Market Definition
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.
Market Outlook
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.
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.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
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.
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Major 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.
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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.
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