Offshore Wind Energy Market to grow US$ 188.35 GW by end of 2027, Says Coherent Market Insights

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Nov 08, 2021, 13:30 ET

SEATTLE, Nov. 8, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global offshore wind energy market is estimated to account for 188.35 GW in terms of volume, witnessing a CAGR of 23.4% by the end of 2027.

Offshore Wind Energy is energy derived from the motion of the earth's crust that is converted into electricity through a turbine. When the wind is found on a specific area of the earth, such as on an offshore mountain range, it creates a dynamic force that is harnessed and turned into energy. Offshore wind turbines can be constructed anywhere that wind is available, unlike in coastal areas where the wind blows constantly and is stronger. Offshore Wind energy is an exciting new technology that has many supporters, however, some are opposed due to possible harm to the environment. Offshore Wind Energy is the deployment of offshore wind farms sited on remote bodies of water where the wind is found to be constant. Higher wind speeds occur offshore than on land, so the power generation of offshore wind farms is much higher per unit of generating capacity installed, and NIMBY resistance is usually weaker. Some offshore wind turbines can be constructed closer to shore, but these have a lower capacity, making them economically inefficient. In addition, the sails used to generate wind power are made out of aluminum foil that is easily damaged by ice, snow, and saltwater.

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Market Drivers

1. Increasing global investments in renewable energy are expected to drive growth of the global offshore wind market during the forecast period

Many countries are focused on renewable energy, which has increased the installation of offshore wind power generation projects. For instance, in February 2021, the South Korean Government entered into a US$ 43 billion deal to construct the world's largest offshore wind farm complex. Therefore, such factors are expected to drive growth of the global offshore wind market during the forecast period.

2. Favorable government policies in various countries are expected to propel the global offshore wind market growth over the forecast period

Developed economies in Europe are highly focused on replacing existing energy sources such as coal-based projects with renewable energy sources such as wind generators. Furthermore, there are stringent regulatory norms regarding carbon emission, which in turn, has increased the demand for wind generator. Hence, these factors are expected to propel the global offshore wind market growth in the near future.

Market Opportunity

1. Proactive initiatives by governments to reduce carbon emissions can present lucrative growth opportunities

Many government authorities are focused on reducing carbon emissions. This, in turn, has increased the adoption of various renewable energy projects such as solar power, offshore wind, and more. For instance, in September 2021, European Union installed 1.3 GW of new offshore wind capacity in the first half of 2021.

2. Floating foundation wind farms are providing access to better wind resources

Floating foundation wind farms is offshore wind turbine mounted on a floating structure that enables the turbine to generate electricity in water depths where fixed-foundation turbines are not feasible. There are certain advantages of floating foundation wind farms including installation in areas with more wind and deeper water anywhere in the world, the potential of the local supply chain, no environmental concerns regarding the shorelines, etc.

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Market Trends

1. Europe Trends

Among regions, Europe is expected to witness significant growth in the global offshore wind market during the forecast period. This is owing to growing focus of European countries to reduce the reliance on fossil fuels and increasing adoption of renewable energy. Furthermore, the aging and decommission of existing wind power plants is expected to boost the regional market growth in the near future.

2. North America Trends

North America is expected to register a lucrative growth rate, owing to rising government expenditure on the construction of offshore wind energy projects across the region. Furthermore, rising emphasis on using renewable energy and reducing the use of non-renewable energy sources such as natural gas and coal is expected to boost the North America offshore wind market growth in the near future.

Competitive section

Major players involved in the global offshore wind market are Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Equinor ASA, Northland Power Inc., Orsted AS, Suzlon Energy Limited, and Nordex SE.

Key companies are focused on product launches, in order to gain a competitive edge in the market. For instance, in September 2021, Siemens Gamesa Renewable Energy SA launched RecyclableBlade, the world's first wind turbine blade for commercial use that can be recycled at the end of its lifecycle.

Global Offshore Wind Market, By Region:

North America

By Country:

U.S.
Canada

Europe

By Country:

U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe

Asia Pacific

By Country:

China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific

Latin America

By Country:

Brazil
Mexico
Argentina
Rest of Latin America

Middle East & Africa

By Country:

GCC Countries
Israel
South Africa
Rest of Middle East & Africa

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Contact Us:

Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
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