Written by nDir on July 8, 2022

Global Offshore Wind Market By Component and By Region

The GMI Research anticipates that the Offshore Wind Market will undergo an expansion in demand over the forecast period. This is because of the intensified investment across different countries, ongoing technological advancements, and their assistance to reduce operational costs.  

Introduction of the Offshore Wind Market

Offshore wind power refers to the implementation of wind farms built-in water bodies in order to transform wind energy into electricity. Their wind speed is higher than that on land; thus, a slight increase in the speed of wind results in more outstanding energy production. Besides this, they proffer enormous advantages alike to land-based wind farms such as no water consumption, provision of renewable energy, job creation, and zero greenhouse gas emission. Thus, with the aggravated emphasis on decreasing the carbon discharge, enormous nations have offered enormous opportunities for the offshore wind power market.

Key Players of Market:

• Siemens AG
• Nexans SA
• ABB Ltd
• EEW Group
• Sinovel Wind Group Co. Ltd
• Dong Energy A/S
• General Electric Co
• Vestas Wind Systems A/S
• MHI Vestas Offshore Wind
• Equinor Energy AS

Offshore Wind Market Dynamics

The augmenting initiatives by the government to decrease carbon trace, accelerating energy demand and intensified share of inexhaustible energy are the driving factors of the global offshore wind market. In addition, the high economic benefit of the offshore wind market over conventional turbines and the ongoing alterations made in the design of offshore winds are strengthening the market growth. This is because conventionally, the cost of offshore wind power was more than the onshore wind generation as their designs were technically challenging, facing both hydro and aerodynamic loads. Furthermore, the ongoing technological innovation has persuaded manufacturers to reduce the turbine cost and total mass, which is another factor fuelling the market growth. Thus, the expansion in capacity, up-gradation, and improvements in the design of these turbines has energized the offshore wind market growth.

Component Segment Drivers

The market on the basis of components is bifurcated into substructure, turbine, and electrical infrastructure. Amongst these, the turbine is expected to fuel at a faster growth rate over the coming years. The turbine includes all necessary components such as, tower, nacelle rotor, and blades, required to generate electricity.

Geographical Drivers

On the basis of regional coverage, Europe is anticipated to perceive faster growth during the coming years. The huge enlargement in offshore wind power generation across the European countries is a crucial factor responsible for the market growth. Governments of major economies have promoted wind projects with strategic incentives as their carbon discharge goals, positively influencing the market growth. Besides this, Asia-Pacific will expand at a higher CAGR windfarm over the coming years because of the acceleration in the number of installations across leading countries such as Japan, China, India, and Korea.

Offshore Wind Market Segmentation:

Segmentation by Component

• Turbine
• Nacelle
• Rotors and Blades
• Tower
• Substructure
• Monopile
• Jacket and Gravity Based
• Others
• Electrical Infrastructure
• Others

Segmentation by Location

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

Segmentation by Region:

• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• RoW
  • UAE
  • Brazil
  • South Africa
  • Saudi Arabia

About GMI Research

The market research and consulting organization providing business perceptions and research reports to several enterprises is established with the prime motive to help clients achieve a long-term growth. The large team of analysts and experts from different regions offers a one-stop solution to support them in reaching a managerial decision. The research reports of GMI proffer a comprehensive analysis about forecasts, competitive landscape, growth drivers, and other market dynamics.