Offshore Wind Power Market

Offshore Wind Power Market was valued at USD 36.2 billion in 2022 and is forecast to touch USD 89.0 billion in 2030, and the market is expected to grow at a whopping CAGR of 11.9% from 2023-2030

Offshore Wind Power Market Overview

Offshore wind power is the usage of wind farms constructed in water bodies, to convert wind energy into electricity. Offshore wind speed is faster than that on land, hence even a small increase in wind speed yields a larger energy production. Offshore wind energy has multiple advantages similar to land-based wind farms as they do not consume water, provide renewable energy, create jobs, and do not emit environmental pollutants or greenhouse gases. It also overcomes economic, technical, and political challenges for commercial and large-scale deployment. Multiple developing countries have opened up opportunities for offshore wind power market due to the rising emphasis on reducing carbon emission.

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Major Offshore Wind Power Market Drivers

The major factors propelling the growth of the Offshore Wind Power market include the increasing government initiatives to reduce carbon footprint, growing energy demand coupled with the rising share of renewable energy in the power generation mix, and is highly cost-efficient as compared to the traditional turbines. Historically, the cost of offshore wind power was higher than that of onshore wind generation as the designs of offshore wind turbines were technically challenging, facing both aerodynamic and hydrodynamic loads. However, along with passing years, multiple changes have been made in turbine design. Through technical innovation, turbine equipment manufacturers have been able to reduce the turbine cost and managed to decrease the total mass. Therefore, continuous growth in the capacity of the off-shore wind power turbines, design improvements, and upscaling of wind turbine is catalyzing the growth of the Offshore Wind Power market globally.

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On the basis of components, the market is segmented into turbine, substructure, electrical infrastructure, and others. Among these, the turbine segment is projected to grow at a higher CAGR during the forecast period. The turbine contains essential components including nacelle, tower, rotor, and blades, which helps in generating electricity. Moreover, the technological advancement in the turbine equipment along with its declining price are the major factors propelling the growth of the turbine segment in the market.

Based on location, the market is segmented into shallow water, transitional water, and deep water. Among these, the deep water segment is expected to grow at a higher CAGR during the forecast period. The installation of wind power in lower depth is easier and reduces capital expenditure cost. Moreover, the rising trend for deep water installation is driven by the increasing investment across numerous countries in the floating offshore wind power projects, which are mostly installed in deeper locations.

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Regional – Segment Analysis

Based on the region, Europe is projected to grow at a higher CAGR during the forecast period. This is attributed to the large expansion in offshore wind power generation across the European countries. Governments of key economies have supported multiple wind projects with favourable incentives as a part of carbon emission reduction goals, which will positively influence the growth of the market in the region. The Asia-Pacific region is also anticipated to grow at a higher CAGR during the forecast period as the region is witnessing a significant number of windfarm installations across major countries such as, China, Japan, India, and Korea.

Top Market Players

The major players in the market include Siemens AG, ABB Ltd, Nexans SA, EEW Group, General Electric Co, Sinovel Wind Group Co. Ltd, Dong Energy A/S, Vestas Wind Systems A/S, Equinor Energy AS, and MHI Vestas Offshore Wind among others.

Key Developments:

• • In 2020, Siemens Gamesa Renewable Energy SA was selected by the U.S., as preferred turbine supplier for 2,640-MW Dominion Energy Virginia Offshore Wind project. Siemens Gamesa’s has secured a long-term maintenance and service agreement with the U.S. government.

Segments covered in the Report:

The Global Offshore Wind Power market has been segmented based on Component, Location, and Key Region. Based on Component, the market is segmented into Turbine, Substructure, Electrical Infrastructure, and Others. Based on Location, the market is segmented into Shallow Water, Transitional Water, and Deep Water.

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Report Coverage	Details
Market Revenues (2022)	USD 36.2 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Value (USD billion)
Market Segment	By Component, By Location, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Siemens AG, ABB Ltd, Nexans SA, EEW Group, General Electric Co, Sinovel Wind Group Co. Ltd, Dong Energy A/S, Vestas Wind Systems A/S, Equinor Energy AS, MHI Vestas Offshore Wind.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Offshore Wind Power Market by Component

• • Turbine
    • Nacelle
    • Rotors and Blades
    • Tower
  • Substructure
    • Monopile
    • Jacket and Gravity Based
    • Others
  • Electrical Infrastructure
  • Others

Global Offshore Wind Power Market by Location

• • Shallow Water (< 30m Depth)
  • Transitional Water (30m – 60m Depth)
  • Deep Water (> 60m Depth)

Global Offshore Wind Power Market by Region

• • North America Offshore Wind Power Market Option 1: As a part of the free 25% customization

• • • By Component
    • By Location
    • US Market All-Up
    • Canada Market All-Up

  • Europe Offshore Wind Power Market Option 2: As a part of the free 25% customization

    • By Component
    • By Location
    • UK Market All-Up
    • Spain Market All-Up
    • France Market All-Up
    • Germany Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Offshore Wind Power Market Option 3: As a part of the free 25% customization

    • By Component
    • By Location
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Offshore Wind Power Market Option 4: As a part of the free 25% customization

    • By Component
    • By Location
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of the World (remaining countries of LAMEA region) Market All-Up

Global Offshore Wind Power Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Siemens AG
  • ABB Ltd
  • Nexans SA
  • EEW Group
  • General Electric Co
  • Sinovel Wind Group Co. Ltd
  • Dong Energy A/S
  • Vestas Wind Systems A/S
  • Equinor Energy AS
  • MHI Vestas Offshore Wind