Offshore Wind Market Growth Will Be Extreme in the Next Years 2024 - 2031 | MHI Vestas Offshor MHI Vestas, Siemens AG

Market Overview:

Global Offshore Wind Market was valued at US$ 41.8 billion in 2022. The offshore wind market industry is projected to grow from US$ 47.4 billion in 2023 to US$ 131.4 billion by 2030

Market Dynamics:

The offshore wind market is expected to grow tremendously during the forecast period owing to increasing renewable energy targets and supportive government policies related to offshore wind projects. Major countries have set aggressive targets to increase offshore wind installed capacity to meet their renewable energy and decarbonization goals. For instance, the European Union has set a target of increasing offshore wind installed capacity to 60 GW by 2030 and 300 GW by 2050. In addition, the reducing cost of offshore wind projects is also fueling the market growth. The levelized cost of energy from offshore wind projects has declined by 39% from USD 172/MWh in 2012 to USD 105/MWh in 2019, according to the International Renewable Energy Agency.

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Major Driver: Rising Concerns Over Greenhouse Gas Emissions and Global Warming are Driving Growth in the Offshore Wind Market

Rising concerns over climate change and the impacts of greenhouse gas emissions, especially carbon emissions, are a primary driver for increased investment and development of renewable energy sources like offshore wind. As the impacts of global warming become increasingly clear and countries work to meet emissions reduction targets set forth in international agreements like the Paris Climate Accord, renewable energy is seen as critical tool to transition away from fossil fuels. Offshore wind is particularly appealing as it can offer clean, renewable power on a large utility scale to help replace retired coal and natural gas power plants. As nations aim to decarbonize their power sectors and economies, offshore wind will continue to see strong policy and financial support which will drive further expansion.

Major Opportunity: Emerging Offshore Wind Markets in the United States and Asia Represent Tremendous Growth Potential

While Europe has led globally in offshore wind capacity installation and market size to date, ambitious targets and supportive policies now being put in place in the United States and across Asia present a massive growth opportunity. The U.S. offshore wind ambitions in particular could result in multiple gigawatts of new capacity added through this decade worth tens of billions of dollars in capital investment. Asian nations like China, Taiwan, South Korea and Japan are also boosting offshore wind goals on the path to decarbonization. With extensive coastlines and proximity to large population load centers, the U.S. and Asia have excellent offshore wind resources comparable to Europe to be harnessed for clean power generation. Securing a significant early mover advantage in these emerging markets will be crucial for supply chain and turbine manufacturers.

Major Trend: Floating Offshore Wind is Primed for Significant Progress and Commercialization This Decade

While traditional bottom-fixed offshore wind foundations have dominated to date, floating wind technologies are advancing to realize the vast untapped wind resources in deep waters further offshore where fixed structures are not feasible. 2020 saw the launch of the first multi-turbine commercial scale floating wind farm in the world. Major demonstration projects are now underway worldwide to prove floating technologies at utility scale prior to full commercialization. Driven by supportive national policies in countries like France, the UK, Portugal, South Korea and Japan, floating offshore wind is anticipated to achieve cost parity with offshore by 2030. This would open up over 60% of technically feasible wind resources globally. Floating wind represents a blue ocean growth opportunity for turbine suppliers, constructors and energy companies in the coming decade.

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Top Companies Included in This Report:

★ MHI Vestas OffshorMHI Vestas
★ Siemens AG
★ General Electric
★ ABB Ltd.
★ EEW Group
★ Nexans
★ A2SEA A/S.

e Wind
★ Siemens Gamesa Renewable Energy
★ S.A.
★ J.J Cole Collections
★ Sinovel Wind Group Co.
★ Ltd
★ Erndtebrücker Eisenwerk Gmbh & Co. Kg
★ Northland Power Inc.
★ ABB Ltd.
★ Ming Yang Smart Energy Group Limited
★ Adwen Gmbh
★ General Electric Company
★ A2SEA A/S
★ Nexans
Market Segmentation:

★ By Location: Deep-water (depth >60 m), Transitional Water (depth 30-60 m), Shallow water (depth < 30 m))
★ By Component: Substructure, Turbine, Electrical Infrastructure, Others

Key Regions/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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The report offers insights on the following topics:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Competitor Landscape of the Offshore Wind Market by Players

Chapter 4: Market Size of the Offshore Wind Market by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, Recent Developments, and Investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

Ultimately, the Offshore Wind Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Offshore Wind industry.

Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.

Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

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