Offshore Wind Energy Market Future Growth 2026 | Top Key Vendors MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Mi

Offshore wind energy is the technology used to generate electricity by wind using wind turbines constructed near the coastline of oceans and lakes. Offshore wind energy offers various advantages such as generation of energy from renewable sources. The energy is generated at higher speeds on offshore than on onshore, which positively impacts the market growth.

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Key players operating in the global offshore wind energy market include MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Ming Yang Smart Energy Group Limited, Adwen GmBH, General Electric Company, A2SEA A/S, Nexans, and others.

Market Dynamics

Increasing demand for renewable sources in power generation is the underlying factor driving the global offshore wind energy market growth. This is due to the stringent government regulations and policies regarding fossil fuel use, as it leads to high carbon emissions. Globally, energy related carbon dioxide emissions are expected to increase to 45 billion metric tons by 2040, according to U.S Energy Information Administration (EIA), 2013. Therefore, rising concerns about greenhouse gases is leading to high demand for renewable sources of energy, which in turn is expected to drive growth of the offshore wind market.

Key players and organizations in the market are focusing on technological advancements to increase wind energy generation and reduce production cost. According to the study by GrouPrognos AG and The Fichtner Group, the offshore technology contains significant cost reduction potential with the help of technical innovation and networking of players (partnership). For instance, in 2016, ABB Ltd. announced a strategic partnership with Aibel to deliver state-of-the-art offshore wind integration solutions. ABB is focused on delivering core high voltage direct current technology. Whereas, Aibel will take up the turnkey Engineering, procurement, and construction responsibility for offshore platforms.

Key features of the study:

This report provides in-depth analysis of offshore wind energy market and provides market size in capacity (Gigawatts) and Compound Annual Growth Rate (CAGR %) for the forecast period (2019 – 2027), considering 2018, as the base year

It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players

It profiles key players in the global Offshore Wind Energy market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans

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Detailed Segmentation:

Global Offshore Wind Energy Market, By Foundation:
Floating
Bottom Founded

Global Offshore Wind Energy Market, By Component:
Turbine
Substructure
Others

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