Offshore Wind Energy Market Size to Surpass USD 129 Bn by 2030

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Tokyo, May 05, 2022 (GLOBE NEWSWIRE) — The global offshore wind energy market was estimated at USD 27.33 billion in 2021. An increasing demand for renewable energy sources across the world have led to an increase in the demand for offshore wind energy market. Lucrative opportunities will be provided to all the developing nations do to this project in the coming five years.

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European countries have a larger market for this technology as the government is focusing on renewable energy sources for the production of electricity. Almost 2/3 of the world’s total offshore wind power capacity was installed in United Kingdom and Germany 2016 but as of 2022, China is rapidly expanding their offshore wind power capacity. Even though the installation cost of the offshore wind turbines is huge, it is a better source of power generation than that on land and they last a good 20 years. There are other disadvantages of the turbines that are installed on a fixed. Foundation which killed a lot of birds, and it is not environment friendly It also affects the flora and fauna of the water-bodies.

Report Scope Details
Market Size in 2021 USD 27.33 Billion
CAGR 18.82% from 2022 to 2030
Revenue Forecast by 2028 USD 91.37 Billion
Base Year 2021
Forecast Data 2022 to 2030
Companies Covered Siemens Gamesa, Prysmian Group, Nexans, Sumitomo Electric, General Electric, Enessere, LS Cable & System, Vestas, Goldwind, Nordex, Global Energy (Group), Senvion, RTS Wind, Vattenfall, ENVISION Group, NSW Cable, Clipper Windpower, Enercon, JDR Cable, Zhejiang Windey

Regional Snapshot

In various countries, the growth of the offshore wind energy market has slowed down due to the COVID-19 Pandemic. All the important operations had come to a halt owing to major setbacks in production and supply chains. As of 2022, China has surpassed UK and Germany in terms of the offshore wind power capacity. A Chinese manufacturer of wind turbines holds the record for having the biggest wind turbine in the world.

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Report Highlights

  • Depending on the component type the turbines structure has dominated the offshore wind market. In order to prevent the corrosion of its blades new methods of prevention are coming in play a Norwegian company is working on the same.
  • Depending on the depth of the water bodies the shallow water foundations are booming due to easy installation and low cost of maintenance

Market Dynamics

Drivers

Nations across the globe are adopting policies for usage of renewable energy sources so this happens to be the major driver for the offshore wind energy market. There has been a drastic change in the green energy options in order to cut-down the carbon footprints various corporates and other sectors are finding this option lucrative Equinor is focusing on cutting down its carbon emissions to almost half by the year 2050. Off-shore winds are faster as compared to that on land and therefore generate more power ,also the wind are steady and hence there is constant production which means it is a reliable source for energy generation. They will create jobs in the future with the successful adoption of this technology and also eliminate all the environmental pollutants.

Restraints

The equipment and the foundation laid offshore involve high cost and also involve logistic issues due to the location of installation. Also the maintenance cost will be high and corrosion of the turbines can’t be ruled out. Solving even the smallest issues in the wind turbines becomes very difficult during the bad weather. Hurricanes or storms can damage the wind turbines, the underwater cables that transfer electricity back to land are highly expensive to produce and install.

Opportunities

Recent initiatives by the various governments to adopt renewable energy sources on the rise and this happen to the best opportunity governments are focusing on green options forthe reduction of carbon footprints. The international Renewable Energy Agency states there must be a rise of upto 86% in the green energy sources by the year 2050. The size of the blades can be huge as it has a large area for expansion over the water leading to an increased output.

Challenges

The pandemic COVID 19 has adversely affected the market and the installation and the supply chain wee affected. Due to which the desired output was not achieved. Since there were interruptions in the global trade the expansion of the market has slowed down. The turbines or the infrastructure has a negative impact on the wildlife, flora and fauna of the water and it poses a threat to birds flying over the water body safety of the employees is compromised when working on the offshore sites operators’ safety is also a concern for the R&D team. Currently the shallow water bodies are used for installation but in future the deeper waters will be used and the innovation and technology for the foundation to install the turbines must be apt for the same.

Related Reports

Recent Developments

The installation of 107 monopile foundation is likely to start in 2023. The contract was signed in the year 2021 by OrstedA/S and Jan De Nul Group. Another contract for 100 turbines will be deployed for a project; the contract was signed in April 2021 by Siemens Gamesa Renewable Energy. A multi turbine technology is under development by Norwegian company which will generate five times the energy as compared to the turbines that are presently used. The design is that of a square grid with about 100 small blades. All of this is supported by a floating Platform.

Market Segmentation

By Components

  • Turbines
    • Rating
      • ≤ 2 MW
      • > 2 to ≤ 5 MW
      • > 5 to ≤ 8 MW
      • > 8 to ≤ 10 MW
      • > 10 to ≤ 12 MW
      • > 12 MW
    • Installation
      • Floating
        • Axis
        • Component
      • Fixed
        • Axis
        • Component
  • Electrical infrastructure
    • Wires & cables
    • Substation
    • Others
  • Support Structure
    • Substructure (steel)
    • Foundation
      • Monopile
      • Jacket
    • Others

By Location

  • Shallow Water
  • Transitional Water
  • Deep Water

By Depth

  • 0 to ≤ 30 m
  • 30 to ≤ 50 m
  • 50 m

By Capacity

  • Up to 3MW
  • 3MW to 5MW
  • Above 5MW

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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