The global offshore wind energy market was pegged at 22.6 GW in 2018, according to Offshore Wind Energy Market Report, by Foundation (Floating and Bottom Founded), by Component (Turbine, Substructure, and Others), by Location (Shallow Water, Transitional Water, and Deep Water) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The offshore wind energy market is projected to reach 188.35 GW by 2027, exhibiting a CAGR of 23.4% during the forecast period.
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offshore wind energy market Browse 23 market data tables* and 18 figures* on "Offshore Wind Energy Market” - Global forecast to 2027.
Key Trends and Analysis of the Offshore Wind Energy Market:
- Among location type, shallow water segment is accounted for the largest market share in the global offshore wind market in 2018. On the basis of capacity, deep water segment was pegged at 0.59 GW in 2018.
- According to International Renewable Energy Agency the future of offshore wind is based on the development of larger scale projects that are located in deeper waters in order to increase capacity factor and to have sufficient space for the large wind turbines to operate effectively. Hence, according to analysis, deep water is the fastest growing segment in the global offshore wind energy market.
- Rising awareness regarding hazards of using non-renewable energy sources including crude oil and coal such as global warming and pollution is increasing demand for renewable energy sources. This in turn is increasing demand for offshore wind energy.
- Increasing mergers & acquisition globally in the offshore wind energy market is fueling the market growth. For instance, in 2017, ABB Ltd. acquired B&R, a manufacturer of automation technology. This will further help the company in improving machine and factory automation and it is anticipated to create a comprehensive automation portfolio for customers globally.
- Other available alternative energy sources such as solar and geothermal energy are gaining significant traction in the renewable energy market globally. For instance, according to Solar Power Europe, solar is the fastest growing power generation source globally and around 30% growth was observed in 2017 than 2016, in global solar market.
Key Takeaways of the Market:
- Asia Pacific is expected to witness significant market share during the forecast period in the global offshore wind energy market, owing to increasing demand for renewable sources in power generation in emerging economies such as China and India, which is the major driving factor for growth of the offshore wind energy market in Asia Pacific.
- According to International Energy Agency (IEA), China is the leading economy in offshore wind development, followed by Taiwan, Japan, and South Korea. These major economies in Asia Pacific region focus on developing new offshore wind projects.
- International Energy Agency’s Wind Agreement has been signed by 20 states, the European Union, the Chinese Wind Association, and the European Wind Energy Association (EWEA). This is an agreement for cooperation in the research, development, and deployment of wind energy systems. In this, the members exchange information on the planning and construction of wind farms. The focus of the agreement is research where all member states participate in scientific research and evaluate the results together.
- Major players operating in the global offshore wind energy market 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, Nexans, and others.