Offshore Wind Market Analysis, Size, Share, Growth and Trends by Forecast to 2023
Market Highlights
Offshore wind holds great potential in non-conventional electricity generation. The higher efficiency of the offshore wind farm is due to the steady offshore wind inputs as compared to land winds is resulting in the growth of offshore wind market. The main objective of offshore wind farm is to convert wind energy to electricity and propagate it as per requirement to the end user. These offshore wind farms are widely installed along continental shelves across oceans and seas.
Offshore wind market is classified based on their component as turbine, substructure, electrical infrastructure and others. The turbine component is expected to lead the offshore wind market. This is because it is comprised of the most vital components such as nacelle, rotor and blades, and tower, which support it to generate electricity. Also, the turbine accounts for the maximum share of capital investment needed to build an offshore farm. Global Offshore Wind Market is poised to grow over USD 49,741.0 million by 2023 at an estimated CAGR of 11.12% through the forecast period.
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Offshore Wind Global Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Offshore Wind appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, Technology and services. Vendors operating in the Offshore Wind Market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. They compete based on pricing, servicing and technology enhanced solutions. Offshore Wind market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
Key Players
The key players of global offshore wind market are General Electric (U.S.), Siemens (Germany), Vestas Wind Systems A/S (Denmark), Senvion SA (Luxembourg), Doosan Heavy Industries & Construction Co., Ltd (Korea), Suzlon Group (India), Dong Energy A/S (Denmark), EEW Group (Germany), ENERCON GmbH (Germany) and Goldwind Windenergy GmbH (China).
Offshore Wind Market - Regional Analysis
Expectations to the development of offshore wind are high, especially in Europe. The European Wind Energy Association (EWEA) expects a total capacity of between 19.5 and 27.8 GW by 2020 in Europe. European governments and the EU as a whole have supported wind projects with favourable incentives as part of their carbon emission reduction goals. Global offshore wind capacity was by end 2016 an estimated 14.1 GW, corresponding to 3.6% of total wind power capacity. The United Kingdom heads the field, with 46% of global installed capacity in 2015, followed by Germany (30%) and Denmark (11.5%). Offshore installations are expected to be up again in 2017, as well as in subsequent years, with much greater growth after 2020.
Industry/ Innovation/ Related News:
On 29th September 2017: Senvion SA launched its new products, the 3.7M144 EBC and 3.6M118 NES turbines, at the HUSUM Wind fair in Germany.
On 17 Jun 2016: Siemens and Gamesa, merged wind businesses to create a leading wind power player.
On 2015: GE completed acquisition of Alstom Power and Grid Businesses.
In 2015: Suzlon Group, one of the world’s leading wind turbine manufacturers, has signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE, a wholly owned subsidiary of the Suzlon Group.
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