Offshore Wind Market 2018 by Global Leaders: General Electric, Siemens, Vestas Wind Systems A/S, Senvion SA, Suzlon Group, Dong Energy A/S, Goldwind Windenergy GmbH

Offshore Wind Global Market - Overview
Offshore Wind energy farms are constructed offshore on continental shelves to harvest wind energy and generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher contribution of electricity generation can be obtained through these installations. The Global Offshore Wind Market is growing with the rapid pace; mainly due to the high demand for energy sources.

According to a recent study report published by the Market Research Future, The global market of Offshore Wind is booming and expected to gain prominence over the forecast period. The global Offshore Wind market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 16% during the estimated period (2016 – 2023).The Global Offshore Wind Market is poised to grow over USD 49,741.0 million by 2023 at an estimated CAGR of 11.12% through the forecast period.

Currently, the Offshore Wind market is spurting owing to the increase in demand for power, global initiatives to use more renewable and non-conventional energy sources and the global need to restrict carbon emission. Offshore Winds are steady and are of faster speeds resulting in higher & reliable energy generation. The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources.

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Offshore Wind Global Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Offshore Wind appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, Technology and services. Vendors operating in the Offshore Wind Market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. They compete based on pricing, servicing and technology enhanced solutions. Offshore Wind market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.

Key Players
The key players of global offshore wind market are General Electric (U.S.), Siemens (Germany), Vestas Wind Systems A/S (Denmark), Senvion SA (Luxembourg), Doosan Heavy Industries & Construction Co., Ltd (Korea), Suzlon Group (India), Dong Energy A/S (Denmark), EEW Group (Germany), ENERCON GmbH (Germany) and Goldwind Windenergy GmbH (China).

Offshore Wind Market - Regional Analysis
Expectations to the development of offshore wind are high, especially in Europe. The European Wind Energy Association (EWEA) expects a total capacity of between 19.5 and 27.8 GW by 2020 in Europe. European governments and the EU as a whole have supported wind projects with favourable incentives as part of their carbon emission reduction goals. Global offshore wind capacity was by end 2016 an estimated 14.1 GW, corresponding to 3.6% of total wind power capacity. The United Kingdom heads the field, with 46% of global installed capacity in 2015, followed by Germany (30%) and Denmark (11.5%). Offshore installations are expected to be up again in 2017, as well as in subsequent years, with much greater growth after 2020.

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Industry News
On 18 October 2017, The world’s first floating offshore wind farm started delivering electricity to the grid in the north of Scotland. The Hywind project, built by Norwegian Oil Company Statoil ASA and Masdar Abu Dhabi Future Energy Co, has five turbines floating 25 kilometers (16 miles) off the coast of Peterhead, near Aberdeen. The project has a capacity of 30 megawatts and cost about 200 million pounds ($263 million) to construct.

On 18 October 2017, Taiwan announced that it has raised its 2025 offshore wind goal to 5.5GW from the 3GW previously targeted.

On 17 October 2017, Researchers from the University of Delaware, who worked closely with offshore wind industry partners, declared that they have developed a new method for constructing economical and faster offshore wind farms, and which could increase the scale and pace of offshore wind deployment that would match the region’s scheduled retirements of nuclear and coal-fired power plants

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