Market Dynamics

Offshore Wind Energy Market growth is expected to gain high momentum during the forecast period due to increasing greenhouse emissions, environmental degradation, and climate change. Wind energy is generated by the use of wind, which rotates the turbine and generates mechanical energy, which is then converted into mechanical energy. High wind speeds are generated at sea and hence, the energy generated is higher as compared to onshore wind farms. However, installation and maintenance of offshore wind farms are costly and complex as compared to onshore wind farms.

Renewable energy sources and continuing to gain attention throughout the globe due to the non-sustainable nature of conventional fossil fuel, emission of greenhouse gases, and related environmental hazards. This is leading to growth in the offshore wind energy market.

Europe is expected to witness the highest growth during the forecast period, as most countries in Europe and the European Union are aiming to reduce greenhouse emissions by decreasing its dependence on fossil fuels.

Key Developments:

• In June of 2018, the race bank offshore wind farm was opened in the U.K and is the 5^th largest wind farm on the planet.
• China’s wind energy market has grown immensely in the past years due to strong government support and investments. China’s capacity of offshore wind energy was more than 1.6 GW as of 2016. China also plans on increasing its capacity by 13 GW till 2026.
• Announcement for construction of the Hornsea Project One in Denmark, which is designed to be the largest off shore wind farm in Europe and is expected to be operational by 2020.
• On October 9^th 2017, Microsoft announced that they have signed a contract to use electricity from the wind farms of General Electrics to power their cloud data centres in Ireland

Key Factors Impacting Market Growth:

• Increasing greenhouse emissions, environmental degradation, and climate change
• Stringent government regulations and growing environmental awareness
• High electricity generation per amount of capacity installed

Regional Outlook:

The regional outlook for offshore wind energy market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for offshore wind energy markett during the forecast period. Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of offshore wind energy market in these regions. Some of the major countries covered in this region include US, Germany, UK, France, Italy, Canada, and so on. 

Asia Pacific is estimated one of the fastest growing regions for offshore wind energy market during the forecast period. Some of the fastest growing economies and increasing demand for energy & power to cater high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. Rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.

Companies Covered: Erndtebrücker Eisenwerk Gmbh & Co., MHI-Vestas, Ming Yang Smart Energy Group Ltd., Senvion S.A., General Electric, Goldwin Science & Technology Co. Ltd., Sinovel Wind Group Co. Ltd., Nordex SE, and Siemens Gamesa Renewable Energy 

Market Segmentation:

By Component:

• Turbine
  • <100kW
  • 100kW-250kW
  • 250kW-500kW
  • 500kW-1MW
  • 1MW-2MW
  • >2MW
• Installation
  • Horizontal Axis
  • Vertical Axis
• Structure
  • Nacelle Module
  • Rotor Module
  • Tower Module
• Support Structure
  • Substructure
  •  Foundation
    •  Monopile
    • Jacket
• Electrical Foundation
  • Wires & Cables
  • Substation

By Location:

• Shallow Water
• Deep Water
• Transitional Water

By Depth:

• 0-30m
• 30m-50m
• >50m

By Region:

• North America
  • By Country (US, Canada, Mexico)
  • By Component
  • By Location
  • By Depth
• Eastern Europe:
  • By Country (Russia, Turkey, Rest of Eastern Europe)
  • By Component
  • By Location
  • By Depth
• Western Europe:
  • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
  • By Component
  • By Location
  • By Depth
• Middle East:
  • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
  • By Component
  • By Location
  • By Depth
• Asia Pacific
  • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
  • By Component
  • By Location
  • By Depth
• Rest of the World
  •  By Region (South America, Africa)
  • By Component
  • By Location
  • By Depth

Reasons To Buy This Report:

• Market size estimation of the offshore wind energy market on a regional and global basis
• The unique research design for market size estimation and forecast
• Profiling of major companies operating in the market with key developments
• Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

• By Segment
• By Sub-segment
• By Region/Country

For more information, contact: [email protected]