- Siemens Wind Power
- Vestas Wind Systems A/S
- Goldwind Science and Technology Co. Ltd.
- Gamesa Corporacion Technologica SA
- GE Wind Energy
- Sinovel Wind Group Co. Ltd.
- Dong Energy A/S
- Suzlon Group
- Nordex SE
- China Ming Yang Wind Power Group Ltd
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Covid-19 impact analysis:
The outbreak of COVID-19 affected the global economy severely and the Offshore Wind Power market was also not an exception in this regard. The report includes the COVID-19 impact on the market along with the current stratagems, dynamic slants, lines, and tactics espoused by the major players in the sector. It would further add up value to our clients by offering the much-needed insights on the global spectrum of the market. Apart from showcasing the impact instigated on the market share and size throughout the pandemic, especially during the initial phase, it also focuses on the key strategies implemented by the frontrunners during this crisis. Simultaneously, with the rollout of mass vaccination programs across the world, the market is expected to revive soon and the report also offers the post-COVID-19 impact on the global Offshore Wind Power market.
Key Findings of the Offshore Wind Energy Market:
- North America is anticipated to grow at the highest CAGR during the analysis period.
- Europe is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 14.1%, in terms of capacity.
- UK accounted for almost one-third of the global market in 2016.
- China occupied around one-ninth share of the global offshore wind energy market in 2016.
- In terms of value, Denmark is expected to grow at a significant CAGR of 13.5% during the forecast period.
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