Offshore wind market to post 19.2% CAGR by 2026

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Pune, India, July 19, 2021 (GLOBE NEWSWIRE) – The world offshore wind market the size should reach a capacity of about 94 GW by 2026, presenting a 19.2% CAGR during the forecast period. The growth is mainly attributable to increased investments in wind projects. Supportive government policies also complement the market growth. Fortune Business Insights â„¢ presented this information in its report titled “Offshore Wind Energy Market, 2019-2026”. The market size was 23 GW in 2018.

Offshore wind power is one of the most valuable renewable energy sources in the world. The market has gradually gained ground and is expected to experience substantial growth in the years to come. The global market includes countries like UK, Denmark, Germany, China and Belgium as the main territories.

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List of key players in the offshore wind market:

  • Siemens Gamesa Renewable Energy SA
  • MHI Vestas Offshore Wind
  • Senvion SA
  • Adwen
  • ABB SA
  • General Electric
  • Ming Yang Smart Energy Group Co.
  • Nordex SE
  • Golden Wind
  • Consider energy
  • Suzlon Energy Limited
  • Hitachi Ltd.

Scope and segmentation of the report

Cover of the report Details
Forecast period 2019 to 2026
Forecast period 2019 to 2026 CAGR 19.2%
Projected installed capacity 2026 94 GW
Year of reference 2018
Installed capacity in 2018 23 GW
Historical data for 2015 to 2017
Number of pages 120
Covered segments Installation, water depth, capacity and geography
Growth drivers Increased investments to increase market growth
China will become the world leader
Strategic collaborations to provide lucrative growth opportunities
Higher turbine capacity to gain momentum in the global market

Click here to learn about the short and long term impact of COVID-19 on this market.

Please visit: https://www.fortunebusinessinsights.com/industry-reports/offshore-wind-power-market-100148

COVID-19 impact

The coronavirus pandemic has hampered the growth of many industries and markets, including the offshore wind market. The pandemic has led to a drop in energy use as many industries remain closed due to closures, curfews and social distancing standards. The pandemic has delayed projects and investments have also declined, inflicting a negative impact on the market. However, favorable government policies regarding wind power generation are expected to attract investment in the coming years. The reduction in the cost of wind power is also expected to propel market growth after the pandemic.

Segmentation-

On the basis of installation, the market is divided into floating structures and fixed structures. Based on water depth, the market is divided into above 30m and up to 30m. On the basis of capacity, the market is divided into Above 5MW, 3MW to 5MW and up to 3MW. Geographically, the market is classified into important countries; United Kingdom, China, Belgium, Denmark, Germany, Netherlands, United States, Sweden, Netherlands, Vietnam, Spain, South Korea, France, Japan, Ireland and rest of the world.

Report Cover-

  • The report offers quantitative and qualitative information on the prospecting market.
  • The report offers a detailed analysis of the growth rate and market size.
  • The report provides information on various segments of the global market such as water depth, facility, capacity, and geography.
  • The report also incorporates SWOT analysis and PESTLE analysis.

Drivers and constraints-

Increased investments to increase market growth

As the world has limited reserves of non-renewable energy sources, it has become crucial to adopt renewable energy sources. The evolution of energy and power generation through technology has opened up new avenues for the growth of the offshore wind energy industry. Several countries are developing favorable government rules and regulations that are expected to drive market growth. In addition, installation costs have decreased as the efficiency of offshore wind power units has improved with advanced technology. The increased investment in the sector will further stimulate the growth of the market.

However, the high maintenance costs are likely to hold back the growth of the offshore wind market.

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Regional Insights-

China will become the world leader

The UK currently holds the lion’s share of the global installed offshore wind energy market. China is expected to become a world leader due to upcoming projects and ongoing construction projects. China is said to have installed around 40% of the world’s offshore wind energy in 2018. The trend is expected to accelerate in the coming years and China is likely to hold the highest offshore wind energy market share. Countries like India, Japan, Taiwan, United States and Vietnam are some emerging countries in the world market.

Competitive landscape-

Strategic collaborations to provide lucrative growth opportunities

In the highly fragmented landscape of the offshore wind energy industry, major players are focusing on innovating product offerings and introducing products that bring more efficiency and result in low installation costs and of maintenance. The big players are adopting collaboration and partnerships in order to strengthen their position in the market. For example, Senvion SA collaborated with Renexia to install 30 MW offshore wind farms in the Italian Mediterranean Sea in March 2019.

Industry Developments-

  • July 2019: Vattenfall won a tender for the installation of an offshore wind farm without subsidy. Siemens Gamesa Renewable Energy has designed turbines with a nominal capacity of 10 MW, producing a total power of 760 MW.
  • March 2019: Royal Dutch Shell has collaborated with Van Oord and Eneco for two projects based in the Dutch part of the North Sea.

Quick Buy – Wind energy at sea Market research report: https://www.fortunebusinessinsights.com/checkout-page/100148

Main Table of Contents:

  • introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and assumptions
  • summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • Key ideas
    • Main emerging trends – for the main countries
    • Latest technological advances
    • Regulatory landscape
    • Porters Five Forces Analysis
    • Cost comparison analysis – by different components of the wind turbine
  • Global Offshore Wind (MW) Market Analysis, Information and Forecast, 2015-2026
    • Main conclusions
    • Market analysis, information and forecasts – by facilities
      • Fixed structure
      • Floating structure
    • Market Analysis, Information & Forecast – By Capacity
      • Up to 3 MW
      • 3 MW to 5 MW
      • Above 5 MW
    • Market Analysis, Information & Forecast – By Water Depth
    • Market analysis, information and forecasts – by region
      • we
      • UK
      • Germany
      • France
      • Spain
      • Sweden
      • Denmark
      • Netherlands
      • Ireland
    • 5.5.10. Belgium
    • 5.5.11. China
    • 5.5.12. Japan
    • 5.5.13. South Korea
    • 5.5.14. Vietnam
    • 5.5.15. Rest of the world
  • United States Offshore Wind Power Market (MW) Market Analysis, Outlook and Forecast, 2015-2026
    • Main conclusions
    • Market analysis, information and forecasts – by facilities
      • Fixed structure
      • Floating structure
    • Market Analysis, Information & Forecast – By Capacity

TOC Continued…!

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