Offshore Wind Energy Market - Forecast(2022 - 2027)

Report Code: EPR 50283 Report Format: PDF + Excel

Offshore Wind Energy Market Overview

The market for offshore wind energy is forecast to reach $42bn by 2025, growing at a CAGR of 13.6% from 2020 to 2025. The offshore wind energy market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions. Offshore wind energy generation process is a renewable form of producing energy by taking advantage of the power of the wind that is produced on the high seas, where it moves at a much higher and more consistent speed than it does on land, due to absence of multiple barriers. Ongoing saturation of sites close to the shore, along with growing demand for high operational Capacity Utilization Factor (CUF) for offshore projects is projected to drive industry growth. Ongoing improvements in installation capabilities and availability of high wind speeds far from shore are major factors fuelling the installation of offshore platforms at higher depth levels. Additionally, regulatory frameworks, government policies and mandates are in favour of the global offshore wind energy market which in turn is estimated to drive the overall growth of the market.
 

Offshore Wind Energy Market Report Coverage

The report: “Offshore Wind Energy Market– Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the offshore wind energy market.
By Component  – Turbine (Nacelle, Rotors and Blades, Tower), Substructure (Monopile, Jacket and Gravity Based, Others), Electrical Infrastructure and Others
By Water Depth – Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth), Deep Water (> 60m Depth)
By  Installation – Fixed Structure and Floating Structure
By Capacity – Upto 3 MW, 3MW to 5 MW and Above 5 MW
By Application – Electric Power, Oil and Gas, Aviation, Transport and Others
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)

Key Takeaways

  • The offshore wind energy market is estimate to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions. 
  • In 2019, turbines accounted for maximum revenue share of the global offshore wind energy market across the component segment. 
  • Majority of the projects were installed in the shallow waters i.e., up to 30 meters due to ease of installation and low capital requirements in 2019. 
  • Global offshore wind energy market was dominated by Europe with a share of 37.9% in 2019.  The UK leads the European market with a total capacity of 9.9 GW in 2019 and is estimated to witness growth of over 28% during the forecast period, 2020-2025.

Offshore Wind Energy Market Segment Analysis - By Component Type

In 2019, turbines accounted for maximum revenue share of the global offshore wind energy market across the component segment. Re-structuring across power markets along with swift technological developments related to the field of aerodynamics, and material composition are some of the key factors fuelling the wind turbines market. Additionally, industry operators manufacturing wind turbines are focusing on incorporating innovative and standardized product processes involving low installation costs, leading to rise in market demand of wind turbines.
 

Offshore Wind Energy Market Segment Analysis - By Water Depth

The market is segmented by the depth of water into shallow water (< 30m depth), transitional water (30m – 60m depth), deep water (> 60m depth). In 2019, majority of the projects were installed in the shallow waters i.e., up to 30 meters. Industry operators prefer shallow waters primarily due to ease of installation and low capital requirement. However, over the next few years, the market is expected to witness growth in the deep-water projects wherein the depth of water is more than 30 meters. 

Offshore Wind Energy Market Segment Analysis - By Geography

Global offshore wind energy market was dominated by Europe with a share of 37.9% in 2019.  The UK leads the European market with a total capacity of 9.9 GW in 2019 and is estimated to witness growth of over 28% during the forecast period, 2020-2025. Since 2015, the country has added over 5 GW of offshore wind energy in its renewable portfolio. Different policies and regulations have been implemented by the government of the UK such as Contracts for Difference to ensure stable long-term returns from electrical infrastructure projects, thus minimalizing the barriers to entry for new industry participants.


Offshore Wind Energy Market Drivers

Technological advancement driving market growth

Industry operators are focusing on increasing energy production from renewable sources such as wind and solar power in order to reduce emissions. The offshore wind energy market players are allocating significant budgets toward project installation and R&D activities aimed toward enhancing the operational efficiency and product portfolio. The ongoing incorporation of advanced technologies to improve existing infrastructure is projected to further boost the market growth.

Surge in initiatives by the government

Government institutions and policy makers globally are increasing efforts to successfully achieve the emission reduction targets. Respective governments and market players are investing aggressively towards clean energy sources. This has fuelled the industry growth as demand for installation of high capacity offshore wind energy projects is anticipated to witness significant growth during the forecast period, 2020-2025. Governments are focused on creating policies and regulations to fuel the growth of offshore wind energy market. In 2019, the U.K. government agreed to offer $739.3 million of state subsidies to industry players who agreed to invest in offwind energy projects $331.8million over the next 11 years. Additionally, supportive regulatory framework, government policies and mandates along with rapidly declining process for wind turbines will drive the North America industry growth. 

Offshore Wind Energy Market Challenges

Negative impact on the landscape

One of the major challenges faced by the global offshore wind energy market is the impact of offshore wind energy farms on the landscape. As these farms are installed in shallow waters and are near the coast it brings a lot of issues in terms of feasibility. However, with technology advancements, the wind farms are likely to move farther from the coast. Furthermore, these farms negatively impact sea life especially during the construction phase, and can be damaging to sea mammals. However, this issue can be solved by using bubble screens that also helps in reducing noise pollution caused by these wind energy farms. 

Offshore Wind Energy Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the offshore wind energy market. The offshore wind energy market is dominated by major companies such Sinovel, MHI Vestas Offshore Wind, Prysmian Group, Nexans, Siemens Gamesa, Enercon, General Electric, Ming Yang Smart Energy, Doosan Heavy Industries, , Areva and Clipper Windpower. 

Acquisitions/Technology Launches/Partnerships

In March 2020, Enercon installed a new prototype E-138 EP3 for their E2 wind turbines at the Janneby site which is situated in Schleswig-Holstein, Germany. The new prototype is estimated to increase the nominal power of E2 wind turbines from 3.5 MW to 4.2 MW. 
In January 2020, Siemens Gamesa Renewable Energy announced the acquisition of Senvion’s European Service assets and Intellectual Property (IP). 

1. Offshore Wind Energy Market - Overview
        1.1 Definitions and Scope
2. Offshore Wind Energy Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Offshore Wind Energy Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Offshore Wind Energy Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Offshore Wind Energy Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Offshore Wind Energy Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Offshore Wind Energy Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Offshore Wind Energy Market - By Product (Market Size -$Million / $Billion)
        8.1 Market Size and Market Share Analysis
        8.2 Application Revenue and Trend Research
        8.3 Product Segment Analysis
9. Offshore Wind Energy Market - By Type (Market Size -$Million / $Billion)
10. Offshore Wind Energy - By Application (Market Size -$Million / $Billion)
        10.1 Segment type Size and Market Share Analysis
        10.2 Application Revenue and Trends by type of Application
        10.3 Application Segment Analysis by Type
11. Offshore Wind Energy- By Geography (Market Size -$Million / $Billion)
        11.1 Offshore Wind Energy Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
                  11.2.5.1 U.S
                  11.2.5.2 Canada
                  11.2.5.3 Mexico
                  11.2.5.4 Rest of North America
        11.3 Offshore Wind Energy- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
                  11.4.5.1 Brazil
                  11.4.5.2 Venezuela
                  11.4.5.3 Argentina
                  11.4.5.4 Ecuador
                  11.4.5.5 Peru
                  11.4.5.6 Colombia
                  11.4.5.7 Costa Rica
                  11.4.5.8 Rest of South America
        11.5 Offshore Wind Energy- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
                  11.6.5.1 U.K
                  11.6.5.2 Germany
                  11.6.5.3 Italy
                  11.6.5.4 France
                  11.6.5.5 Netherlands
                  11.6.5.6 Belgium
                  11.6.5.7 Denmark
                  11.6.5.8 Spain
                  11.6.5.9 Rest of Europe
        11.7 Offshore Wind Energy - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
                  11.8.5.1 China
                  11.8.5.2 Australia
                  11.8.5.3 Japan
                  11.8.5.4 South Korea
                  11.8.5.5 India
                  11.8.5.6 Taiwan
                  11.8.5.7 Malaysia
                  11.8.5.8 Hong kong
                  11.8.5.9 Rest of APAC
        11.9 Offshore Wind Energy - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
                  11.10.5.1 Israel
                  11.10.5.2 Saudi Arabia
                  11.10.5.3 UAE
            11.10.6 Africa Segment Analysis
                  11.10.6.1 South Africa
                  11.10.6.2 Rest of Middle East & Africa
12. Offshore Wind Energy Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Offshore Wind Energy Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Offshore Wind Energy Market - Key Company List by Country Premium
15. Offshore Wind Energy Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 China Ming Yang Wind Power Group Limited
        15.3 Dong Energy A/S
        15.4 Gamesa Corporacion Technologica Sa
        15.5 Ge Wind Energy
        15.6 Goldwin Science And Technology Co Ltd
        15.7 Nordex Se
        15.8 Siemens Wind Power
        15.9 Sinovel Wind Group Co Ltd
        15.10 Suzlon Group
        15.11 Vesta Wind System A/S
        15.12 Company 11
        15.13 Company 12 & More
*Financials would be provided on a best efforts basis for private companies
16. Offshore Wind Energy Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Offshore Wind Energy Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends

List of Tables

1 US Offshore Wind Energy Market Size 2018
2 Canada Offshore Wind Energy Market Share 2018
3 Brazil Offshore Wind Energy Market Outlook 2019 - 2023
4 Mexico Offshore Wind Energy Market Research 2018
5 Germany Offshore Wind Energy Market Trends 2019 - 2023 
6 France Offshore Wind Energy Market Growth 2019 - 2023 
7 UK Offshore Wind Energy Market Demand 2019 - 2023 
8 Italy Offshore Wind Energy Market Segmentation 2018
9 Russia Offshore Wind Energy Market Analysis 2019 - 2023
10 China Offshore Wind Energy Market Revenue 2019 - 2023
11 Japan Offshore Wind Energy Market Volume 2019 - 2023
12 South Korea Offshore Wind Energy Market Potential 2019 - 2023
13 India Offshore Wind Energy Market Leaders 2018
14 Saudi Arabia Offshore Wind Energy Market Forecast 2019 - 2023 
15 Kuwait Offshore Wind Energy Market Value 2018

List of Figures

For complete list of 60+ tables and 60+ figures follow the Link