The global Offshore Wind Energy Market accounted for USD 44.8 Billion in 2020 and is expected to reach USD 93.7 Billion by 2028, growing at a CAGR of around 9.1% between 2021 and 2028.
Market Overview
The global Offshore Wind Energy Market accounted for USD 44.8 Billion in 2020 and is expected to reach USD 93.7 Billion by 2028, growing at a CAGR of around 9.1% between 2021 and 2028.
Wind power generation is that the connecting of kinetic energy from the wind and its conversion into electric energy. This is often achieved through the use of wind turbines to get electricity. The energy within the wind turns three propeller-like blades around a rotor. The rotor is connected to the most shaft, which spins the generator to supply electricity. Onshore wind energy has been utilized for several years however, offshore wind energy may be a relatively newer phenomenon.
The rising electricity demand along with quickly increasing emission levels related to traditional power plants is likely to drive the industry growth. A large number of offshore wind energy projects are under the planning and construction phase. Advantages of offshore wind energy installations include an overall reduction in project cost and unhindered primary fuel (wind) required for energy generation since wind speeds are high at offshore than onshore.
COVID-19 Impact Analysis
COVID-19 has impacted businesses across the globe. However, Europe is one among the leading regions in offshore wind energy and one among the foremost severely suffering from the COVID-19, which has restrained the continued growth owing to delays in projects. Following the pandemic, several oil and gas companies around the world have announced job cuts as part of their efforts to reduce expenses. It has further disrupted supply chains, delayed projects on an oilfield, power generation, and created labor shortages. The disruption in European and global trade restricted the project construction, which also resulted in increased CAPEX for the projects. As per IEA, the post-pandemic offshore wind energy market is projected to witness higher growth than the onshore wind market.
Growth Factors
A growing share of renewable energy is predicted to drive the worldwide offshore wind energy market. Increasing awareness about global climate change and technological development is expected to further boost the market. Additionally, the governments of the prevailing offshore markets shall increase their targets and volume towards 2030, which can cause a big increase in offshore installation and therefore the new projects being awarded. However, high-cost risks, and provide chain bottlenecks associated with offshore wind energy projects are expected to hamper the expansion of the market.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Segment Analysis Preview
The global offshore wind energy market is segmented based on foundation type and water depth. Based on water depth, the worldwide offshore wind energy market is segmented into shallow and deep water. Currently, most of the offshore wind energy projects are based in shallow water. Constructing a shallow water offshore wind park incurs lesser efforts and overall project cost. Though, the share of deepwater offshore wind energy projects is projected to extend during the forecast period. Most of the offshore wind energy projects across the world are constructed during a water depth of up to 40 meters. However, many plans are being administered to construct wind farms in water depths of quite 50 meters.
On the essential foundation type, the global offshore wind energy market is segmented into monopile, jacket, tripod, and floating. Monopile foundations held the leading share of the worldwide wind energy market. These sorts of foundations are easy to construct and comparatively cheaper than other types. However, monopolies aren't fitted to deepwater projects. During the forecast period, floating-type foundations are expected to grow at the fastest rate. Offshore floating foundations are advantageous over fixed structures in terms of the entire cost incurred in installation and production. On the opposite hand, traditional offshore plants need fixing of foundations to the seafloor and bolting of massive turbines on them, which may hamper the ecology also.
Regional Analysis Preview
Europe dominated the worldwide offshore wind energy market in 2016. Countries like the U.K., Germany, Denmark, Netherlands, Belgium, and Sweden among others are leading players in Europe's offshore wind energy market. The Asia Pacific followed Europe in terms of offshore wind energy cumulative installed capacity. China is that the leading player in Asia Pacific offshore wind energy market and is predicted to grow at the fastest rate across the world. Japan, South Korea, and India among others are expected to further boost the market during the forecast period. The U.S. is additionally expected to witness numerous offshore wind energy projects during the forecast period. Other countries including Finland, Ireland, Spain, Norway, and Portugal also are expected to spice up the worldwide offshore wind energy market during the forecast period.
Key Market Players & Competitive Landscape
The major players that are comprised in Offshore Wind Energy Market are Northland Power, Enercon GmbH, Siemens Wind Power, Gamesa Corporacion Technologica S.A., Guodian United Power Technology Company Ltd, Nordex S.E., Vestas Wind Systems A/S, Upwind Solutions Inc., Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd, GE Wind Energy, China Ming Yang Wind Power, Dong Energy, and Sinovel among others.
The global Offshore Wind Energy Market is segmented as follows:
By Foundation Type
By Water Type
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Foundation Type
FIG NO. 2. Market Attractiveness Analysis, By Water Depth
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Offshore Wind Energy Market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Foundation Type, 2020 & 2028
FIG NO. 7. Global Offshore Wind Energy Market for Monopile, Revenue (USD Billion) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Offshore Wind Energy Market for Monopile, By Country, 2020 & 2028
FIG NO. 9. Global Offshore Wind Energy Market for Jacket, Revenue (USD Billion) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Offshore Wind Energy Market for Jacket, By Country, 2020 & 2028
FIG NO. 9. Global Offshore Wind Energy Market for Tripod, Revenue (USD Billion) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Offshore Wind Energy Market for Tripod, By Country, 2020 & 2028
FIG NO. 11. Global Offshore Wind Energy Market for Others, Revenue (USD Billion) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Offshore Wind Energy Market for Others, By Country, 2020 & 2028
FIG NO. 13. Market Revenue Share, By Water Depth, 2020 & 2028
FIG NO. 14. Global Offshore Wind Energy Market for Shallow Water, Revenue (USD Billion) 2016 – 2028
FIG NO. 15. Comparative Revenue Analysis of Offshore Wind Energy Market for Shallow Water, By Country, 2020 & 2028
FIG NO. 16. Global Offshore Wind Energy Market for Deep Water, Revenue (USD Billion) 2016 – 2028
FIG NO. 17. Comparative Revenue Analysis of Offshore Wind Energy Market for Deep Water, By Country, 2020 & 2028
FIG NO. 18. Global Offshore Wind Energy Market Revenue Share, By Region, 2020 & 2028
FIG NO. 19. North America Offshore Wind Energy Market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 20. Porter’s Five Forces Analysis for Global Offshore Wind Energy Market
FIG NO. 21. PEST Analysis for Global Offshore Wind Energy Market
FIG NO. 22. Pricing Analysis for Global Offshore Wind Energy Market
FIG NO. 23. Value Chain Analysis for Global Offshore Wind Energy Market
FIG NO. 24. Company Share Analysis, 2019
FIG NO. 25. Radar Determinant Chart, 2019
FIG NO. 26. Company Strategic Developments – Heat Map Analysis
FIG NO. 27. The Sherwin-Williams Company Business Segment Revenue Share, 2020 (%)
FIG NO. 28. The Sherwin-Williams Company Geographical Segment Revenue Share, 2020 (%)
FIG NO. 29. Market Channels
FIG NO. 30. Marketing Channel Development Trend
FIG NO. 31. Growth in World Gross Product, 2008-2018
FIG NO. 32. Research Methodology – Detailed View
FIG NO. 33. Research Methodology
List of Tables
TABLE NO. 1. Global Offshore Wind Energy Market: Snapshot
TABLE NO. 2. Quarterly Offshore Wind Energy Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Offshore Wind Energy Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
TABLE NO. 6. Global Offshore Wind Energy Market for Monopile, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Offshore Wind Energy Market for Jacket, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Offshore Wind Energy Market for Tripod, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9. Global Offshore Wind Energy Market for Others, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10. Global Offshore Wind Energy Market for Shallow Water, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11 Global Offshore Wind Energy Market for Deep Water, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12 Global Offshore Wind Energy Market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 13. North America Offshore Wind Energy Market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 14. North America Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 15. North America Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 16. U.S. Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 17. U.S. Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 18. Canada Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 19. Canada Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 20. Mexico Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 21. Mexico Offshore Wind Energy Market Revenue, By Foundation Type, 2016 – 2028 (USD Billion)
TABLE NO. 22. Drivers for the Offshore Wind Energy Market: Impact Analysis
TABLE NO. 23. Restraints for the Offshore Wind Energy Market: Impact Analysis
TABLE NO. 24. Major Buyers of Offshore Wind Energy
TABLE NO. 25. Distributors/Traders List of Offshore Wind Energy
TABLE NO. 26. Global Offshore Wind Energy Market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 27: Global Offshore Wind Energy Market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)
This report is based on in-depth qualitative and quantitative analyses of the global Offshore Wind Energy market. Zion Research has collected and analyzed key data belong to the global Offshore Wind Energy market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Offshore Wind Energy across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Offshore Wind Energy industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Offshore Wind Energy market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Energy has been extracted from wind sources since a long time. Wind power generation is the harnessing of kinetic energy from the wind and its conversion into electric energy. This is achieved through the utilization of wind turbines to generate electricity. Energy in the wind turns three propeller-like blades around a rotor. The rotor is connected to the main shaft, which spins the generator to produce electricity. Onshore wind energy has been utilized for many years however, offshore wind energy is a relatively newer phenomenon.
Numerous offshore wind energy projects are expected to come online in the coming years. A large number of offshore wind energy projects are under planning and construction phase. Advantages of offshore wind energy installations include an overall reduction in project capital expenditure and unhindered primary fuel (wind) required for energy generation since wind speeds are high at offshore than onshore.
Global wind energy market is segmented on the basis of foundation type and water depth. On the basic of foundation type, global wind energy market is segmented into monopile, jacket, tripod, and floating. Monopile foundations held the leading share of global wind energy market. During the forecast period, floating type foundations are expected to grow at the fastest rate. Offshore floating foundations are advantageous over fixed structures in terms of the total cost incurred in installation and production. On the other hand, traditional offshore plants need fixing of foundations to the seafloor and bolting of massive turbines on them, which can hamper the ecology as well. On the basic of water depth, the global wind energy market is segmented into shallow water and deep water. Currently, most of the offshore wind energy projects are based in shallow water. However, the share of deepwater offshore wind energy projects is expected to increase during the forecast period. Most of the offshore wind energy projects across the globe are constructed in a water depth of 40 meters. However, numerous plans are being carried out to construct wind farms in water depths of more than 50 meters.
Growing share of renewable energy is expected to drive the global offshore wind energy market. Increasing awareness about climate change and technological development are expected to further boost the market. However, high costs, risks, and supply chain bottlenecks related to offshore wind energy projects are expected to hamper the growth of the market.
Europe dominated the global offshore wind energy market in 2016. Countries such as the U.K., Germany, Denmark, Netherlands, Belgium, and Sweden among others are leading players in Europe offshore wind energy market. The U.S. is also expected to witness numerous offshore wind energy projects during the forecast period. Some other countries including Finland, Ireland, Spain, Norway, and Portugal are also expected to boost the global offshore wind energy market during the forecast period.
Some of the major players involved in the global offshore wind energy market include Northland Power, Enercon GmbH, Siemens Wind Power, Gamesa Corporacion Technologica S.A., Guodian United Power Technology Company Ltd, Nordex S.E., Vestas Wind Systems A/S, Upwind Solutions Inc., Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd, GE Wind Energy, China Ming Yang Wind Power, Dong Energy, and Sinovel among others.
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The global Offshore Wind Energy Market was valued at USD 44.8 billion in 2020.
The global Offshore Wind Energy Market is expected to reach USD 93.7 billion by 2028, growing at a CAGR of 9.1% between 2021 to 2028.
The surging electricity demand along with rapidly increasing emission levels associated with traditional power plants is likely to propel industry growth.
Europe has been leading the worldwide Offshore Wind Energy market and is anticipated to continue in the dominant position in the years to come.
The major players that are comprised in Offshore Wind Energy Market are Northland Power, Enercon GmbH, Siemens Wind Power, Gamesa Corporacion Technologica S.A., Guodian United Power Technology Company Ltd, Nordex S.E., Vestas Wind Systems A/S, Upwind Solutions Inc., Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd, GE Wind Energy, China Ming Yang Wind Power, Dong Energy, and Sinovel among others.
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