Offshore Wind Market: Current Analysis and Forecast (2021-2027)

Wind power is one of the fastest-growing renewable energy technologies and owing to the decrease in the cost of wind power technology had positively influence its usage of wind power worldwide. According International Renewable Energy Agency, global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018. In addition, production of wind electricity doubled between 2009 and 2013, and in 2016 wind energy accounted for 16% of the electricity generated by renewables in which offshore wind power offers tremendous potential. In 2020, record growth was driven by a surge of installations in China and the US-the world's two largest wind power markets-who together installed nearly 75 per cent of the new installations in 2020 and account for over half of the world's total wind power capacity. However, offshore wind power plants need to install at higher rate by 2050 in order to stay on a net zero pathway and avoid the worst impacts of climate change.

Based on Type, the market is bifurcated into fixed structure, floating structure. Currently, floating structure expected to captured considerable market share. It is mainly owing to a rising scope for relishing the projects in deep water, where the high wind speed creates a much favorable environment for operation, thereby driving the offshore wind energy market.

Based on Component, the market is segmented into turbines, electrical infrastructure, substructure and others. The turbine segment holds extensive share in offshore wind market. The turbine segment is further classified into-nacelle, rotors and blades, and tower. Turbines are placed on the tower and is mainly responsible for harnessing the wind energy to produce power.

Based on location, the market is segmented shallow water, transitional water and deep water. Shallow water holds significant share in the offshore wind market and expected to have influential growth rate in the forecasted period as well. As shallow water is comparatively easier in, the establishment of electrical infrastructure while setting up a wind turbine. Due to comparatively less wind speed available in shallow water, the turbines with less MW capacity are installed in this region.

For a better understanding of the market adoption of offshore wind , the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. Europe constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 predominantly because of surging offshore wind technology adoption and offshore wind farm development in the region.

Some of the major players operating in the market include Siemens Gamesa Renewable Energy, ABB, Xinjiang, Goldwind Science & Technology Co. Ltd (Goldwind), Orsted A/S, E.ON SE, General Electric, Vestas, Doosan Heavy Industries and Construction, DEME and Envision.