USD 62.3 Billion
Offshore Wind Power Market Size, Share, Growth Analysis, By Water Depth(> 0 to ≤ 30 m, > 30 to ≤ 50 m, > 50 m support structure and energy infrastructure), By Component(Support Structure and Energy Infrastructure), By Capacity(Up to 3MW, 3MW to 5MW and Above 5MW), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55E2040 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|Tables:
87
|Figures:
71
Offshore Wind Power Market Insights
Global Offshore Wind Power Market size was valued at USD 62.3 Billion in 2022 and is poised to grow from USD 73.70 Billion in 2023 to USD 265.96 Billion by 2031, growing at a CAGR of 17.5% in the forecast period (2024-2031).
"The global offshore wind power market is experiencing robust growth driven by several key factors. The first is the growing concern of climate change and the need to transition to cleaner energy sources." Government and energy companies that are important in renewable energy projects including offshore wind stimulate investment. Additionally technological advances in offshore wind turbine design and construction have significantly reduced the need for offshore wind generation, increasing offshore wind energy and energy common sources are good regulatory frameworks and favorable government incentives, especially in regions in Europe and Asia Pacific. Among government incentives, this has further stimulated market growth. In addition, the high energy production offered by offshore wind farms and the capacity they provide makes it a worthwhile investment interest for utilities and independent power producers despite high upfront costs, complex project development schedules, and Environmental concerns remain are a major obstacle to market expansion. However, continued R&D efforts aimed at addressing these challenges are expected to lead to continued growth in global offshore wind energy in the coming years.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Support Structure
Fastest Growth
Electrical Infrastructure
Growth Rate
17.5% CAGR
Global Offshore Wind Power Market ($ Bn)
Country Share for North America Region (%)
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Offshore Wind Power Market Segmental Analysis
Based on the water depth, the global market is segmented into Up to 30m and Above 30m. By component, the market is segmented into support structure and energy infrastructure. Based on capacity, the global offshore wind power market is segmented into Up to 3MW, 3MW to 5MW and Above 5MW category. From a geographical standpoint, the market is categorized as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Analysis by Component
Support structure is the dominating segment in the market. The market value of offshore wind energy from support structure segment is expected to exceed $49 billion by 2032, driven by an increasing emphasis on designing and developing support systems for load and wave impact offshore with the coast has been retained. Continued in terms of composition and foundation Progress has been made. Advances in subsea cable technology, such as increased capacity and improved reliability, contribute to the overall efficiency and cost-effectiveness of offshore wind projects.
The energy infrastructure segment is the fastest growing in the market which plays a key role in the offshore wind power market, providing the infrastructure and systems necessary for the transmission, distribution and integration of electricity generated by offshore wind farms. The power system consists of small marine and onshore plants that store electricity produced by individual wind turbines. These substations modulate the voltage to provide an efficient connection to the terrestrial grid. Substations play a key role in ensuring the reliability and stability of offshore power generation before it is connected to the wider power grid. It prevents electricity transmission from offshore wind farms to onshore power grids requiring undersea transmission lines. These high-voltage lines are an integral part of the power grid, providing efficient and reliable transmission of electricity over long distances.
Analysis by Depth
The >30 to ≤50 m water depth segment plays a dominant role in the global offshore wind power market and plays an important role in determining the feasibility and viability of the offshore wind project. Some key features of this water this depth in offshore wind power. Water depths of 30 to 50 meters are considered optimal for offshore wind farms. Sites in this zone are often chosen because of their proximity to the coast and favorable conditions for wind energy.
Manufacturers prefer areas with such water depths while striking a balance between accessibility, installation costs and the possibility of using stable and consistent ventilation. Water depths from >30 to ≤50 m is suitable for offshore wind turbine applications including fixed and floating bottom platforms.
Fixed-bottom turbines are typically used in water depths up to 50 m, while floating turbines are feasible in sizes beyond this range. The flexibility in turbine selection makes these deeper waters more versatile for developers.
> 0 to ≤ 30 m is the fastest growing segment in the market. In terms of depth, the global offshore wind power market in the > 0 to ≤ 30 m segment is predicted to witness a return of around 9% by 2032, owing to favorable regulatory frameworks in emerging markets. Europe, with its many offshore lakes, dominates the industry when it comes to offshore wind funds. In fact, the EU invested more than €41 billion ($43.5 billion (about $130 per person in the US)) in new wind farms in the region by 2021. The capital went mainly to support 25 GW of new capacity, a new record.
Global Offshore Wind Power Market By Component (%)
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Offshore Wind Power Market Regional Insights
North America is the dominating region during the forecast period. Zero carbon emissions targets and increased private participation are driving the market for offshore wind in the US. An abundance of natural gas and offshore wind with government friendly offshore wind policies attracting many large offshore wind developers Advances in offshore wind technologies such as floating wind turbines, larger and more efficient turbines are some of the factors that encourage new offshore renewable energy Strong political appetites internally US. for development can enhance offshore wind.
Asia Pacific wind power market revenue share is poised to increase by more than 12% by 2032, driven by rising energy demand in the region. This demand is driving rapid infrastructure expansion in the region, with several new offshore installations currently underway. Large manufacturers active in this sector are also introducing more projects to make offshore farms economically viable. For example, in 2020, leading Japanese companies, MODEC, Inc., Toyo Construction Co., Ltd., Furukawa Electric Co., Ltd., revealed that their proposal to reduce emissions an offshore use to reduce R&D public offerings was officially adopted by the nation’s largest public authority.
Global Offshore Wind Power Market By Geography
- Largest
- Fastest
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Offshore Wind Power Market Dynamics
Drivers
Increasing Focus Toward Deeper Installation to Augment the Global Offshore Wind Power Market Growth
- In phrases of water depth, the bulk of the market increase accounts for shallow water i.e. Up to 30m phase, an increasingly more popular offshore wind electricity kind, as putting in wind tower in decrease intensity is a great deal easier and decreases capital expenditure at the equal time. But the trend in the global marketplace ability is predicted to shift in the direction of deep-water set up where water intensity is greater than 30 meters. In 2018, the above 30m phase holds around 30 % of the market in terms of hooked up capability, this proportion is likely to reach 50% mark inside the forecast duration owing to increasing investment in floating offshore wind electricity initiatives which by and large established in a deeper vicinity.
"Higher Turbine Capacity to Gain Momentum inside the Global Market"
- On the premise of hooked up capability, wind turbines having an energy rating range in 3MW to 5MW is an extensively widespread form of offshore wind power due to a whole lot-explored generation and cost-effectiveness. But in line with the transferring fashion toward deeper installation and floating type structure, the demand for a better electricity score turbine is most preferred to make offshore wind electricity technology energy-green and economically viable. The call for the above 5MW phase is anticipated to pass 50% of the worldwide offshore wind electricity marketplace proportion whereas underneath 3MW section is expected to have a prime decline throughout the forecast period.
Restraints
Capital Costs and Operational Complexities
- Despite a robust inflow of investments, predominant demanding situations inclusive of excessive capital charges associated with the structures and complexities of component installation may additionally constrain the offshore wind industry outlook. Offshore wind farms are built off the coast, in the middle of seas and oceans, in regions that witness constant and excessive wind speed daily. The common publicity to elements and salt water elevates associated risks inclusive of corrosion, cable failure, and harm. As an end result, wind farms want constant upkeep and maintenance to stay operational, making them an expansive endeavour.
Capital Charges and Logistics Issues
- Offshore wind is one of the most promising and environmentally friendly energy generation technologies. Although it has a high efficiency factor compared to related technologies such as solar and onshore wind, its high cost limits its application Wind turbines in the coastline is vulnerable to erosion, having been exposed to decades of harsh marine environments. Sometimes even beneficial factors like wind gusts are a negative for offshore wind turbines. For example, the turbines are shut down when the wind speed exceeds 25 m/s. As the scale of offshore wind farms has grown over time, so have the challenges associated with construction, transportation, installation and operation.
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Offshore Wind Power Market Competitive Landscape
The competitive environment of the Global Offshore Wind Power Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Top Player’s Company Profiles
- Nexans
- Prysmian Group
- Sumitomo Electric Industries, Ltd.
- Southwire Company, LLC
- FURUKAWA ELECTRIC CO., LTD
- LS Cable & System Ltd
- IMPSA
- Vestas
- ENESSERE S.r.l.
- General Electric
- MHI Vestas Offshore Wind
- Senvion S.A.
- Adwen
- ABB Ltd.
- General Electric
Recent Developments
- In May 2021, Hecate Independent Power Limited (HIP), a U.S.-based totally renewable strength project organization, delivered its HIP Atlantic Project to deploy about 10 GW floating and glued wind energy within the North Atlantic, UK. The undertaking with a complete expenditure of around USD 30 billion or GBP 21 billion is projected to attach offshore farms with the country wide grid network.
- In May 2021, the renewable power division of GE showed to receive an order within the 0.33 phase of the Dogger Bank offshore wind farm. The organization is about to deliver 87 devices in their Haliade-X 14 MW offshore wind turbine in conjunction with a 5-year full-carrier settlement for the challenge setting out set up in 2025 in advance of its completion in 2026.
- In February 2021, Vestas launched a new version of offshore wind turbine referred to as V236 with a complete strength rating output of 15 MW. The new devices are designed to supply a swept area of forty-three,743 m2 to seize most winds, rotor diameter of 236 meters (about 774.28 ft), and excessive nominal strength score making the system capable of aid power generation of as much as eighty GWh in keeping with annum.
Offshore Wind Power Key Market Trends
- Growing Focus on Sustainable Energy Supply: With the growing attention in the direction of a sustainable supply of strength round the sector, offshore wind electricity has emerged as a moneymaking way to numerous international locations, which bodes properly for the global market. International and nearby governments are focusing more on developing smooth regulations and regulations to push offshore wind power a far feasible option among other renewable power sources. Companies are specializing in growing electricity manufacturing from a renewable source, along with offshore wind strength, to satisfy the ever-increasing call for strength and adhere to the 0-emission project. The technological development and electricity-efficient answers have made offshore wind strength a far favored smooth strength source for many nations around the sector, growing opportunities in the international offshore wind energy marketplace.
Offshore Wind Power Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
There has been a tremendous expansion in the global offshore wind power industry, and offshore wind farms have experienced tremendous growth worldwide. Factors such as increasing energy demand, government incentives and technological advancements have driven the market growth. The market will continue to expand, introducing a strong pipeline of projects in various development stages. Technological innovation plays an important role in reducing the cost of offshore wind power generation. Advances in turbine design, installation techniques and maintenance techniques have also led to the emergence of floating wind turbines as a promising technology, enabling the development of wind turbines in deep water in which it is impossible to place a firm bottom. Government policies and regulations play an important role in shaping the offshore wind energy market. Many countries have implemented policies to help the sector grow, such as food stamps, renewable energy targets, and offshore wind zones and these initiatives provide investors with long-term visibility and stability and provides investment in offshore wind projects. Offshore wind energy has become increasingly cost-effective with other energy sources such as fossil fuels and onshore wind. Continued reductions in offshore wind technology costs, increased economies of scale and improved project efficiencies have made offshore wind energy more attractive to utilities, developers and investors.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 62.3 Billion |
| Market size value in 2031 | USD 265.96 Billion |
| Growth Rate | 17.5% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Offshore Wind Power Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Offshore Wind Power Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Offshore Wind Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Offshore Wind Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Wind Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Wind Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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