About Offshore Wind Energy
The growing share of renewable energy, increasing awareness about climate change and technological development expected to boost the market. Offshore wind energy, also known as offshore wind power, is defined as the consumption of wind farms which is built off the shore to harvest wind energy for the purpose of electricity generation. It includes inshore water areas ie fords, lakes, and sheltered coastal areas, which uses conventional fixed bottom wind turbine technologies and deep water areas including floating wind turbines. Wind turbines use fresh air to produce electricity. There is a huge opportunity for global offshore wind turbines for the manufacturers in the market due to low carbon emission.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented by numerous players who are involved in innovating equipment with the legislation and government support for the offshore wind energy market. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Offshore Wind Energy market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Goldwind Science and Technology Co., Ltd.(China), GE Wind Energy (France), Vestas Wind Systems A/S (Denmark), Sinovel Wind Group Co., Ltd. (China), Donghai Bridge (China), Dong Energy A/S (Denmark), Suzlon Group (India), Gamesa Corporacion Tecnologica SA (Spain) and Siemens Wind Power (Denmark) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Adwen offshore Inc.(Germany), Statoil (Norway), Orsted (Denmark), ABB Limited (Switzerland) and Senvion (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Offshore Wind Energy market by Type (Turbine, Substructure, Electrical Infrastructure and Others), Application (Commercial, Industrial, Household and Others) and Region.
On the basis of geography, the market of Offshore Wind Energy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. If we see Market by Location, the sub-segment i.e. Shallow water will boost the Offshore Wind Energy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
For the development of new offshore designs in deep waters of the Atlantic, Deep North Sea and Mediterranean Sea, the regulatory authorities are planning to adopt the idea of the development of supportive legislative framework.
Market Growth Drivers:
Increase in demand for clean energy to use low carbon emission and Rising demand for electricity generation with help of renewable energy resources. Introduction of variable transmission device and superconducting and enhanced conductors
Challenges:
Cost of turbine components (turbine, electrical infrastructure, and substructure). and Lack of skilled labor and capital in this market.
Restraints:
The requirement of various components of performing the operation proficiently. and High costs, risk and supply chain bottlenecks may hamper the market growth rate.
Opportunities:
Increasing use of wind turbines used for power generation and offshore wind turbine technology which is still in early stage of development and is expected to grow in the forecast period.
Market Leaders and their expansionary development strategies
Microsoft has recently signed an agreement with GE to purchase electricity from its wind farm and power its cloud data centers in Ireland. and The Silicon Valley big shots, Apple and Facebook are in the league of adopting clean power and expecting its operations to be 100% from the renewable energy sources.
Estonia, the country in northern Europe has a target within its National Renewable Energy Action Plan to install up to 500 MW of offshore wind capacity by 2018, although as of yet it has no offshore wind installed capacity so reaching this target is unlikely
Key Target Audience
Large, medium-sized, and small enterprises, Venture capitalists, Value-Added Resellers (VARs), Third-party knowledge providers, Investment bankers and Investors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.