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

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.