Offshore Wind Power Market Size, Share, Growth Analysis, By Component (Turbines, Substructure), By Installation (Fixed Structure, Floating Structure), By Depth (Shallow Water, Transitional Water), By Capacity (Up to 3MW, 3MW to 5MW), By Region - Industry Forecast 2024-2031.

Report ID: SQMIG55E2047 | Region: Global | Published Date: April, 2024
Pages: 182 | Tables: 87 | Figures: 71

Offshore Wind Power Market News

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 Market Report Snapshots

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Global Offshore Wind Power Market size was valued at USD 47.7 billion in 2022 and is poised to grow from USD 55.5 billion in 2023 to USD 174.4 billion by 2031, growing at a CAGR of 15.8% during the forecast period (2024-2031).

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. 'Siemens Gamesa (Spain) ', 'General Electric (US) ', 'Vestas (Denmark) ', 'Goldwind (China) ', 'Shanghai Electric Wind Power Equipment Co. (China) ', 'ABB (Switzerland) ', 'Doosan Heavy Industries and Construction (South Korea) ', 'Hitachi (Japan) ', 'Nordex SE (Germany) ', 'EEW (Germany) ', 'Nexans (France) ', 'DEME (Belgium) ', 'Ming Yang Smart Energy Group Co (China) ', 'Envision (China) ', 'Rockwell Automation (US) ', 'Hyundai Motor Group (South Korea) ', 'Schneider Electric (France) ', 'Zhejiang Windey Co.(China) ', 'Taiyuan Heavy Industry Co., (China) ', 'Sinovel(China) '

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.

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.

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.

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Offshore Wind Power Market Size, Share, Growth Analysis, By Component (Turbines, Substructure), By Installation (Fixed Structure, Floating Structure), By Depth (Shallow Water, Transitional Water), By Capacity (Up to 3MW, 3MW to 5MW), By Region - Industry Forecast 2024-2031.

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