Press release
Offshore Wind Energy Market for Stationary Application is estimated to expand at a CAGR of 12.1% from 2022 to 2030
OverviewOffshore wind energy is the clean and renewable energy procured by taking advantage of the force of the wind that is generated on high seas, where it reaches a loftier and more continual speed than on land due to the nonappearance of barriers. To capitalize optimally, the majority of resources, megastructures, are positioned on the sea bed and armed with the latest technological innovation. The benefits of offshore wind energy are it is renewable, unlimited, or nonpolluting.
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There are two types of offshore wind farms. One is marine wind turbines with fixed foundations. These are installed on a fixed support structure on the sea bed. In succession, several types of foundations, such as monopile, gravity supported, and usage of jackets. Prevalent fixed foundation technology allows structures to be positioned about 60 meters below the surface. The other kind is floating platforms in which the technology permits these wind generation farms to be placed farther offshore in intense waters. It is possible because of the floating bases to monopolize the massive potential of the wind in huge offshore regions.
Offshore Wind Energy Market: Growth Drivers
Increasing awareness about environmental sustainability to drive the market
One significant driver pushing the expansion of the global sector is the growing investment in renewable power. Growing consciousness of the people about environmental sustainability, the power industry has moved its base to renewable and green ability to delay consumption of fossil fuels, control climate change, and cut carbon emissions. Further, many rules by the government are being executed to reinforce renewable energy programs.
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Geographic Overview: Offshore Wind Energy Market
Europe to witness the highest market share
Europe is seen as acquiring the highest offshore wind energy market share, which is attributed to increasing investment in renewable energy and beneficial government policies. The market's growth can be boosted by several significant offshore renewable power companies such as Vestas, ABB, Siemens, and Nordex SE.
Offshore Wind Energy Market: Key Segmentation
By Location Analysis
The shallow water segment rules the market
Dependent on location, the shallow water segment is said to hold the highest revenue share and is anticipated to lead the market in the forecast period. The majority of the energy projects are accepted in shallow water. Positioning the offshore wind tower in shallow water needs less capital investment and is more accessible.
Key Players
Some of the major players operating in the global offshore wind energy market include ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, and Vestas.
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Recent Developments
In May 2021, GE Renewable Energy announced that it had finalized the Turbine Supply and Service and Warranty contracts for the third and final phases of the Dogger Bank offshore wind farm.
Offshore Wind Energy Market: By Component Outlook
• Turbines
• Electrical Infrastructure
• Substructure
• Others
Offshore Wind Energy Market: By Location Outlook
• Shallow Water
• Transitional Water
• Deep Water
Offshore Wind Energy Market: By Region Outlook
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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