Global Offshore Wind Market
The global offshore wind market is expected to witness a CAGR of 20.4%, and is projected to reach a cumulative capacity of 76 GW 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. Decline in offshore wind LCOE cost due to advances in technology, and enhanced installation techniques have assisted in the penetration of this market. Furthermore, decarbonisation goals set in Paris Agreement has led to rise in wind turbine manufacturer sales, giving impetus to the offshore wind market.
Key findings from the report:
- The global offshore wind market is likely to reach a cumulative capacity of 76 GW
- Monopiles segment is expected to witness the highest CAGR over the forecast period. This growth is attributed to their ease of installation in variable water depths.
- By Location, Shallow Water segment is likely to grow at the fastest CAGR over the forecast period owing to lower maintenance cost
- Europe held the largest market share of the global market in 2017, and the trend is likely to continue over the forecast period. This can be attributed to government initiatives to support the adoption of offshore wind power
- 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
Monopiles segment held the largest share of the market in 2017
Monopile is the most common form of substructure used, owing to the ease of installation in medium to shallow water depths. Depth ranging from 0-30 meters is ideal for incorporating this type of substructure. Majority of offshore wind power plants in Europe are supported by this substructure followed by jacket substructures. Monopiles are likely to stay as the preferable option in the foreseeable future owing to the constant development in its technology to accommodate higher capacity turbines.
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Offshore Wind Market – Regional Insight
Europe held the largest market share of the global market in 2017. Offshore wind market has gained fast traction in this region owing to supportive government policies to reduce carbon emissions and availability of surfeit locations ideal for offshore wind power plants. Europe saw a record installation of over 3 GW in 2017, along with its first floating offshore wind power plant. Asia-Pacific market is expected to grow at the fastest rate over the forecast period. This can be attributed to stringent policies by local governments to control greenhouse gasses emissions.
This report segments offshore wind market based on substructure type, location, and region.
By Substructure Type
- Gravity Based Structure
- Space frame Structure
- Floating Structure
- Shallow Water (<30m Depth)
- Transitional Water (30m-60m Depth)
- Deep Water (<60m Depth)
- North America
- Asia-Pacific (APAC)
- Rest of the World (RoW)
Global Offshore Wind Market to witness a CAGR of 20.4% during 2018-2024