Offshore Wind Energy Market to Hit 23GW Installation Capacity by 2026: Global Market Insights, Inc.

Major offshore wind energy market players include Orsted, Northland Power, Inc., Vattenfall AB, Enercon, General Electric, Siemens Gamesa, Goldwind, MHI-Vestas, IMPSA, Nexans and Prysmian Group.

Global Offshore Wind Market growth predicted at 14.8% till 2026: GMI

According to the latest report "Offshore Wind Energy Market by Component (Turbine {Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW), Installation (Floating {Axis {Horizontal [Up-wind, Down-wind], Vertical (VAWTs)}, Component [Blades, Tower]}, Fixed {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Component [Blade, Tower]}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), Depth (>0 ≤ 30 m, >30 ≤ 50 m, > 50 m), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of offshore wind will cross $75 billion by 2026.

The offshore wind energy market will grow substantially on account of surging electricity demand, coupled with the ongoing transition toward clean energy technologies. The implementation of stringent emission mandates and regulations introduced by respective governments and policymakers toward the combustion of conventional fuels will further augment the market growth.

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Rising efforts toward increasing the overall system efficiency, along with surging installations of offshore wind projects, will propel the integration of advanced electrical components and infrastructure. High operational efficiency and ongoing digitalization are a few eminent factors stimulating product demand. In addition, high investor inclination toward the financing of utility scale projects will further influence the segment growth.

The global offshore wind energy market from >30 ≤ 50 m depth segment will witness over a 16% growth from 2020 to 2026. Ongoing saturation of nearshore sites, along with growing demand for high operational CUF for offshore projects, will drive the industry growth. Ongoing advancements in installation capabilities and availability of high wind speeds far from shore are prominent factors favoring the deployment of offshore platforms at higher depth levels.

Supportive regulatory framework and government policies and mandates, along with the rapidly declining process for wind turbines will boost the North America offshore wind energy market growth. North America, led by the U.S., is still considered as an emerging market for the offshore wind industry. As per the Department of Energy, the technical potential available across shallow water depths and the eastern seaboard may host 530 GW of wind energy and has the capability of covering over 40% of the country's current electricity generation capacity in the coming years.

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Table of Contents (ToC) of the report:

Chapter 3 Offshore Wind Energy Market Insights

3.1 Industry segmentation

3.2 Industry ecosystem analysis

3.2.1 Vendor matrix

3.3 Innovation & sustainability

3.3.1 Prysmian Group

3.3.2 Enercon

3.3.3 General Electric

3.3.4 Nordex Acciona

3.3.5 Nexans

3.3.6 Furukawa Electric

3.3.7 Goldwind

3.3.8 NKT

3.3.9 JDR Cable Systems Ltd.

3.4 Regulatory landscape

3.4.1 U.S. Renewable Electricity Production Tax Credit (PTC) Renewable Electricity Production Tax Credit (PTC) rebate amount Renewable Portfolio Standard (RPS)

3.4.2 Europe European Union member states 2020 wind energy capacity targets (MW) France multi-annual energy program renewable targets

3.4.3 UK

3.4.4 Germany

3.4.5 China National offshore wind power development layout under the 13th Five-Year Plan by 2020 (in million kilowatts) Feed-In Tariff (FIT) levels for wind energy (USD/kwh)

3.5 Global energy investment scenario (2019)

3.5.1 Major asset finance deals in renewable energy, 2019

3.6 New renewable energy investment, by economy

3.7 Major offshore wind energy project landscape

3.7.1 U.S.

3.7.2 Germany

3.7.3 UK

3.7.4 Italy

3.7.5 Netherlands

3.7.6 France

3.7.7 Denmark

3.7.8 Belgium

3.7.9 Japan

3.7.10 China

3.7.11 South Korea

3.7.12 Taiwan

3.8 Offshore wind technical potential outlook

3.8.1 Brazil

3.8.2 India

3.8.3 Morocco

3.8.4 Philippines

3.8.5 South Africa

3.8.6 Sri Lanka

3.8.7 Turkey

3.8.8 Vietnam

3.8.9 U.S.

3.9 Key customer requirements

3.10 Entry barrier

3.11 Price trend analysis

3.11.1 Installation

3.11.2 Turbine

3.11.3 Regional

3.12 Comparative analysis

3.13 Industry impact forces

3.13.1 Growth drivers

3.13.2 Industry pitfall & challenges

3.14 Growth potential analysis

3.15 Porter's analysis

3.15.1 Bargaining power of suppliers

3.15.2 Bargaining power of buyers

3.15.3 Threat of new entrants

3.15.4 Threat of substitutes

3.16 Competitive landscape, 2019

3.16.1 Strategy dashboard Prysmian Group Northland Power Inc. Siemens AG MHI Vestas Offshore Wind General Electric Prysmian Group Nexans NKT JDR Cable

3.16.2 Company market share, 2019 Europe wind turbine manufacturers, 2019 Europe Wind farm developers/owners, 2019 Europe Inter-Array & Export Cable, 2019 Global market player asset portfolio in the offshore wind industry, 2019

3.16.3 Technology landscape HAWT & VAWT

3.17 PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Source: Global Market Insights, Inc.


Categories: Alternative Energy

Tags: Electrical Infrastructure, Offshore Wind Energy Market, Offshore Wind Market, Support Structure, Turbine

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Arun Hegde
Arun Hegde
Corporate Sales, USA, Global Market Insights, Inc.
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