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The Offshore Wind Energy Market is forecast to reach $42billion 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 a 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.
Offshore Wind Energy Market Segment Analysis – By Component Type
In 2019, turbines accounted for a 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 production processes involving low installation costs, leading to rising in market demand of wind turbines.
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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, the 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.
Offshore Wind Energy Market Segment Analysis – By Geography
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. Since 2015, the country has added over 5 GW of offshore wind energy in its renewable portfolio. Different policies and regulations have been implemented by the government of the UK such as Contracts for Difference to ensure stable long-term returns from electrical infrastructure projects, thus minimalizing the barriers to entry for new industry participants.
Offshore Wind Energy Market Drivers
Technological advancement driving market growth
Industry operators are focusing on increasing energy production from renewable sources such as wind and solar power in order to reduce emissions. The offshore wind energy market players are allocating significant budgets toward project installation and R&D activities aimed toward enhancing the operational efficiency and product portfolio. The ongoing incorporation of advanced technologies to improve existing infrastructure is projected to further boost market growth.
Surge in initiatives by the government
Government institutions and policymakers globally are increasing efforts to successfully achieve emission reduction targets. Respective governments and market players are investing aggressively towards clean energy sources. This has fuelled the industry growth as demand for installation of high capacity offshore wind energy projects is anticipated to witness significant growth during the forecast period, 2020-2025. Governments are focused on creating policies and regulations to fuel the growth of the offshore wind energy market. In 2019, the U.K. government agreed to offer $739.3 million of state subsidies to industry players who agreed to invest in of wind energy projects $331.8million over the next 11 years. Additionally, supportive regulatory framework, government policies and mandates along with a rapidly declining process for wind turbines will drive the North America industry growth.
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Offshore Wind Energy Market Challenges
Negative impact on the landscape
One of the major challenges faced by the global offshore wind energy market is the impact of offshore wind energy farms on the landscape. As these farms are installed in shallow waters and are near the coast it brings a lot of issues in terms of feasibility. However, with technology advancements, wind farms are likely to move farther from the coast. Furthermore, these farms negatively impact sea life especially during the construction phase and can be damaging to sea mammals. However, this issue can be solved by using bubble screens that also helps in reducing noise pollution caused by these wind energy farms.
Offshore Wind Energy Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the offshore wind energy market. The offshore wind energy market is dominated by major companies such Sinovel, MHI Vestas Offshore Wind, Prysmian Group, Nexans, Siemens Gamesa, Enercon, General Electric, Ming Yang Smart Energy, Doosan Heavy Industries, , Areva and Clipper Windpower.
Acquisitions/Technology Launches/Partnerships
In March 2020, Enercon installed a new prototype E-138 EP3 for their E2 wind turbines at the Janneby site which is situated in Schleswig-Holstein, Germany. The new prototype is estimated to increase the nominal power of E2 wind turbines from 3.5 MW to 4.2 MW.
In January 2020, Siemens Gamesa Renewable Energy announced the acquisition of Senvion’s European Service assets and Intellectual Property (IP).
Key Takeaways
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.
In 2019, turbines accounted for a 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.
Related Reports :
A. Wind Turbine Casting Market
https://www.industryarc.com/Research/Wind-Turbine-Casting-Market-Research-505039
B. Wind Turbine Rotor Blade Market
https://www.industryarc.com/Research/Wind-Turbine-Rotor-Blade-Market-Research-504691
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