Offshore Wind Energy Market - Forecast(2021 - 2026)

 

Offshore Wind Energy Market Overview

The market for offshore wind energy is forecast to reach $42bn by 2025, growing at a CAGR of 13.6% from 2020 to 2025. The offshore wind energy market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions. Offshore wind energy generation process is a renewable form of producing energy by taking advantage of the power of the wind that is produced on the high seas, where it moves at a much higher and more consistent speed than it does on land, due to absence of multiple barriers. Ongoing saturation of sites close to the shore, along with growing demand for high operational Capacity Utilization Factor (CUF) for offshore projects is projected to drive industry growth. Ongoing improvements in installation capabilities and availability of high wind speeds far from shore are major factors fuelling the installation of offshore platforms at higher depth levels. Additionally, regulatory frameworks, government policies and mandates are in favour of the global offshore wind energy market which in turn is estimated to drive the overall growth of the market.

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Offshore Wind Energy Market Report Coverage

The report: “Offshore Wind Energy Market– Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the offshore wind energy market.

By Component  – Turbine (Nacelle, Rotors and Blades, Tower), Substructure (Monopile, Jacket and Gravity Based, Others), Electrical Infrastructure and Others

By Water Depth – Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth), Deep Water (> 60m Depth)

By  Installation – Fixed Structure and Floating Structure

By Capacity – Upto 3 MW, 3MW to 5 MW and Above 5 MW

By Application – Electric Power, Oil and Gas, Aviation, Transport and Others

By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)

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Key Takeaways

• The offshore wind energy market is estimate to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions. 
• In 2019, turbines accounted for maximum revenue share of the global offshore wind energy market across the component segment. 
• Majority of the projects were installed in the shallow waters i.e., up to 30 meters due to ease of installation and low capital requirements in 2019. 
• Global offshore wind energy market was dominated by Europe with a share of 37.9% in 2019.  The UK leads the European market with a total capacity of 9.9 GW in 2019 and is estimated to witness growth of over 28% during the forecast period, 2020-2025.

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Offshore Wind Energy Market Segment Analysis - By Component Type

In 2019, turbines accounted for maximum revenue share of the global offshore wind energy market across the component segment. Re-structuring across power markets along with swift technological developments related to the field of aerodynamics, and material composition are some of the key factors fuelling the wind turbines market. Additionally, industry operators manufacturing wind turbines are focusing on incorporating innovative and standardized product processes involving low installation costs, leading to rise in market demand of wind turbines.

 

Offshore Wind Energy Market Segment Analysis - By Water Depth

The market is segmented by the depth of water into shallow water (< 30m depth), transitional water (30m – 60m depth), deep water (> 60m depth). In 2019, majority of the projects were installed in the shallow waters i.e., up to 30 meters. Industry operators prefer shallow waters primarily due to ease of installation and low capital requirement. However, over the next few years, the market is expected to witness growth in the deep-water projects wherein the depth of water is more than 30 meters.