Global Offshore Wind Market was valued at US$ 23.29 Billion in 2016, according to Global Offshore Wind Market Report by Location (Deep-water (depth >60 m), Transitional Water (depth 30-60 m), and Shallow water (depth < 30 m)), by Component (Substructure, Turbine, Electrical Infrastructure, and Others).
The offshore wind market is expected to register a CAGR of 15.8% over the forecast period (2017 - 2025) to reach US$ 86.69 billion by 2025. The major divers propelling the growth of this market include increased demand for electrical energy and increased awareness about the new technologies in the renewable sources of energy. According to the U.S Energy Information Administration, the world energy consumption between the years 2012 to 2040 is expected to grow by 48%. Also in the U.S, out of the total electric energy generation from all sources, around 15% electricity was generated through the renewable sources of energy in 2016.
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Browse 250 market data tables* and 50 figures* on "Offshore Wind Market” - Global forecast to 2025.
Key Trends and Analysis of Offshore Wind Market:
On the basis of location, shallow water segment held a dominant position in the global offshore wind market. This is owing to major developments of the shallow water offshore wind projects that are cost-effective and depend on weather conditions. The installation and maintenance cost of deep water turbines is high compared to shallow water. Furthermore, suitable favorable weather conditions affect the choice of location. For instance, Europe shallow water wind turbines are most lucrative.
On the basis of the component, turbine segment held a dominant position in the market, owing to several advancements in technology. Furthermore, the increase in the size and improved design of turbines enables high energy production. Therefore, key energy companies are focused on upgrading the turbines to expand their market share and fulfill energy demands.
Key Takeaways of the Market:
Some of the major companies in the global Offshore Wind market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S.