Offshore Wind Market: Future Growth Opportunities By 2022

The offshore wind market is expected to grow at a CAGR of 15.32% from 2017 to 2022, to reach a market size of USD 55.11 billion by 2022. Major drivers of offshore wind includes increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment.

Market Ecosystem:

The offshore wind market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the offshore wind industry includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.), among others. These players are present across different places in the value chain.

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North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

With regard to the substructure segment, others segment which includes floating substructure, is expected to grow at the fastest pace during the forecast period from 2017 to 2022. This type of substructure allow the turbines to generate electricity in deep water location where bottom-mounted towers are not feasible. Countries like the U.S. and japan have favorable deep water location for the installation of turbines. Floating substructures would grow at a faster pace because they offer environmental benefits due to less construction activity required on the seabed and would be suitable for deep water locations.

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The report segments the offshore wind market by location into three categories, namely, shallow water, transitional water, and deep water. Deep water location is expected to grow at the fastest rate during the forecast period. As the offshore wind market is progressing over the years, the offshore wind farms are getting built further from the coast and in deeper waters. The offshore wind sector is developing larger turbines as the trend is moving towards deep water where the wind speed is high. This would help in optimization of wind connections and generate power efficiently. Although, the market for offshore wind in deep water location accounts less share compared to shallow water and transitional water. It is still expected to grow at a faster rate from 2017 to 2022. Companies like MHI Vestas (Denmark), A2Sea (Denmark), and Siemens AG (Germany), among others supply turbine and related components that can operate in a depth of 60 meters.