The primary factors contributing to the growth of the — offshore wind power market include the growing government initiatives to decrease carbon footprint, the increasing energy demand, and the rising share of renewable energy in the power generation mix, and is highly cost-efficient as compared to the traditional turbines. In the past few years, the cost of offshore wind power has significantly dropped as compared to the onshore wind generation as the designs of offshore wind turbines were technically challenging, facing both aerodynamic and hydrodynamic loads. However, along with passing years, several changes have been made in turbine design. Through technical innovation, the turbine equipment manufacturers have been able to decrease the turbine cost and managed to decrease the total mass. Thus, the increasing growth in the capacity of the off-shore wind power turbines, upscaling of the wind turbine, and design improvement is further surging the growth of the offshore wind power market share in terms of revenue.
On the basis of the components, the turbine segment exhibits substantial growth potential and is projected to gain traction over the forecast period. The turbine comprises various components, including nacelle, tower, rotor, and blades, which helps in the generation of electricity. Furthermore, the increasing number of technological advancements in the turbine equipment, followed by the decline in the prices, are the two major factors that are propelling the demand of the segment in the global offshore wind turbine market.
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Based on the location, the deep water segment is anticipated to witness considerable growth in the next six years. The installation of wind power in lower depth is easier and decreases the capital expenditure cost. In addition to this, the emerging trend for deep water installation as a result of the rising investment across several countries in the floating offshore wind power projects, which are mostly installed in deeper locations.
On the basis of the region, the European region is expected to lead the global offshore wind power market in the next six years. This is attributed to the increasing generation of offshore wind power across European countries. Governments of the major economies are supporting various wind projects with favorable incentives as a part of carbon emission reduction goals. This factor will further pave the way for the growth of the global offshore wind turbine market. On the other hand, the Asia-Pacific region is anticipated to witness a higher CAGR during the forecast period owing to the increasing number of offshore windfarm installations in major countries, including China, Japan, India, and Korea.
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The key players of the offshore wind power market include EEW Group, General Electric Co, Sinovel Wind Group Co. Ltd, Siemens AG, ABB Ltd, Nexans SA, Dong Energy A/S, Equinor Energy AS, Vestas Wind Systems A/S, and MHI Vestas Offshore Wind, among others.
The research report on the offshore wind power market provides an in-depth analysis of the market revenue based on component, location, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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