Offshore Wind Market 2018 by Trends, Market Share, Size, Growth, Opportunities Forecast 2023

Market Highlights
Offshore wind holds great potential in non-conventional electricity generation. The higher efficiency of the offshore wind farm is due to the steady offshore wind inputs as compared to land winds is resulting in the growth of offshore wind market. The main objective of offshore wind farm is to convert wind energy to electricity and propagate it as per requirement to the end user. These offshore wind farms are widely installed along continental shelves across oceans and seas.

Offshore wind market is classified based on their component as turbine, substructure, electrical infrastructure and others. The turbine component is expected to lead the offshore wind market. This is because it is comprised of the most vital components such as nacelle, rotor and blades, and tower, which support it to generate electricity. Also, the turbine accounts for the maximum share of capital investment needed to build an offshore farm. 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.

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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).

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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LIST OF TABLES
TABLE 1 GLOBAL OFFSHORE WIND MARKET, BY COMPONENTS, 2015-2023 (USD MILLION) 27
TABLE 2 GLOBAL OFFSHORE WIND MARKET, BY LOCATION, 2015-2023 (USD MILLION) 30
TABLE 3 GLOBAL OFFSHORE WIND MARKET, BY REGION, 2015-2023 (USD MILLION) 34
TABLE 4 EUROPE: GLOBAL OFFSHORE WIND MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 36
TABLE 5 EUROPE: GLOBAL OFFSHORE WIND MARKET, BY COMPONENTS, 2015-2023 (USD MILLION) 36
TABLE 6 EUROPE: GLOBAL OFFSHORE WIND MARKET, BY LOCATION, 2015-2023 (USD MILLION) 36
TABLE 7 GERMANY: GLOBAL OFFSHORE WIND MARKET, BY COMPONENTS, 2015-2023 (USD MILLION) 38
TABLE 8 GERMANY: GLOBAL OFFSHORE WIND MARKET, BY LOCATION, 2015-2023 (USD MILLION) 38
TABLE 9 U.K.: GLOBAL OFFSHORE WIND MARKET, BY COMPONENTS, 2015-2023 (USD MILLION) 40
TABLE 10 U.K.: GLOBAL OFFSHORE WIND MARKET, BY LOCATION, 2015-2023 (USD MILLION) 40
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