OFFSHORE WIND MARKET IS POISED TO GROW OVER USD 49,741.0 MILLION BY 2023

Global Offshore Wind Market Report by Component (Turbine, Tower, BladesElectrical Infrastructure and Nacelle), By Location (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth)) and By Region - Global Forecast to 2023.

Currently, the offshore wind market is in the growth stage. This is due to the increase in demand for power, global initiatives to use more renewable and non-conventional energy sources and the global need to restrict carbon emission. European governments and the EU, as a whole, have supported wind projects with favorable incentives as part of their carbon emission reduction goals. The United Kingdom heads the field, with 46% of global installed capacity, in 2015, followed by Germany (30%) and Denmark (11.5%).

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Offshore wind energy farms are constructed offshore on continental shelf to harvest wind energy to generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher amount of electricity can be generated through these installations.

Offshore winds are steady and have faster speeds resulting in higher & reliable energy generation. The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources. However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market. Also, high tidal winds and bad weather conditions making it difficult to access the offshore wind farms even for problem rectification and preventive maintenance will restrain the global offshore wind market.

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Regional Analysis

North-America region is expected to grow at the highest CAGR.

The offshore wind market in the Europe region is currently leading and is followed by North-America and Asia-Pacific market. But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.

The key players of global offshore wind market are Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China).

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