Offshore Wind Energy Market: Global Industry to Reach USD 87.5 Billion by 2026

According to the Facts and Factors, Research Report, the global offshore wind energy market in 2019 was approximately USD 36.07 Billion. The market is expected to grow above a CAGR of 13.5% and is anticipated to reach over USD 87.5 Billion by 2026.

Also called as offshore wind power, offshore wind energy is the renewable energy production from the wind farms constructed off the shore to harvest wind energy for electricity generation. Offshore wind power includes deep water areas utilize floating wind turbines and inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies.

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Rising awareness towards replacement of existing conventional power generation technologies that utilizes substantial amount of fossil fuels whose emissions pollute the environment, is expected to catalyse the offshore wind energy market growth. Favourable regulatory inclination towards efficient extraction of energy sources in addition to sustainable growth is anticipated to positively impact the market dynamics. Moreover, reduced human interventions, limited land utilization, and low maintenance are additional advantageous factors leading to positive outlook towards the offshore energy wind production.

The electrical infrastructure segment is anticipated to exhibit highest CAGR during the forecast period. The high growth of this segment is owing to the growth of land-based transmission infrastructure, offshore substation, and accessories of the offshore wind turbines. In the location segmentation for offshore wind turbines, the shallow water installations are anticipated to hold the largest share during the forecast period. The installation of wind energy system in shallow water is considered to be cost effective due to suitable weather conditions. The installation of wind turbines in deep water is expensive therefore is considered to be less optimal solution. Despite the challenges and cost, the installation of offshore wind turbines is continued in all three water locations largely based on wind speed.

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Europe is expected to continue the trend of dominance owing to higher presence of shallow water region and increased government funding. The drive towards lowering carbon footprints and greenhouse emissions have further boosted the market growth. The Asia Pacific region is expected to hold second position owing to government funding towards the offshore projects. Japan is leading the way in the Asia Pacific region while other countries are expected to follow similar trend. The growing industrialization is catalysing the need for higher energy demand from the power sector which in turn is propelling towards adoption of renewable energy production solutions. The coastal countries in this region are focusing on power generation through renewable energy sources and offshore wind farms thus propelling the market growth. Technological advancement and clean energy consumption are expected to be key drivers propelling the offshore wind energy installation thereby creating opportunities in major markets in the Asia-Pacific region, especially in countries like Japan, China and South Korea.

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Major players operating in the global offshore wind energy market covered in this report include Siemens AG, General Electric, MHI Vestas, Nexans, ABB Ltd., EEW Group and A2Sea.

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