Offshore Wind Energy Market to Hit US$ 70.38 Bn by 2031, at a CAGR of 12.9% | MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy

Market Overview:

Global offshore wind energy market size is expected to reach US$ 70.38 Bn by 2031, from US$ 33.98 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 12.9% during the forecast period (2024-2031)

Market Dynamics:

Increasing investments in offshore wind energy projects is expected to drive the market growth over the forecast period. Governments across major countries are formulating supportive policies and introducing incentives to boost investments. For instance, the US government launched the National Offshore Wind Strategy aimed at deploying 30 gigawatts of offshore wind by 2030 by facilitating USD 12 billion public and private investments. Furthermore, rapid technological advancements are leading to larger and more efficient wind turbines with higher energy output. This is helping lower the generation costs making offshore wind competitive with traditional power sources.

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1 Two Key Drivers of the Offshore Wind Energy Market

Growing Demand for Renewable Energy Sources

Governments around the world are setting ambitious targets to increase the share of renewable sources in the overall energy mix to curb climate change and reduce dependence on fossil fuels. Offshore wind energy is now increasingly being seen as a viable alternative to meet rising electricity demand from both residential and industrial sectors. Many European nations such as UK, Germany, Netherlands etc. have been pioneer in deploying offshore wind projects and other countries are following suit to diversify their energy portfolio.

Technological Advancements Driving Down Costs

Massive investments in research and development of new technologies over the past decade have led to significantly larger and more efficient wind turbines that can produce electricity at much lower costs. Technologies such as taller turbines, longer blades, floating foundations and digital controls have doubled energy production per MW installed. This is improving project viability in deeper waters further from shore. Cost reductions between 30-50% since 2010 according to industry estimates have made offshore wind competitive against other sources in many markets without subsidies.

2 Constraint - High Upfront Capital Investments

Offline Wind Energy Projects Entail Huge Capital Expenditure

Setting up offshore wind farms require specialized heavy-lift vessels, foundation structures, subsea cables and grid connections that make initial investments substantially higher than onshore projects. Higher financing costs also add to the total project outlay. This high capital intensity poses challenges for developers in raising funds and makes governments support critical for first-of-its-kind projects to take off. Sustained low costs over the operational life are necessary to deliver attractive returns on such large investments.

3 Opportunity - Expanding into New Geographies

Tapping Untapped Global Offshore Wind Resources

Most current offshore wind capacity is concentrated in Northwest Europe, primarily UK, Germany and Netherlands. However, territories with suitable wind conditions worldwide far exceed existing installations. New markets like France, Belgium, Denmark and countries in Asia, Americas and Africa now see offshore wind as integral to their energy security and climate goals. Emerging economies present a big growth opportunity for offshore wind suppliers and developers to take their technologies and expertise to newer geographies.

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Top Companies Featured in This Report:

• MHI Vestas Offshore 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 Foundation: Floating and Bottom Founded
• By Component: Turbine, Substructure, and Others (Electric components, etc.)
• By Location: Shallow Water, Transitional Water, and Deep Water

Key Regions/Countries 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)

Key Inquiries Addressed in this Report include:

📈 What was the size of the Offshore Wind Energy Market in 2024, and what is the projected value by 2031?

📈 What is the present global market landscape for the Offshore Wind Energy Market?

📈 What strategies offer optimal opportunities for growth maximization in the business?

📈 What recent trends are shaping the Offshore Wind Energy Market?

📈 How does the market share of Offshore Wind Energy Market revenue, sales, and size vary across specific geographical regions?

📈 Who are the prominent industry players in the Offshore Wind Energy Market?

📈 Which segment of the Offshore Wind Energy Market is experiencing heightened demand?

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Offshore Wind Energy sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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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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