Global Offshore Wind Energy Market showed crucial growth in the recent years and is anticipated to witness a steep rise by generating an estimated revenue of US$ 25.78 billion over the forecast period. According to latest study conducted by our analysts and industry experts, the global market is expected to grow at a CAGR of 20.11% during the forecast period that is 2017-2025. Offshore wind energy is also known as offshore wind power. It utilizes wind farms constructed offshore or on continental shelves to harvest the energy generated by the wind. The offshore wind systems are constructed in places such as coastal water areas, lakes, fjords, and other types of coastal areas. They utilize conventional wind turbines with fixed bottom technologies. Deep-water areas utilize various types of floating wind turbines.

Global Market Growth Opportunities (Revenue, Growth) By 2017-2025

This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global offshore wind energy market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2025. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global offshore wind power market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.    

Market Dynamics

Increasing focus towards the replacement of traditional power sources such as fossil fuels, petroleum sources, etc., in order to reduce greenhouse gas (GHG) emissions across the globe will significantly drive the offshore wind energy market. Moreover, the potential of offshore energy is increasing. According to a study by GWEC, global offshore wind power capacity was nearly 18,814 megawatts (MW), by the end of 2017, and will continue to rise over the coming years. Additionally, favorable regulatory policies towards the optimum extraction of energy from renewable sources will positively sway the market in further.

Increasing focus of the governing bodies to reduce the GHG emissions will open some significant opportunities for the offshore wind energy market to grow over the coming years. According to an announcement by the Chinese government in 2016, they started an action plan to reduce emission level to nearly 18% by 2020.

Escalating prices of electricity, coupled with space constraints for the generation of solar electricity will boost the offshore wind energy market additionally over the coming years. Moreover, increasing positive outlook regarding the integration and development of huge wind turbines, coupled with the technology advancements regarding the blade sizes, and turbine efficiencies will further augment the additional market growth prospects till the end of 2025. Huge capital costs involved in the setting up of wind turbines for the generation of offshore wind energy market is one of the major factors, which restrains the offshore wind energy market growth over the coming years.

Segment Analysis

By Component Insights: By component, the offshore wind energy market has been segmented into turbine, electrical infrastructure, and structure. Offshore wind energy turbine is expected to hold the large share of the overall revenue, as the turbines play a pivotal role towards the performance and feasibility of overall wind turbine. Moreover, technological developments such as high turbine sizes, innovative blade designs, etc. to generate an optimum energy through offshore installations are the key factors enhancing the product demand over the projected period.

Regional Analysis

The global offshore wind energy market is divided into regions that are North America - U.S, Canada, Other; Asia-Pacific -India, Japan, China, Australia, Other; Europe - UK, Russia, France, Brazil, Other; Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players.  North America offshore wind energy market is expected to dominate the global market over the entire projected period, majorly dominated by the U.S. The offshore wind energy generated in the U.S. reached to 1 MW by the end of 2017. Key players in the offshore wind energy market are continuously discovering new potential sites, to increase the electricity generation and are also investing to increase the offshore electricity, which will significantly drive the North America offshore wind energy market. For instance, in April 2018, U.S. Business Network for Offshore Wind, in collaboration with Société Générale, held a workshop in coordination with offshore energy experts to improve the investments in the U.S. offshore energy sector. Asia Pacific held the largest share of the global market in 2018 and will expand at the highest CAGR during the forecast years.

Global Offshore Wind Energy Market Size, Share Analysis By Region 2017

Europe offshore wind energy market will grow at a high CAGR, on account of favorable government regulations, along with reforms to improve decarbonization and also due to various energy security initiatives. Growing investments by key players in order to explore the potential of offshore wind energy will further boost the market over the projected period. According to stats by Wind Europe, the investments in this sector till 2017 was over US$ 59.0 billion. The investments are increasing with growing interests from public transactions, and mergers. Middle East and Africa held the measurable growth in the global market in 2018 and will expand at the significant CAGR during the forecast years.    

Global Offshore Wind Energy Market Study Objective

1. To forecast the market size of offshore wind energy market, along with describing and defining the market, in terms of volume and revenue as well as market opportunities for stakeholders, in order to provide a competitive landscape for global market players.

2. Market analysis and forecast of offshore wind energy market on the basis of region, substrate and application or end-use industry. To profile major market players, and to analyze their market shares and essential competencies comprehensively.

3. To analyze and elaborate significant factors that will have major impact on the growth of offshore wind energy market, such as drivers, restraints, challenges and opportunities.

4. Regional analysis of offshore wind energy market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa and Asia Pacific.

5. Strategic analysis of micromarkets, in terms of individual prospects, opportunities, growth trends and their involvement in overall market.

6. To provide detailed analysis of competitive and strategic developments in the offshore wind energy market like new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.

Key Players Landscape

Some of the notable players in the global offshore wind energy market include Vestas, Enercon, Nordex Acciona, GE, Senvion, Siemens Gamesa, Goldwind, MHI-Vestas, Envision Energy, United Power, Mingyang, Suzlon, WEG SA, Wobben, Clipper, Impsa, LM, Bergey, Northern Power Systems, Enessere, Global Energy Services, RTS, Prysmian, Availon, Furukawa Electric, General Cable, Nexans, Southwire, Sumitomo, and LS Cable among several others.

Global Offshore Wind Energy Market Study Report Offer You!

The global market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.