Global Offshore Wind Energy Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Offshore Wind Energy Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Wind energy is characterized by its use of airflow for the production of mechanical power or electricity - making it a free, non-polluting renewable resource. A wind farm consists of several hundred wind turbines, generally grouped together into a single wind power plant. The wind power industry is comprised of two segments: onshore and offshore wind farms. Offshore wind, wind farms located in bodies of water, are considered to be steadier and stronger in comparison to onshore wind, located inland. However, its construction and maintenance costs are considerably higher than the latter.

Market Overview:

The latest research study on the global Offshore Wind Energy market finds that the global Offshore Wind Energy market reached a value of USD 12437.51 million in 2022. It’s expected that the market will achieve USD 82163.03 million by 2028, exhibiting a CAGR of 36.98% during the forecast period.

Impact of COVID 19

The COVID- 19 pandemic has slowed down the overall market expansion. The global economic slowdown due to the COVID-19 pandemic has put the offshore wind energy industrys resilience and flexibility to the test. The pandemic continues to wreak havoc on the supply chain of the offshore wind energy industry. The production and supply chain delays were also witnessed during the COVID-19 which poised a challenge to the offshore wind energy market. Europe is one of the main markets for offshore wind energy, and it is also one of the most heavily impacted by COVID-19, which has slowed the continued expansion owing to project delays. Because of the interruptions to European and global trade, the projects under construction were delayed, resulting in higher CAPEX for such projects.

Increasing investments in the development of offshore wind energy infrastructure will propel the market demand

Rising investments in the development of deep seas offshore wind energy projects along with the rapid technological advancements is set to augment the business landscape. The integration of renewable energy sources along with the increasing utilization of clean energy will drive the industry growth. In addition, the private & public expenditure for the development & expansion of utility-scale projects coupled with ongoing identification of the potential sites for offshore wind projects will provide a momentum to the overall industry expansion. Surging investments toward the development of sustainable energy platforms including fixed and floating offshore wind projects will fuel the technology adoption. Low maintenance, reduced manpower requirement, and minimal land footprint are some of the prominent factors impelling the market share. Moreover, the robust R&D initiatives focused on enhancing the capacity utilization factor for energy generation in an economical & efficient manner will positively encourage the market dynamics.

The offshore wind energy industry is difficult to operate

Due to the numerous departments involved in the offshore wind energy industry, the offshore wind energy industry is subject to multi-management. At present, the approval speed of offshore wind energy projects is slow, the operation is difficult, and the low administrative efficiency will hinder the development of the industry. On the one hand, offshore wind energy development involves multiple management departments, such as maritime affairs, environmental protection, land resources, water conservancy, and other departments. There are differences in the recognition of offshore wind energy development among various departments, and the implementation of management standards and methods by relevant local functional departments is also different. Inconsistencies and overlapping of functions have appeared from time to time, which has caused the work cycle of offshore wind energy projects from the preliminary approval to the subsequent maintenance and operation to be lengthened, which greatly reduces the efficiency of the project.

Region Overview:

From 2022-2027, Asia-Pacific is estimated to witness robust growth prospects.

Company Overview:

Siemens Gamesa is one of the major players operating in the Offshore Wind Energy market, holding a share of 35.74% in 2021.

Siemens Gamesa

Siemens Gamesa supplies wind turbines and power solutions to customers. The company is a global leader in the renewable energy industry specifically in the development, installation, maintenance, and manufacturing of wind turbines. Siemens Gamesa's vision is to be the global leader in the renewable energy industry driving the transition towards a sustainable world. As the worlds only company operating at a global scale across the entire wind spectrum onshore, offshore and services Siemens Gamesa is well positioned to unlock the full potential of wind.

Shanghai Electric

Shanghai Electric Group is a world-class integrated high-end equipment manufacturer, focusing on smart energy, intelligent manufacturing and smart infrastructure, providing industrial-grade green and intelligent system solutions for customers. Shanghai Electric has a global presence in new energy, integrated energy, environmental protection, medical devices and industrial automation sectors.

Segmentation Overview:

As for product types, the 3-5 MW segment held the largest market share in 2021.

Application Overview:

By application, the Shallow Water segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Offshore Wind Energy market covered in Chapter 3:

Siemens Gamesa
Ming Yang Wind Power
Shanghai Electric
Envision Group
CSSC Haizhuang
Vestas
Goldwind
GE Renewable Energy
Sinovel
XEMC

In Chapter 4 and Chapter 14.2, on the basis of types, the Offshore Wind Energy market from 2018 to 2029 is primarily split into:

Below 3 MW
3-5 MW
5 MW and Above

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Offshore Wind Energy market from 2018 to 2029 covers:

Shallow Water
Deep Water

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)