Offshore Wind Energy Market Growth, Size, Market Research Report

Offshore wind energy is the deployment of wind farms in the sea or oceans. This technology uses wind turbines in the seawater to generate electricity from wind energy, then electricity is transmitted to the mainland through the cables. Additionally, it is one of several renewable energy options that have the potential to expand energy sources and boost efforts to reduce greenhouse gases. Offshore is more effective as compared to land-based wind because of its faster and consistent wind speeds. Moreover, it involves inshore water areas such as fjords, lakes and sheltered coastal areas as well as deep water areas. Furthermore, in 2020, the total offshore wind energy capacity was 35.3 gig watts (GW) across the globe, representing 4.8% of total global cumulative wind capacity.

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Market Dynamics

Growing popularity for renewable sources in power generation will foster the growth of offshore wind energy market and expected to grow during forecast periods it fulfills the global electricity needs and their ability to generate more energy in the ocean. Offshore wind energy is the second-largest producer of electricity among renewable. For example, United Kingdom's (UK)goal was to have 15% of final energy utilization coming from renewable sources in 2020.Additionally, offshore wind is stronger and more stable as compared to land-based wind, thus can produce electric power between 14 to 15 megawatts (MW). For instance, according to the National Renewable Energy Laboratory estimates, the technical resource potential for U.S. offshore winds exceeds more than 2,000 GW in 2020.

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The fixed offshore structure dominates the segment with largest shares in 2020

In 2020, fixed offshore structure segment accounted for major share of the market and expected to expand over the forecast period, due to the cost productivity and simple operation. The worldwide expansion for fixed offshore structures also covers a wide range of geotechnical conditions that need to be incorporated into the design and installation scheme when considering various regulatory limitations. However, the floating offshore wind segment is expected to expands it can be deployed in deep water projects as well as it is more cost- effective. The immense wind speed generates a more favorable environment for the operation, thereby boosting the offshore wind energy market.

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Regional Outlook

North America region is projected to grow at a considerable market share during the forecast period, due to enhancing investment in the wind energy and emerging popularity for wind power sector in the region. In addition, Canada and U.S. are the major contributing economies within wind energy. As per US Department of Energy (DOE) works closely with industry and educational institutions to address research challenges unique to the US offshore wind power. Moreover, high presence of vendors in North America is pouring the growth of the offshore wind energy market in the region. Furthermore, Asia Pacific is predicted to expand the growth of the market over the forthcoming years due to rigorous deployment and installations of off-shore wind technologies by China by installing half of all new global offshore wind capacity in a record year. China also launched Emission Trading Scheme (ETS) which will prove to be a vital step towards carbon neutrality and is also set to become largest emissions management scheme in the worlds with participation of more than 2,200 power generators.

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The up to 30m water depth lead the segment in 2020

Up to 30m water depth segment lead the market share and anticipated to witness significant growth rate throughout the forthcoming years, owing to easy of wind tower installation in lower depth i.e. up to 30 meter. Also surge in expansion of offshore wind energy type and deduction in capital cost over the same time will drive the market further.

Major Players

The key vendors of the energy offshore wind energy market includes Siemens Gamesa Renewable Energy, S.A., Enessere, Vestas, Prysmian Group, Southwire Company, LLC., LS Cable & System Ltd., Sumitomo Electric Industries, Ltd., Goldwin, RTS Wind AG, WEG, Nordex SE, Envision Group, smart dolphin Gmbh, Suzlon Energy Limited and among others.

• In November 2021, Siemens Gamesa & Vattenfall to partnered by using latest Siemens Gamesa offshore turbine at huge Norfolk offshore wind projects.

• In April 2021, the Loma Blanca VI wind farm (100MW) provided and construct by Gold wind in Argentina has been approved and commissioned by the Argentine National Electricity Mar.

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