Offshore Wind Energy Market : Top Players – MHI-Vestas, Goldwind, General Electric, Furukawa Electric Co. Ltd., Nexans, Siemens Gamesa and Enercon

How changing perceptions would shape the offshore wind energy market over 2020-2026?

The global offshore wind energy market is expected to observe substantial growth due to the growing demand for energy from the industrial sector. In addition, the increasing focus towards the adoption of RE systems having a high capacity utilization factor would further complement the market outlook through the forthcoming timeframe. Changing consumer perceptions towards sustainable energy generation platforms as well as technologies and away from traditional power plants is further augmenting the offshore wind energy market size.

Various advantages offered by offshore wind turbines over conventional land turbines is favoring their deployment across the world. Offshore wind speeds are steadier than that on land, and a steadier, unhindered wind supply is a highly reliable energy source. Offshore winds are also faster in comparison to the wind on land. This faster speed effectively generates higher energy, which is further pushing the product deployment and driving the offshore wind energy market expansion.

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How would the increasing adoption of clean energy technology propel the offshore wind energy market?

The offshore wind energy market is likely to witness massive growth over the coming years owing to the increasing electricity demand and the rising prevalence of clean energy technologies. The introduction of strict emission regulations and mandates by various governments globally would further complement the overall market size.

How would the >30 ≤ 50 meter depth segment fare in the offshore wind energy market?

With reference to depth, the >30 ≤ 50 m segment is projected to observe growth more than 16% by the end of the analysis timeframe. This exponential growth is ascribed to the rising number of nearshore sites, which is leading to saturation.

Furthermore, the increasing high operational CUF demand for offshore projects is likely to propel the segment share. In addition, increasing advancements in offshore installation capabilities, as well as the abundance of high wind speeds farther from the shore, are some of the key factors augmenting the offshore platform deployment at higher depth levels.

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What factors are likely to drive the North America offshore wind energy industry?

North America offshore wind energy market is expected to observe significant growth led by the U.S. Favorable government policies and regulatory framework are slated to drive this growth in the region. According to the Department of Energy, the country might host a tremendous offshore wind energy capacity of 530 GW owing to the technical potential available across the eastern seaboard and the shallow water depths. It may, in fact, potentially cover more than 40% of the nation’s present electricity generation capacity over the forthcoming years.

Major market players in the offshore wind energy industry are making active efforts to improve efficiencies and effectively carve a bigger stake of the overall market. Taking March 2020 for instance, Enercon, a renowned wind power company reportedly installed the first demo model of E-138 EP3 E2. This new turbine would increase the nominal power from 3.5 MW to 4.2 MW. The turbine developers projected extra yields of about 1.5 million kWh per year, an increase of 10%.
The competitive landscape of the global offshore wind energy market is inclusive of players such as Prysmian Group, Nexans, IMPSA, MHI-Vestas, Goldwind, Siemens Gamesa, General Electric, Enercon, Vattenfall AB, Northland Power, and Ørsted among others.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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