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Offshore Wind Market Highlights
The Offshore Wind Market 2020 could possibly reach a solid valuation of USD 59.94 Billion by 2025, evaluates Market Research Future (MRFR). MRFR says that the market can expect to advance at a rate of 15.34% from 2019 to 2025 (appraisal period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
COVID-19 Analysis
The COVID-19 outbreak has led to a collapse in supply chains, decline in workforces due to lockdowns imposed, and financial crunches that have boosted the chances of offshore wind projects missing their deadlines. The pandemic has also resulted in business interruption claims piling up, curbing the delivery of materials required for construction and operations. SARS-CoV-2 can also prove to be challenging for offshore wind market players to secure financing.
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However, with governments making the existing policies more flexible, the economic crisis induced by the pandemic can come down to some extent. Further, the Environmental Protection Agency/EPA is implementing supportive initiatives to diffuse the impact of COVID-19, which includes joining hands with disinfectant manufacturers to facilitate the review processes and also bring in products to the market. These types of efforts can inevitably led to reordering of workforce in the offshore wind market.
Top Boosters and Main Challenges
Volatile electricity prices along with the increasing space constraints with respect to solar energy and the affordable costs of construction and installation of offshore wind technology can result in industry expansion. Optimistic market outlook in line with the integration of large-scale turbines along with product quality and efficiencies, progressing blade size and foundation techniques also bolsters the penetration of offshore wind technology. The worldwide market also benefits from the increasing spending on the development of technologically advanced manufacturing facilities and the mounting energy demand across emerging countries.
The market dynamics are being positively shaped by the surging modernization of the existing power generation technologies with reduction in the use of fossil fuels that emanate carbon emissions. Favorable regulations and standards pertaining to renewable energy sources and the efforts being put to leverage sustainable energy also foster market growth. The limited land availability, lesser need for human interventions and the low maintenance needed also help enhance the product demand.
Renowned companies in the worldwide market for offshore wind like Siemens Gamesa Renewable Energy, General Electric, Doosan Heavy Industries & Construction, MHI Vestas offshore wind and SA are actively entering agreements and signing contracts with other vendors to supply offshore winds. To cite a reference, Seagreen Wind Energy Ltd has completed a turbine supply agreement with MHI Vestas Offshore Wind for close to 114 turbines for the biggest offshore wind farm in Scotland. This will be called Seagreen project and is expected to be Scotland’s largest renewable energy source after being completed.
Market Segmentation
The offshore wind industry can be considered for components and location.
The market categories, depending on components, include tower, nacelle, turbine, electrical infrastructure, blades, and more. The highest gain in the market can be of the turbine segment, since in recent years, the energy generation has become extremely powerful with the emergence of modern turbine models that have bigger blade lengths. This way, more wind is utilized, more energy is generated and the overall cost comes significantly down.
Location-wise, the market sections can be transitional water, deep water and shallow water. At present, the leading segment belongs to the shallow water location, while the transitional water location can attain the fastest expansion rate of 10.86% between 2019 and 2025. The projects conducted in shallow water are generally lower priced given the ideal weather conditions.
Regional Insight
The offshore wind market can be regionally dissected into Europe, APAC/Asia Pacific as well as North America.
Europe controls the largest portion of the global market, with North America being the second leading region. The market outlook in the UK is quite favorable, as a result of the number of energy security policies and initiatives, supportive government regulations and de-carbonization reforms. The high consumer awareness regarding the environment and the increasing expenditure by leading contenders on the exploration of the offshore wind energy potential also promotes substantial market growth across the region.
The North American market for offshore wind energy can emerge quite strong in the near future, on account of the massive investments going into the expansion of the offshore supply chain combined with the exploration activities of untapped sites. The favorable financial outlook along with the de-carbonization standards imposed by the government also encourages the business growth within the region.
Leading Companies
Some of the leading companies in the market include General Electric (US), Ørsted A/S (Denmark), Dong Energy A/S (Denmark), Suzlon energy Limited (India), EEW GROUP (Germany), MHI Vestas Offshore Wind (Denmark), Siemens Gamesa Renewable Energy, SA (Germany), ABB (Switzerland), ENERCON GmbH (Germany), Senvion SA (Luxembourg), Engie (France), Doosan Heavy Industries & Construction (South Korea), Goldwind Wind Energy GmbH (China), to mention a few.
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