Offshore Wind Energy Market Technological Advancements and Investment Opportunity with Business Strategies 2026 | Top Vendors MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd

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 speed on offshore as compared to onshore, which positively impacts the market growth.

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Global Offshore Wind Energy Market: Competitive background

Key players operating in the offshore wind market include Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), General Electric (U.S.), Northland Power, Enercon GmbH, Gamesa Corporacion Technological S.A., and Guodian United Power Technology Company Ltd.

Increasing demand for the renewable sources in power generation is the major factor driving growth of the offshore wind energy market

Increasing demand for renewable sources in power generation is major driver for the growth of offshore wind energy market. Increase in the energy consumption and rise in environmental concerns regarding the depletion of natural resources is major factor for increasing the demand for renewable sources in power generation. For instance, according to the Electronic Industries Alliance (EIA) organization, the total world energy consumption rises from 575 quadrillion British thermal units (Btu) in 2015 to 736 quadrillion Btu in 2040, an increase of 28%.

The turbine segment is projected to hold the largest segment in the market

The turbine segment held largest market share in 2016 and is projected to retain its dominance throughout the forecast period. The increasing energy production become one of the growth of this segment in the market. For instance, according to the World Energy Organisation (WEO) the power generation particularly from wind and solar energy increased up to 200GW from 2013 to 2015, globally. In addition to this, the rising demand of technically advanced turbines have also accelerated the segment in this market.

Regional Analysis of Offshore Wind Energy:

Furthermore, according to the Department for Business, Energy & Industrial Strategy, electricity generated in Q1 of 2018, in the U.K. had a share of 30.1% of renewables, which was around 27% in Q1 2017. In Q1 2018, around 53.2% increase was observed in offshore wind electricity generation. Thus, increasing offshore wind energy generation is expected to fuel the market growth in the near future.

North America is expected to witness lucrative market growth over the forecast period in the global offshore wind energy market. The growth is attributed to increasing demand for wind energy and rising investment in the wind energy sector in North America. The U.S. and Canada are major contributing economies in the wind energy sector. According to the U.S Department of Energy, around US$ 50 billion would be saved from the global damage of greenhouse gases by introducing offshore wind projects in the U.S.

Asia Pacific is expected to hold the significant market share over the projected period in the market. In addition to this, the region pegged for 2.12 GW in 2018 during the projected period in the global offshore wind turbine market.

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Global Offshore Wind Energy Market: Segmentations

On basis of components, the global offshore wind energy market is segmented into:
Turbine
Substructure
Others

On basis of location, the global offshore wind energy market is segmented into:
Shallow Water
Transitional Water
Deep Water

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