Offshore Wind Market 2018: Analysis, Top Key Players, Drivers and Trends by Forecast to 2023

Market Highlights
Offshore wind energy farms are constructed offshore on continental shelf to harvest wind energy to generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher amount of electricity can be generated through these installations.

Offshore winds are steady and have 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. However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market. Also, high tidal winds and bad weather conditions making it difficult to access the offshore wind farms even for problem rectification and preventive maintenance will restrain the global offshore wind market.

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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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 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.

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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Market Research Analysis
North-America region is expected to grow at the highest CAGR.
The offshore wind market in the Europe region is currently leading and is followed by North-America and Asia-Pacific market. But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.

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