Offshore Wind Energy Market Trends, opportunities and forecast to 2024 | Top Players: Enercon, Vestas, GE, Nordex Acciona, Siemens Gamesa, Sumitomo

The offshore wind energy market is poised to expand at an enormous pace in the forthcoming years. The commercialization portfolio of the overall offshore wind industry is estimated to surpass a stunning USD 60 billion by 2024. The adoption of Sustainable Development Goals at the UN in 2015 and the subsequent formalization of Paris Climate Accord has compelled almost every economically-dominant nation to profoundly transform the conventional methodologies of power generation and energy storage systems. Especially, the industrially progressive and rapidly emerging economies in Asia have been increasingly focusing on numerous renewable energy sources such as solar, wind, and tidal power.

The ongoing global transition toward renewable energy sources has proved to be a prominent breakthrough for the offshore wind energy market stakeholders. The rapid maturation being observed in the technology of wind turbines has resulted in offshore wind taking shape as a mainstream energy source globally over the past few years. According to the statistics published in 2017 by the Global Wind Energy Council (GWEC), an international trade association for the wind power sector, the total installed capacity of offshore wind energy across 17 major geographies around the world stood at 18.8 GW.

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Company profiled offshore wind energy market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Enercon
2. Vestas
3. GE
4. Nordex Acciona
5. Siemens Gamesa
6. Senvion
7. MHI-Vestas
8. Goldwind
9. United Power
10. Envision Energy
11. Suzlon
12. Mingyang
13. Wobben Windpower
14. WEG SA
15. Impsa

China to emerge as one of the world's largest offshore wind energy markets
Quietly surpassing the U.S., China's wind energy market had emerged as one of the largest in the world in 2010. From being a mere player in 2001, the country, on the basis of strong government support and investments, has transformed its position as a market leader. As per reports, China had an installed offshore wind capacity of more than 1.6 GW in 2016. As a part of its five-year plan, the country plans to have 5 GW grid-connected by 2020. In fact, China is on a target to install 13 GW over 2017-2026, bringing its total capacity to nearly ten times as of its level in 2017.

Furthermore, in order to increase rural electrification and lower its carbon footprint, China is expected to continue to promote wind power, in turn stimulating the regional offshore wind energy industry. The country in 2016 outpaced Denmark and secured a third place in the global offshore wind energy rankings with the UK and Germany holding the top two positions.

Accounting for over one-third of the total European offshore wind potential, the UK offshore wind energy market is another potential hotspot for wind developments. The region constitutes the world's largest offshore wind farm - London Array, producing 630 MW of clean electricity that is enough to power more than half a million of homes a year. The 500 MW Greater Gabbard offshore wind farm, touted as the second largest offshore wind farm in terms of installed capacity, is also located in the UK.

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