Offshore Wind Energy Market

Global offshore wind energy market has witnessed significant growth over the 2022. Growing concerns regarding climate change and focus on transitioning to cleaner sources of energy have been the key driver in boosting investments and installations of offshore wind turbines across coastal regions worldwide. Offshore wind farms offer the benefit of access to stronger and steadier winds as compared to their onshore counterparts resulting in higher efficiencies. With rapidly declining costs of offshore wind energy generation and enabling policy support from national governments, the offshore wind sector is expected to play a critical role in achieving renewable energy adoption targets.

Market Dynamics:

Growing awareness about climate change and efforts towards lowering carbon emissions have been the key driver propelling growth of the global offshore wind energy market. Rising concerns regarding environmental pollution from conventional power generation methods have led governments worldwide to offer subsidies and regulatory incentives for development of utility-scale offshore wind projects. Favourable policy support in the form of tax benefits and increasing renewable purchase obligations for states/regions have encouraged investments in this sector. However, high upfront costs that are associated with offshore infrastructure development and complexities related to coastal construction pose challenges to widespread commercialization. Furthermore, lack of specialized installation and maintenance vessels further adds to project expenses for offshore locations in deep waters. Ongoing technological advancements in turbine designs that are focused on improving efficiency and operability in harsh offshore conditions are expected to lower the cost of energy generation.

Key features of the study:

• This report provides in-depth analysis of the global offshore wind energy market , and provides market size (US$ Bn & GW) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for the global offshore wind energy market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global offshore wind energy market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Ming Yang Smart Energy Group Limited, Adwen Gmbh, General Electric Company, A2SEA A/S, and Nexans.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global offshore wind energy market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analysing the global offshore wind energy market.

Detailed Segmentation:

• Global Offshore Wind Energy Market, By Foundation
  • Floating
  • Bottom Founded
• Global Offshore Wind Energy Market, By Component
  • Turbine
  • Substructure
  • Others (Electric components, etc.)
• Global Offshore Wind Energy Market, By Location
  • Shallow Water
  • Transitional Water
  • Deep Water
• Global Offshore Wind Energy Market, By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
• Top Companies in the Global Offshore Wind Energy Market
  • MHI Vestas Offshore Wind
  • Siemens Gamesa Renewable Energy, S.A.
  • J Cole Collections
  • Sinovel Wind Group Co., Ltd 
  • Erndtebrücker Eisenwerk Gmbh & Co. Kg
  • Northland Power Inc.
  • Ming Yang Smart Energy Group Limited
  • Adwen GmBH
  • General Electric Company
  • A2SEA A/S
  • Nexans