Offshore Wind Market Evaluation and Future Projections 2024 - 2031 | MHI Vestas OffshorMHI 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:

Stringent government policies promoting renewable energy and falling technology costs are expected to propel the growth of the offshore wind market over the forecast period. Many governments have implemented policies like renewable portfolio standards that mandate increasing percentages of renewable power generation. This is driving investments in large-scale offshore wind projects. In addition, the costs of generating power from offshore wind farms have declined considerably in recent years due to advancements in turbine technologies. Larger rotor diameters and higher hub heights have increased energy output. Such declining technology costs are making offshore wind a cost-competitive alternative to fossil fuels, thereby boosting market expansion.

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Major Market Driver: Growing Demand for Clean and Renewable Energy Sources

The offshore wind market is being driven by the increasing demand for clean and renewable sources of energy globally. With growing concerns about climate change and the need to reduce dependence on fossil fuels, many countries are actively promoting the development of wind and solar power. Offshore wind energy is seen as a viable large-scale renewable energy alternative that can help meet rising electricity needs in a sustainable manner. Several European nations like the UK, Germany, Belgium, Netherlands etc. have already established themselves as leaders in offshore wind with ambitious targets to expand installed offshore capacity over the coming decades. Other regions like Asia and North America are also witnessing substantial investments to develop their own offshore wind industries to take advantage of strong wind resources along their coastlines.

Major Market Opportunity: Growth of Floating Offshore Wind Technology

While most current offshore wind capacity uses fixed-foundation turbine designs that are installed into the seabed, floating offshore technology offers an exciting new growth opportunity. It enables development of wind farms in much deeper waters further away from shore where winds are stronger and more consistent. This vastly expands the available offshore developable space globally. Pilot demonstration projects have already demonstrated the technical and commercial feasibility of floating wind farms. Key challenges around standardization, manufacturing costs and reliable operations in harsher marine conditions are attracting significant R&D investments from both private companies as well as government supported programs. Successful commercialization of floating offshore wind over the next decade has potential to revolutionize the global offshore wind market by opening up opportunities in regions with limited shallow waters like Japan, Korea, Mediterranean and the West Coast of the United States.

Major Market Trend: Bigger Turbines and Taller Towers

A clear emerging trend in the offshore wind sector is the continuous drive to install ever larger and more powerful wind turbines to maximize energy yields from limited offshore sites. Advanced 10 MW and even 15 MW turbine models with 150-meter rotor diameters and 210-meter towers are entering the market. They can generate 50% more energy annually compared to earlier 3-6 MW turbines that were standard until recently. Using taller towers allows turbines to operate in stronger and more consistent windshigher above the water surface and any nearby obstacles.Larger rotor swept areas also help offset the higher installation costs of huge machines. Leading turbine manufacturers see big turbines as critical for the industry to achieve further reductions in levelized electricity costs per MWh. This shift to utility-scale turbines is enabling offshore wind farms with multi-GW capacities planned at single locations going forward.

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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 Product Type:

★ 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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