The Offshore Wind market size was approximately USD 36.2 Billion in 2023 and is anticipated to reach over USD 132.8 Billion by 2033, growing at a rate of nearly 14.5% from 2024 to 2033.
Offshore wind is a type of wind energy that is harvested from wind turbines that are built in bodies of water, such as oceans, lakes, and rivers. The main benefit of offshore wind farms is that they can generate large amounts of electricity without taking up much land space. In addition, offshore winds tend to be stronger and more consistent than onshore winds, making them a more reliable source of energy.
Key Trends
Offshore wind technology has seen dramatic improvements in the last few years. The key trends are:
- Turbine Size: Turbines are getting larger and more powerful. The average turbine size has increased from 2 MW in 2010 to over 4 MW in 2021. This trend is expected to continue as manufacturers continue to push the limits of turbine size and power output.
- Turbine Efficiency: Turbines are becoming more efficient as manufacturers continue to improve design and technology. The average turbine efficiency has increased from 33% in 2010 to over 40% in 2021. This trend is expected to continue as manufacturers strive to improve turbine efficiency.
- Cost: The cost of offshore wind energy has fallen dramatically in recent years. The levelized cost of energy (LCOE) has fallen from $180/MWh in 2010 to $80/MWh in 2021. This trend is expected to continue as the industry scales up and becomes more efficient.
Unlock Growth Potential in Your Industry – Get Your Sample Report Now@https://www.globalinsightservices.com/request-sample/GIS20301
Key Drivers
The key drivers of this market are the increasing demand for renewable energy, the declining cost of offshore wind technology, and the need to diversify energy sources.
The demand for renewable energy is increasing due to the growing awareness of the negative impacts of fossil fuels on the environment. The use of renewable energy is seen as a way to reduce greenhouse gas emissions and combat climate change. The Paris Agreement, which was signed by nearly 200 countries in 2015, calls for a transition to renewable energy in order to keep global temperature rise below 2 degrees Celsius.
The cost of offshore wind technology has declined significantly in recent years, making it more economically viable. The cost of offshore wind turbines has fallen by 50% since 2010, and the cost of offshore wind energy is now comparable to the cost of other forms of energy such as natural gas and coal.
The need to diversify energy sources is another key driver of the offshore wind market. Countries are looking to reduce their dependence on fossil fuels and move towards cleaner energy sources. This is especially true for countries that are heavily reliant on imported fossil fuels, as they are vulnerable to price fluctuations.
Restraints & Challenges
The key restraints and challenges in the offshore wind market are the high cost of installation and the lack of experience in operating these systems. Additionally, the offshore environment is more challenging and unpredictable than onshore, which can lead to higher maintenance costs. There is also the challenge of developing new technologies to reduce the cost of offshore wind energy.
Unlock Insights: Request Your Customizable Report Today@https://www.globalinsightservices.com/request-customization/GIS20301
Market Segments
The Offshore Wind market has been segmented into component, technology, location, project type, end-user, and region. Based on components, the Offshore Wind market has been segmented into turbines, electrical infrastructure, substructures, and others. Based on component, the Turbines segment accounted for nearly two-fifths of the Offshore Wind market share in 2022, and the Substructure segment is expected to be the fastest-growing segment during the forecast period. Based on technology, it is bifurcated into horizontal-axis wind turbines (HAWTs), vertical-axis wind turbines (VAWTs), diffuser-augmented wind turbines (DAWTs), vortex bladeless technology, and others. Based on Technology, the Horizontal-Axis Wind Turbines (HAWTs) segment captured the majority of the Offshore Wind market share in 2022. Based on the location, it is segmented into shallow, transitional, and deep water Installation. On the basis of the project type, the market is segmented into fixed and floating. Based on the project type, the fixed segment gained the majority of the Offshore Wind market revenue in 2022, and the floating segment is expected to be the fastest-growing segment during the forecast period. On the basis of the end-user, the market is segmented into industrial, commercial, and residential. Based on the End-user, the industrial segment held the largest Offshore Wind market size in 2022. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and the Rest of the World (ROW). In 2022, Europe accounted for the largest market share in the Offshore Wind market.
Key Players
The Offshore Wind market report includes players such as ABB Ltd., DEME Group, Doosan Heavy Industries & Construction Co. Ltd., General Electric Company, Hitachi Ltd., Nordex SE, Siemens Gamesa Renewable Energy SA, Rockwell Automation, Inc., Vestas Wind Systems A/S, Envision, and others. These players adopted product approval, acquisition, product launch, partnership, and expansion to increase market share.
Offshore Wind Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Offshore Wind Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of the Offshore Wind Market in terms of value (USD Million) and cumulative capacity (MW).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Offshore Wind Industry.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- Analytical depiction of the Offshore Wind Market along with the current trends and future estimations to depict imminent investment pockets. The overall Offshore Wind industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, average cost trend analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Offshore Wind Market are also analyzed.
- The report also covers market share analysis of offshore wind turbine manufacturers for operating projects as well as announced projects and 2-3 case studies related to the market.
Drive Your Growth Strategy: Purchase the Report for Key Insights@https://www.globalinsightservices.com/checkout/single_user/GIS20301
Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
With Global Insight Services, you receive:
10-year forecast to help you make strategic decisions
- In-depth segmentation which can be customized as per your requirements
- Free consultation with lead analyst of the report
- Infographic excel data pack, easy to analyze big data
- Robust and transparent research methodology
- Unmatched data quality and after sales service
Contact Us:
Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: [email protected]
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/
About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.