Offshore Wind Energy Market - Global Industry Analysis

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:  

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

• Monopile 
• Jacket 
• Tripod 
• Floating

By Water Type

• Shallow Water
• Deep Water

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

• Chapter No. 1 Introduction
  • 1.1. Report Description
    • 1.1.1. Purpose of the Report
    • 1.1.2. USP & Key Offerings
  • 1.2. Key Benefits for Stakehulders
  • 1.3. Target Audience
  • 1.4. Report Scope
• Chapter No. 2 Executive Summary
  • 2.1. Key Findings
    • 2.1.1. Top Investment Pockets
      • 2.1.1.1. Market Attractiveness Analysis, By Foundation Type
      • 2.1.1.2. Market Attractiveness Analysis, By Water Depth
      • 2.1.1.3. Market Attractiveness Analysis, By Region
  • 2.2. Market Snapshot
  • 2.3. Global Offshore Wind Energy Market, 2016 – 2028 (USD Billion)
  • 2.4. Insights from Primary Respondents
• Chapter No. 3 COVID 19 Impact Analysis
  • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
    • 3.1.1. North America
    • 3.1.2. Europe
    • 3.1.3. Asia Pacific
    • 3.1.4. Latin America
    • 3.1.5. The Middle-East and Africa
  • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
  • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
  • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
  • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
    • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
  • 3.6. Short Term Dynamics
  • 3.7. Long Term Dynamics
• Chapter No. 4 Offshore Wind Energy Market – Foundation Type Segment Analysis
  • 4.1. Overview
    • 4.1.1. Market Revenue Share, By Foundation Type, 2020 & 2028
  • 4.2. Monopile
    • 4.2.1. Market Size and Forecast, By Region (USD Billion)
    • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
  • 4.3. Jacket
    • 4.3.1. Market Size and Forecast, By Region (USD Billion)
    • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
  • 4.4. Tripod
    • 4.4.1. Market Size and Forecast, By Region (USD Billion)
    • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
  • 4.5. Floating
    • 4.5.1. Market Size and Forecast, By Region (USD Billion)
    • 4.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 4.5.3. Key Market Trends, Growth Factors, & Opportunities
• Chapter No. 5 Offshore Wind Energy Market – Water Depth Segment Analysis
  • 5.1. Overview
    • 5.1.1. Market Revenue Share, By Water Depth Type, 2020 & 2028
  • 5.2. Shallow Water
    • 5.2.1. Market Size and Forecast, By Region (USD Billion)
    • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
  • 5.3. Deep Water
    • 5.3.1. Market Size and Forecast, By Region (USD Billion)
    • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
• Chapter No. 6 Plant Factory Grow Market – Region Segment Analysis
  • 6.1. Overview
    • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
    • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
  • 6.2. North America
    • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
    • 6.2.2. North America Market Revenue, By Foundation Type, 2016 – 2028
    • 6.2.3. North America Market Revenue, By Water Depth, 2016 – 2028
    • 6.2.5. U.S.
      • 6.2.5.1. U.S. Market Revenue, By Foundation Type, 2016 – 2028
      • 6.2.5.2. U.S. Market Revenue, By Water Depth, 2016 – 2028
    • 6.2.6. Canada
      • 6.2.6.1. Canada Market Revenue, By Foundation Type, 2016 – 2028
      • 6.2.6.2. Canada Market Revenue, By Water Depth, 2016 – 2028
    • 6.2.7. Mexico
      • 6.2.7.1. Mexico Market Revenue, By Foundation Type, 2016 – 2028
      • 6.2.7.2. Mexico Market Revenue, By Water Depth, 2016 – 2028
  • 6.3. Europe
    • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
    • 6.3.2. Europe Market Revenue, By Foundation Type, 2016 – 2028
    • 6.3.3. Europe Market Revenue, By Water Depth, 2016 – 2028
    • 6.3.5. Germany
      • 6.3.5.1. Germany Market Revenue, By Foundation Type, 2016 – 2028
      • 6.3.5.2. Germany Market Revenue, By Water Depth, 2016 – 2028
    • 6.3.6. France
      • 6.3.6.1. France Market Revenue, By Foundation Type, 2016 – 2028
      • 6.3.6.2. France Market Revenue, By Water Depth, 2016 – 2028
    • 6.3.7. U.K.
      • 6.3.7.1. U.K. Market Revenue, By Foundation Type, 2016 – 2028
      • 6.3.7.2. U.K. Market Revenue, By Water Depth, 2016 – 2028
    • 6.3.8. Italy
      • 6.3.8.1. Italy Market Revenue, By Foundation Type, 2016 – 2028
      • 6.3.8.2. Italy Market Revenue, By Water Depth, 2016 – 2028
    • 6.3.9. Spain
      • 6.3.9.1. Spain Market Revenue, By Foundation Type, 2016 – 2028
      • 6.3.9.2. Spain Market Revenue, By Water Depth, 2016 – 2028
    • 6.3.10. Rest of Europe
      • 6.3.10.1. Rest of Europe Market Revenue, By Foundation Type, 2016 – 2028
      • 6.3.10.2. Rest of Europe Market Revenue, By Water Depth, 2016 – 2028
  • 6.4. Asia Pacific
    • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
    • 6.4.2. Asia Pacific Market Revenue, By Foundation Type, 2016 – 2028
    • 6.4.3. Asia Pacific Market Revenue, By Water Depth, 2016 – 2028
    • 6.4.5. China
      • 6.4.5.1. China Market Revenue, By Foundation Type, 2016 – 2028
      • 6.4.5.2. China Market Revenue, By Water Depth, 2016 – 2028
    • 6.4.6. Japan
      • 6.4.6.1. Japan Market Revenue, By Foundation Type, 2016 – 2028
      • 6.4.6.2. Japan Market Revenue, By Water Depth, 2016 – 2028
    • 6.4.7. India
      • 6.4.7.1. India Market Revenue, By Foundation Type, 2016 – 2028
      • 6.4.7.2. India Market Revenue, By Water Depth, 2016 – 2028
    • 6.4.8. South Korea
      • 6.4.8.1. South Korea Market Revenue, By Foundation Type, 2016 – 2028
      • 6.4.8.2. South Korea Market Revenue, By Water Depth, 2016 – 2028
    • 6.4.9. South-East Asia
      • 6.4.9.1. South-East Asia Market Revenue, By Foundation Type, 2016 – 2028
      • 6.4.9.2. South-East Asia Market Revenue, By Water Depth, 2016 – 2028
    • 6.4.10. Rest of Asia Pacific
      • 6.4.10.1. Rest of Asia Pacific Market Revenue, By Foundation Type, 2016 – 2028
      • 6.4.10.2. Rest of Asia Pacific Market Revenue, By Water Depth, 2016 – 2028
  • 6.5. Latin America
    • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
    • 6.5.2. Latin America Market Revenue, By Foundation Type, 2016 – 2028
    • 6.5.3. Latin America Market Revenue, By Water Depth, 2016 – 2028
    • 6.5.5. Brazil
      • 6.5.5.1. Brazil Market Revenue, By Foundation Type, 2016 – 2028
      • 6.5.5.2. Brazil Market Revenue, By Water Depth, 2016 – 2028
    • 6.5.6. Argentina
      • 6.5.6.1. Argentina Market Revenue, By Foundation Type, 2016 – 2028
      • 6.5.6.2. Argentina Market Revenue, By Water Depth, 2016 – 2028
    • 6.5.7. Rest of Latin America
      • 6.5.7.1. Rest of Latin America Market Revenue, By Foundation Type, 2016 – 2028
      • 6.5.7.2. Rest of Latin America Market Revenue, By Water Depth, 2016 – 2028
  • 6.6. The Middle-East and Africa
    • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
    • 6.6.2. The Middle-East and Africa Market Revenue, By Foundation Type, 2016 – 2028
    • 6.6.3. The Middle-East and Africa Market Revenue, By Water Depth, 2016 – 2028
    • 6.6.5. GCC Countries
      • 6.6.5.1. GCC Countries Market Revenue, By Foundation Type, 2016 – 2028
      • 6.6.5.2. GCC Countries Market Revenue, By Water Depth, 2016 – 2028
    • 6.6.6. South Africa
      • 6.6.6.1. South Africa Market Revenue, By Foundation Type, 2016 – 2028
      • 6.6.6.2. South Africa Market Revenue, By Water Depth, 2016 – 2028
    • 6.6.7. Rest of Middle-East Africa
      • 6.6.7.1. Rest of Middle-East Africa Market Revenue, By Foundation Type, 2016 – 2028
      • 6.6.7.2. Rest of Middle-East Africa Market Revenue, By Water Depth, 2016 – 2028
• Chapter No. 7: Offshore Wind Energy Market – Industry Analysis
  • 7.1. Introduction
  • 7.2. Market Drivers
    • 7.2.1. Driving Factor 1 Analysis
    • 7.2.2. Driving Factor 2 Analysis
  • 7.3. Market Restraints
    • 7.3.1. Restraining Factor Analysis
  • 7.4. Market Opportunities
    • 7.4.1. Market Opportunity Analysis
  • 7.5. Porter’s Five Forces Analysis
  • 7.6. PEST Analysis
  • 7.7. Regulatory Landscape
  • 7.8. By Water Depth Landscape
  • 7.9. Regional Market Trends
    • 7.9.1. North America
    • 7.9.2. Europe
    • 7.9.3. Asia Pacific
    • 7.9.4. Latin America
    • 7.9.5. The Middle-East and Africa
  • 7.10. Pricing Analysis
  • 7.11. Value Chain Analysis
  • 7.12. Downstream Buyers
  • 7.13. Distributors/Traders List
• Chapter No. 8: Competitive Landscape
  • 8.1. Company Market Share Analysis – 2019
    • 8.1.1. Global Offshore Wind Energy Market: Company Market Share, 2019
    • 8.1.2. Global Offshore Wind Energy Market, Company Market Revenue, 2016 – 2019 (USD Billion)
    • 8.1.3. Global Offshore Wind Energy Market, Company Y-o-Y Growth, 2017 – 2019 (%)
    • 8.1.4. Global Offshore Wind Energy Market: Radar Determinant Chart, 2019
  • 8.2. Strategic Developments
    • 8.2.1. Acquisitions & Mergers
    • 8.2.2. New Product Launch
    • 8.2.3. Regional Expansion
  • 8.3. Company Strategic Developments – Heat Map Analysis
• Chapter No. 9: Company Profiles
  • 9.1. Northland Power
    • 9.1.1. Company Overview
    • 9.1.2. Key Executives
    • 9.1.3. Product Portfolio
    • 9.1.4. Financial Overview
    • 9.1.5. Operating Business Segments
    • 9.1.6. Business Performance
    • 9.1.7. Recent Developments
  • 9.2. Enercon GmbH
  • 9.3. Siemens Wind Power
  • 9.4. Gamesa Corporacion Technulogica S.A.
  • 9.5. Guodian United Power Technology Company Ltd
  • 9.6. Nordex S.E.
  • 9.7. Vestas Wind Systems A/S
  • 9.8. Upwind Sulutions Inc.
  • 9.9. Suzlon Group
  • 9.10. Xinjiang Guldwind Science & Technulogies Co. Ltd
• Chapter No. 10: Marketing Strategy Analysis
  • 10.1. Marketing Channel
  • 10.2. Direct Marketing
  • 10.3. Indirect Marketing
  • 10.4. Marketing Channel Development Trends
  • 10.5. Economic/Pulitical Environmental Change
• Chapter No. 11: Research Methodology
  • 11.1. Research Methodology
  • 11.2. Phase I - Secondary Research
  • 11.3. Phase II - Data Modeling
    • 11.3.1. Company Share Analysis Model
    • 11.3.2. Revenue Based Modeling
  • 11.4. Phase III - Primary Research
  • 11.5. Research Limitations
    • 11.5.1. Assumptions

Table Of Figures

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

Table Of Tables

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)