Global Offshore Wind Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

Industry : Energy And Power Date : December 3rd, 2018
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The global offshore wind market is expected to witness a CAGR of 20.4% and is projected to reach a cumulative capacity of 76GW by 2024. Rise in demand for renewable resources for power generation has given impetus to the market. Moreover, governments incentives and policy framework is expected to drive the growth of this market in the coming years.

The years used for the assessment are as follows;

  • Historical year  : 2014, 2015, 2016
  • Base year      : 2017
  • Forecast period : 2018 – 2024 

RESEARCH METHODOLOGY

The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

  • Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources
  • Interacting with key opinion leaders of the market and developing data points based on interaction with them
  • Study of past trends in the market and their year on year Impact on the market size and share
  • Analyzing the collected data points
  • Bridging the data points to calculate the total offshore wind market and its various segments
  • Anticipating potential risks
  • Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the offshore wind market
  • Finalizing the overall size and share for the global offshore wind market 

OBJECTIVES:

  • To classify the global offshore wind market into segments by axis type, substructure type, location, and region and analyze their growth prospects individually.
  • To analyze market trends, opportunities, drivers and restraints associated with the offshore wind market.
  • Profiling key companies operating in the global offshore wind market.
  • To study market response with respect to the mergers and acquisitions in the industry.

MARKET SCOPE

The research scope for global offshore wind market is as follows:

By Substructure Type

  • Monopiles
  • Gravity Based Structure
  • Space frame Structure
  • Floating Structure 

By Location

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

Region                                                                                                                                                                                                 

  • North America
  • Europe
  • Asia-Pacific (APAC)

The global offshore wind market is expected to witness a CAGR of 20.4% and is projected to reach a cumulative capacity of 76GW by 2024. Rise in demand for renewable resources for power generation has given impetus to the market. Moreover, governments incentives and policy framework is expected to drive the growth of this market in the coming years.

Offshore wind has emerged as a viable option for electricity power generation in the past few years. Offshore wind power plants employ the use of substructures submerged in water to support the wind turbines. Offshore wind speed is steadier and faster as compared to onshore wind; this results in higher electricity generation capacity of offshore plants.

Global agreement in the Paris Climate Accord to reduce greenhouse gasses emissions has given impetus to the offshore wind market. Moreover, new installation techniques and advancements in wind turbine technology have resulted in the cost reduction of offshore wind power. One example of new turbine technology is Haliade-X, the biggest offshore wind turbine with increased efficiency manufactured by GE Renewable Energy.

Europe held the major share for offshore wind market in 2017. This can be attributed to supportive policies by local governments, increased investments in offshore wind by major players, and reduction in offshore wind costs. 2017 saw Europe installing 13 new offshore wind farms including world’s first floating offshore wind farm, Hywind Scotland. Offshore wind market in Europe is mainly concentrated in a small number of countries, such as Germany, UK, Denmark, Belgium, and the Netherlands.

The key players of this market are Siemens AG; MHI Vestas Offshore Wind; General Electric; Senvion S.A.; Doosan Heavy Industries & Construction; Sinovel Wind Group Co.; Alstom; A2 SEA; Enercon GmbH; and Eew Group among others.

Global Offshore Wind Market

TABLE OF CONTENTS

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. Offshore wind market snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the offshore wind market

3.4. Value chain analysis

3.5. Regulatory Landscape

3.6. LCOE Trends of Offshore Wind Power Plants

3.7. Renewable Energy Investments Trends

3.8. Wind Energy Project Landscape

3.9. Market opportunities & trends

3.9.1. Opportunities

   3.9.1.1. Battery storage to help offshore wind farms maximize revenue

   3.9.1.2. Floating offshore wind power plant

   3.9.1.3. Possibility of integration with offshore solar in the future

3.9.2. Trends

   3.9.2.1. Advancements in technology and improvement in installation techniques

3.10. Market Dynamics

3.10.1. Growth Drivers

    3.10.1.1. Demand for renewable power generation in the energy mix

    3.10.1.2. Stronger policy commitments by governments

    3.10.1.3. Nations reducing carbon footprint

3.10.2. Restraints of the Market

    3.10.2.1. High LCOE and maintenance cost as compared to land based wind farms

CHAPTER 4. Global Offshore Wind Market Size and Forecast (2014 – 2024) (USD Million)

4.1. Global Offshore Wind Market, By Substructure Type

4.1.1. Fixed

   4.1.1.1. Monopiles

   4.1.1.2. Gravity based structure

   4.1.1.3. Space frame structure

4.1.2. Floating structure

4.2. Global Offshore Wind Market, By Location

4.2.1. Shallow Water (< 30m Depth)

4.2.2. Transitional Water (30m-60m Depth)

4.2.3. Deep Water (>60m Depth)

4.3. Global Offshore Wind Market, By Region

4.3.1. North America

4.3.2. Europe

4.3.3. Asia-Pacific (APAC)

4.3.4. Rest of the World (RoW)

CHAPTER 5. Global Offshore Wind Market Size & Forecast, By Region

5.1. North America Offshore Wind Market (USD Million)

5.1.1. North America Offshore Wind Market , By Substructure Type

5.1.2. North America Offshore Wind Market , By Location

5.1.3. North America Offshore Wind Market , By Country

   5.1.3.1. U.S.

   5.1.3.2. Rest of North America

5.2. Europe Offshore Wind Market (USD Million)

5.2.1. Europe Offshore Wind Market, By Substructure Type

5.2.2. Europe Offshore Wind Market, By Location

5.2.3. Europe Offshore Wind Market, By Country

   5.2.3.1. Germany

   5.2.3.2. United Kingdom

   5.2.3.3. Denmark

   5.2.3.4. Netherlands

   5.2.3.5. Belgium

   5.2.3.6. Rest of Europe

5.3. Asia-Pacific Offshore Wind Market (USD Million)

5.3.1. Asia-Pacific Offshore Wind Market, By Substructure Type

5.3.2. Asia-Pacific Offshore Wind Market, By Location

5.3.3. Asia-Pacific Offshore Wind Market, By Country

   5.3.3.1. Vietnam

   5.3.3.2. Japan

   5.3.3.3. China

   5.3.3.4. South Korea

   5.3.3.5. Rest of Asia-Pacific

5.4. Rest of the World (RoW) Offshore Wind Market (USD Million)

5.4.1. Rest of the World (RoW) Offshore Wind Market, By Substructure Type

5.4.2. Rest of the World (RoW) Offshore Wind Market, By Location

5.4.3. Rest of the World (RoW) Offshore Wind Market, By Country

   5.4.3.1. Middle East & Africa

   5.4.3.2. Central & South America

CHAPTER 6. Key Players and Strategic Developments

6.1. Siemens AG

6.1.1. Business Overview

6.1.2. Product and Service Offering

6.1.3. Financial Overview

6.1.4. Strategic Developments

6.2. MHI Vestas Offshore Wind

6.2.1. Business Overview

6.2.2. Product and Service Offering

6.2.3. Financial Overview

6.2.4. Strategic Developments

6.3. General Electric

6.3.1. Business Overview

6.3.2. Product and Service Offering

6.3.3. Financial Overview

6.3.4. Strategic Developments

6.4. Senvion S.A.

6.4.1. Business Overview

6.4.2. Product and Service Offering

6.4.3. Financial Overview

6.4.4. Strategic Developments

6.5. Doosan Heavy Industries & Construction

6.5.1. Business Overview

6.5.2. Product and Service Offering

6.5.3. Financial Overview

6.5.4. Strategic Developments

6.6. Sinovel Wind Group Co.

6.6.1. Business Overview

6.6.2. Product and Service Offering

6.6.3. Financial Overview

6.6.4. Strategic Developments

6.7. Alstom

6.7.1. Business Overview

6.7.2. Product and Service Offering

6.7.3. Financial Overview

6.7.4. Strategic Developments

6.8. A2 SEA

6.8.1. Business Overview

6.8.2. Product and Service Offering

6.8.3. Financial Overview

6.8.4. Strategic Developments

6.9. Eew Group

6.9.1. Business Overview

6.9.2. Product and Service Offering

6.9.3. Financial Overview

6.9.4. Strategic Developments

6.10. Enercon GmbH

6.10.1. Business Overview

6.10.2. Product and Service Offering

6.10.3. Financial Overview

6.10.4. Strategic Developments

Global Offshore Wind Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2024