Offshore Wind Energy Market Size [2022-2028] To Reach USD 60.9 Billion at a CAGR of 11.8% | Industry Trends, Share, And Growth Analysis | Vantage Market Research
WASHINGTON, May 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Offshore Wind Energy Market finds that increasing global investments in renewable energy and rapidly expanding government commitments and technological progress, are factors that influence the growth of the Offshore Wind Energy Market. Additionally, increasing demand for smart cities, in addition to increasing the use of electronic products, in turn increasing the demand for electricity across the globe is further propelling the market growth.
The total Global Offshore Wind Energy Market is estimated to reach USD 60.9 Billion by 2028 and the Market is forecasted to grow exhibiting a compound annual growth rate (CAGR) of 11.8%, states Vantage Market Research, in a report, titled “Offshore Wind Energy Market Size, Share & Trends Analysis Report by Component (Turbines, Electrical Infrastructure, Substructure, Others), by Location (Shallow Water, Transitional Water, Deep Water), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The Global Market revenue value stood at USD 31.2 Billion in the year 2021.
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Market Dynamics:
Drivers:
Increasing Technological Advancements and Capacity
When first the offshore wind energy farms were introduced to the world, the capacity used to be 3MW. With the help of advancement of components at that time, it was the best capacity cultivated from the offshore wind energy farms. With the help of technological advancements in the components of offshore wind energy farms, including wind turbines, substructures, and other essential components, the capacity of offshore wind farms increased from 3MW to 5 MW. Nowadays, deep water locations, technological advancements, and abundant availability of wind resources, are some of the factors, which enable a wind farm to generate more energy which goes beyond 5MW. Thus, increasing capacity and technological advancements. It is further anticipated to drive the market growth in the forecast period.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Offshore Wind Energy market is predicted to grow at a CAGR of roughly 11.8% during the forecast period.
- The Offshore Wind Energy market was estimated to be worth roughly USD 31.2 Billion in 2021 and is expected to reach USD 60.9 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Offshore Wind Energy market.
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Segmentation of the Global Offshore Wind Energy Market:
- Component
- Turbines
- Electrical Infrastructure
- Substructure
- Others
- Location
- Shallow Water
- Transitional Water
- Deep Water
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing Demand to Battle Climate Change from Emerging Economies
The developing, emerging, and under-developed countries or economies are late adopters when it comes to innovation and technology regarding climate change strategies. Rapid industrialization and urbanization have increased the demand for highly efficient, cost-effective, and time-efficient climate change strategies, which has compelled manufacturers to shift their focus on the modernization of equipment, energy efficiency, and minimizing greenhouse gas emissions. Increasing government subsidies in developing countries such as India have led to resurgent investments in the renewable energy sector, especially in the wind energy farm sector. Emerging economies, governments in the emerging countries, and renewable sectors are some of the sectors where climate change is taken seriously and steps are being taken to tackle climate change and contain greenhouse gas emissions, driving the global offshore wind energy market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Offshore Wind Energy Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Holds Maximum Market Share
Europe is expected to dominate the growth of Offshore Wind Energy Market in 2021. The major driving factors for the market are, presence of major player in the region Siemens (Germany), Nordex SE (Germany), Vestas (Denmark), and ABB (Switzerland). Additionally, pioneer in offshore wind technology and offshore wind farm development is further, contributing to the market growth.
List of Prominent Players in the Offshore Wind Energy Market:
- General Electric (US)
- Vestas (Denmark)
- Siemens Gamesa (Spain)
- Gold wind (China)
- Shanghai Electric Wind Power Equipment Co. (China)
- ABB (Switzerland)
- Doosan Heavy Industries and Construction (South Korea)
- Hitachi (Japan)
- Nordex SE (Germany)
- EEW (Germany)
- Nexans (France)
- DEME (Belgium)
- Ming Yang Smart Energy Group Co (China)
- Envision (China)
- Rockwell Automation (US)
- Hyundai Motor Group (South Korea)
- Schneider Electric (France)
- Zhejiang Windey Co. (China)
- Taiyuan Heavy Industry Co. (China)
- Sinovel (China)
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Offshore Wind Energy Market Size, Share & Trends Analysis Report by Component (Turbines, Electrical Infrastructure, Substructure, Others), by Location (Shallow Water, Transitional Water, Deep Water), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/offshore-wind-energy-market-557366
Recent Developments:
May 2021: GE Renewable Energy announced that it has finalized the Turbine Supply and Service and Warranty contracts for the third and final phases of the Dogger Bank offshore wind farm.
May 2021: Siemens Gamesa has been confirmed as a preferred supplier for full 1,044 MW Hai Long offshore (in Taiwan) wind projects.
May 2020: Siemens Gamesa launched SG 14-222 DD offshore wind turbine with nameplate capacity of 14 MW which can reach 15 MW with Power Boost. Its 222-meter rotor diameter uses massive 108-meter long B108 blades.
October 2020: MHI Vestas Offshore Wind has been selected as the preferred wind turbine supplier for the Eol Med floating project and contracted to supply three V164-10.0 MW turbines.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Offshore Wind Energy Market?
- How will the Offshore Wind Energy Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Offshore Wind Energy Market?
- What is the Offshore Wind Energy market drivers and restrictions?
- What will be the CAGR and size of the Offshore Wind Energy Market throughout the forecast period?
This market titled “Offshore Wind Energy Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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