The market is expected to generate an incremental $ opportunity of US$ 55,688.1 Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : November 2022 ID: CVC-00545 Format: PDF Pages: 300
Offshore Wind Power Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Offshore Wind Power Market grew at a CAGR of 10.7% between 2017-2021 and is estimated to be US$ 28,654.7 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 11.4% and is expected to reach a valuation of US$ 84,342.8 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for dependable and continuous power supply from end-use industries such as industrial, telecom, data centers, and maritime.
Market Dynamic
GROWING INVESTMENT IN RENEWABLE ENERGY WILL DRIVE MARKET
Various governments have made numerous initiatives to reduce carbon emissions, reduce dependence on fossil fuels, and support green energy. Different multinational companies are taking initiatives to reduce their carbon footprint to contribute to a greener planet and sustainability.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
Offshore wind farms have taken advantage of favorable wind conditions, but several challenges have faced them. One of the main problems is the relatively high cost compared with traditional generation technologies, such as coal, natural gas, and nuclear. Another challenge is the large offshore wind farms, leading to high transportation costs and congestion at loading ports. Finally, offshore wind turbines are susceptible to erosion since they operate in harsh marine environments.
THE RISE IN INVESTMENT FROM VARIOUS GOVERNMENTS IN PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
In the upcoming years, there are expected to be a lot of opportunities for adopting Offshore Wind Power systems due to the worldwide increase in rural electrification projects; Renewable energy demand will continue to rise, owing to the falling technology costs and the increasing need to reduce CO2 emissions. Renewables are expected to provide 25% of worldwide energy generation by 2050.
COVID-19 Impact
The global economic slowdown due to the COVID-19 pandemic has put the wind power industry’s resilience and flexibility to the test. The pandemic continues to wreak havoc on the supply chain of the wind power industry. Europe is one of the main markets for offshore wind energy, and it is also one of the most heavily impacted by COVID-19, which has slowed the continued expansion owing to project delays.
Because of the interruptions to European and global trade, the projects under construction were delayed, resulting in higher CAPEX for such tasks. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Component :
By Location :
By Region and Country:
Segment-Wise Analysis
Why are Turbines projected to ensure the most revenue during the forecast period?
At 55.0% of the market, Turbines had the greatest revenue share. For increasing output and decreasing installation costs, offshore wind turbines are more beneficial. The manufacturer can use many rotors for one turbine, which is useful for a large number of this type of structure. Larger blades allow to increase power generation, but it also requires highly specialized vehicles to transport these components. Batteries that store energy from the wind helps prevent transportation during night time and allows better performance of turbines at night.
What location for Installation has the highest market?
In 2021, Monopile foundations will be used for depths up to 30 meters and are the most cost-efficient way to build a trench. Conventional steel jacket structures can accommodate water depths of more than 80 meters, but their construction costs can be relatively high and installation time-consuming compared with tripod pile foundations.
Region-Wise Analysis
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Competition Analysis
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market. Diversification is a strategy used when an organization wants to increase their overall sales with various products. This helps attract more customers, thus increasing profits.
Some of the key developments that have taken place in the Offshore Wind Power Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
Research Scope | Details |
Forecast period | 2022-2032 |
Historical data available for | 2017-2021 |
Market analysis | USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032 |
Key regions covered | North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa |
Key countries covered | US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt |
Key segments covered | By Components, Location, and Region |
Customization scope | Available upon Request |
Pricing and purchase options | Available upon Request |