Global Offshore Wind Energy Market to Reach $50.45 Bn by 2023

Wind energy is considered as the most efficient energy of all the renewable energies available globally. This is because it does not emit toxic substances and wastes and do not contaminate air or water. Wind farms can be based onshore (on land) or offshore (sea or freshwater). As per the data by the World Wind Energy Association (WWEA), 80 countries across the globe are already using wind power on a commercial basis, wherein prominent countries, such as the U.S., Canada, and the U.K. are ranked first, second and eighth, respectively in terms of installed capacity (both onshore and offshore).

Offshore wind power, i.e. the kinetic energy of the wind, is one of the sources of clean and renewable electricity/power for countries across the globe. The offshore wind power involves using energy from wind turbine to generate electricity. Wind farms are constructed off the coasts, usually on the continental shelf to produce the wind energy for electricity generation. The offshore wind energy technology has attained considerable growth in a very short span of time, but there is clearly much development expected in terms of technological advancement.  Increase in investments by governments, especially in the developing countries, such as China and India, rapid urbanization, and rising demand for clean and renewable energy, are expected to support the market growth of offshore wind energy.

Offshore wind turbines prove to be more competent than onshore wind turbines due to the more consistent wind speed and direction. Due to this, less number of turbines are required to be installed to generate the same amount of electricity as compared to onshore turbines. Moreover, offshore wind turbines do not interfere with regular land use. These prove to be advantageous with high energy potentials associated with the large areas and the stronger winds. Offshore wind infers better power generation; however, they have higher initial investment, operation, and maintenance costs. Although the fundamentals of technology are the same in both onshore and offshore, the offshore wind technology is expected to witness more advancements than the onshore technology.

According to the latest report, titled ‘Global Offshore Wind Energy Market: Analysis and Forecast (2018-2023)’, the global offshore wind energy market is projected to reach $50.45 billion by 2023. This growth is attributed to the rising demand for renewable energy sources for power generation, increasing investments in the offshore wind energy sector by several companies and government of different countries, and the government initiatives to reduce the carbon footprint.

Few Companies Mentioned in the Report:

• China Ming Yang Wind Power Group Limited
• EEW Group
• GE Renewable Energy
• Goldwind Science & Technology Co. Ltd.
• MHI Vestas Offshore Wind A/S
• Nordex SE
• Senvion S.A.
• Siemens Gamesa Renewable Energy S.A.
• Sinovel Wind Group Co.ltd.
• XEMC DARWIND
• ADWEN
• Northland Power Inc.
• Orsted
• Statoil
• Clipper Windpower LLC

Key Questions Addressed in the Report:

• What is the global offshore wind energy market size in terms of revenue from 2017-2023, and what will be with the growth rate during the forecast period 2018-2023?
• What is the dominant component used in the offshore wind turbine for power generation?
• What is the revenue generated from the different components, such as turbine, substructure, electrical infrastructure, and others?
• What is the market size of offshore wind turbines for different locations, such as shallow water, transitional water, and deep water?
• What is the offshore wind energy market size for different regions on the basis of various locations and components?
• What are the key trends and opportunities in the market pertaining to countries included in different geographical regions?
• How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of offshore wind energy?
• What are the major driving forces that are expected to increase the demand for offshore wind turbines during the forecast period?
• What are the major challenges inhibiting the growth of the global offshore wind energy market?
• What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
• What is the competitive strength of the key players in the offshore wind energy market by analyzing their recent developments, product offerings, and regional presence?

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