Offshore Wind Power Market to Exhibit 19.2% CAGR by 2026; Shift towards Installation of Wind Shores in Deepwater will Augment Growth, says Fortune Business Insights™

Pune, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The global offshore wind power market size is poised to showcase significant growth in the coming years on account of the increasing demand for renewable energy. Offshore wind power is the harvesting of wind energy installed in water bodies such as oceans and generating electricity. Offshore wind energy is invested in both deepwaters, coastal areas, lakes, and others. A recent report by Fortune Business Insights, titled, “Offshore Wind Power Market Size, Share and Industry Analysis By Installation (Fixed Structure, Floating Structure), By Water Depth (Up to 30m, Above 30m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) and Regional Forecasts, 2019-2026,” states that the market had a current installed capacity of more than 23 GW in the year 2018. It also predicts the market to rise at a CAGR of 19.2% and reach 94GW by the end of 2026. The forecast period is set between 2019 to 2026.

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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The Report Answers the Following Questions:

  • What is the nature of the market for offshore wind power?
  • Who are the key players and what are their strategies?
  • How will deeper installations aid in the expansion of the market?
  • What are the key industry developments of the market?


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Drivers & Restraints-


Government Efforts to Control Carbon Footprint Will Bode Well for Market

The increasing demand for renewable energy is a significant factor in promoting offshore wind power market growth. This, coupled with the currently trending shift towards the installation of wind shores in water deeper than 30 m will add impetus to the market. Additionally, the efforts taken by various governments to control carbon footprint will boost the market in the coming years.

On the flip side, the high cost of capital and logistics, accompanied by high maintenance costs may pose a major hindrance to the market in the coming years. This, coupled with the growth of the distributed energy resources may hamper the market growth in the near future.

Nevertheless, the increasing focus on water conservation and a rise in the process of crude oil and other expensive energy sources have propelled people to opt for environment-friendly energy sources, thereby creating lucrative growth opportunities to the market for offshore wind power in the coming years.

Segment:

Upto 30 M Water Depth Section to Draw Maximum Share Owing to its Cost-effective Benefits

Based on segmentation by water depth, the shallow water, i.e. up to 30 m segment is holding maximum share on account of its smooth operations and reduction in the overall capital expenditure. This, coupled with a rise in the investments in floating offshore wind energy projects for deepwater is also helping to increase the demand for up to 30 m segment.


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Regional Analysis-

The U.K. Earned Major Share, soon to be Overpowered by China in Coming Years

Currently, the United Kingdom held the maximum offshore wind power market share with Germany and China in the second and the third position, respectively. However, China is likely to emerge as the dominant nation followed by the U.K., Germany, France, and Spain in descending order. This is owing to the installation of more than 40% of wind shore power stations in the nation in the year 2018, coupled with the increasing number of new construction projects. The other countries holding significance in the market for offshore wind energy include South Korea, Japan, Taiwan, the United States, and Vietnam.


Competitive Landscape-

Players Focusing on New Installation Projects to Earn Prominent Share in Market

The global market for offshore wind power is highly fragmented on account of the presence of many players. They are all focusing on sufficing to the ever-increasing demand for energy by installing more wind power stations on waterbodies.

Major Industry Developments of the Offshore Wind Power Market Include:

March 2019 – Van Oord and Eneco entered into a joint venture for Royal Dutch Shell to bid for two offshore wind farms in the North Sea.

March 2019 – Renexia and Senvion S.A. engaged in collaborative agreement for installing 30MW farm for the offshore farm in the Mediterranean Sea.

List of the Key Players In Offshore Wind Power Market Are:

  • Hitachi Ltd.
  • Envision Energy
  • Adwen
  • Suzlon Energy Limited
  • MHI Vestas Offshore Wind
  • Ming Yang Smart Energy Group Co.
  • ABB Ltd.
  • Goldwind
  • Nordex SE
  • Senvion S.A.
  • General Electric
  • Siemens Gamesa Renewable Energy S.A.
  • Other players


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Detailed Table of Content

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Porters Five Forces Analysis
    • Cost Comparison Analysis –By Different Component of Wind Turbine
  • Global Offshore Wind Power Market Analysis (MW), Insights and Forecast, 2015-2026
    • Key Findings
    • Market Analysis, Insights and Forecast – By Installations
      • FixedStructure
      • 5.2.2.Floating Structure
    • Market Analysis, Insights and Forecast – By Capacity
      • Up to 3MW
      • 3 MW to5 MW
      • Above 5MW
    • Market Analysis, Insights and Forecast – By Water Depth
      • Up to30m
      • Above30m
    • Market Analysis, Insights and Forecast – By Region
      • U.S.
      • U.K.
      • Germany
      • France
      • Spain
      • Sweden
      • Denmark
      • Netherlands
      • Ireland
      • Belgium
      • China
      • Japan
      • South Korea
      • Vietnam
      • Rest of the World


TOC Continued


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Have a Look at Related Research Insights:

Floating Wind Power Market Size, Share & Industry Analysis, By Water Depth (Shallow Water {< 30m}, Transitional Water {30m-60m}, Deep Water {>60m}), By Capacity (Up to 3 MW, 3 MW to 5 MW, Above 5MW) and Regional Forecast, 2019-2026

Wind turbine blade Market Size, Share & Industry Analysis, By Material (Carbon Fiber, Glass Fiber, Others), By Blade Size (Up to 27 Meter, 28-37 Meter, 38-50 Meter, Above 50 Meter), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026

Wind Turbine Foundation Market Size, Share & Industry Analysis, By Type (Monopile, Jacket Pile, Gravity, Suction, Tripod, Raft, Others), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026


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