Offshore Wind Power Market Size Will Reach USD 137

TOKYO, Sept. 13, 2022 (GLOBE NEWSWIRE) — TOKYO, September 142022 (GLOBE NEWSWIRE) – The Global Hydrogen Energy Storage Market taken into account USD 14,415 millioniliumnot in 2020 and is expected to reach USD 23,103 millioniliumnot by 2028 with a considerable number 6.3% CAGR during the forecast period from 2021 to 2028.

Key Highlights of the Offshore Wind Power Market Report

• The value of the global offshore wind energy market was USD 29 billion in 2021 and is expected to grow at a CAGR of 19% from 2022 to 2030

• The European offshore wind energy market has occupied more than 40% market share in the coming years

• According to the US Department of Energy, a record 16,836 megawatts (MW) of wind capacity was installed in the US in 2020.

• Asia-Pacific Offshore Wind Power Market to Grow at Fastest CAGR during the forecast period 2022 to 2030

• Among water depth, up to 30m occupied more than 70% of the total market share in 2021

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Report cover:

Offshore wind is the installation of wind turbines at sea or in the oceans. This technology uses wind turbines in seawater to generate electricity from wind power, which is then transmitted to the mainland via cables. Additionally, it is one of many renewable energy options with the prospect of expanding energy sources and increasing efforts to reduce greenhouse gas emissions. Due to its faster and more reliable wind speeds, offshore wind is more efficient than onshore wind. Also, it includes both coastal and deep water areas, such as lakes, fjords, and sheltered coastal areas. In addition, global offshore wind power capacity was 35.3 gigatonnes (GW) in 2020, representing 4.8% of total global cumulative wind capacity.

Offshore Wind Power Market Dynamics

The rising popularity of renewable energy sources in power generation is expected to fuel the growth of the offshore wind power market, which is expected to grow over the forecast period as it meets global electricity needs and has the capacity to produce more energy in the ocean. Among renewable energy sources, offshore wind power is the second largest electricity producer. For example, the United Kingdom (UK) target in 2020 was for 15% of final energy consumption to come from renewable sources. Additionally, offshore wind is stable and more powerful than onshore wind and can generate 14 to 15 megawatts of electricity (MW). For example, the National Renewable Energy Laboratory has recorded that the technical resource potential for offshore wind in the United States will exceed 2,000 GW by 2020.

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Segmentation of the offshore wind energy market

The offshore wind market is divided into three segments: installation, water depth and regions. The installation segment is divided into two sections: fixed structure and floating structure. The water depth segment is divided into two sections: up to 30 m and above 30 m. North America, Europe, Latin America, Asia-Pacific, Middle East and Africa are the regional industry categorizations of the Offshore Wind Power Market.

Fixed offshore structure conquers the segment with notable shares in 2021

The fixed offshore structures segment is valued for the majority of the market in 2021 and is expected to grow over the forecast period owing to cost productivity and ease of use. The global expansion of fixed offshore structures includes a wide range of geotechnical conditions that must be incorporated into the design and installation scheme while taking into account various regulatory constraints. However, the floating offshore wind sector is expected to grow as it can be deployed in deep water projects and is less expensive. The high wind speed creates a more favorable operating environment, driving the offshore wind power market.

Water depth up to 30m occupied the largest share in 2021

The up to 30m water depth segment leads the offshore wind power market share and is expected to grow at a significant rate in the coming years owing to the ease of installation of wind towers at shallower depths, i.e. up to 30 meters. Moreover, an increase in the use of offshore wind energy and a reduction in investment costs will drive the market forward.

Regional outlook for the offshore wind energy market

The North American region is estimated to dominate the market with notable shares in the coming years, owing to the increase in wind energy investments and the rising popularity of the wind energy sector in the region. In addition, the main contributing economies to wind energy are Canada and the United States. According to the US Department of Energy (DOE), the DOE works closely with educational and industrial institutions to address research challenges specific to offshore wind energy in the United States. Moreover, the strong presence of suppliers in North America is fueling the growth of the offshore wind power market in the region. In addition, Asia-Pacific is expected to expand offshore wind power market growth over the estimated years due to rigorous installations and deployment of offshore wind technologies by China by installing 50% of all new capacity global offshore wind turbine in a record year. In addition to this, China has also launched an Emissions Trading System (ETS), which will be a crucial step towards carbon neutrality and will be the largest emissions management system in the world, with more than 2,200 producers. electricity participants.

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Offshore Wind Energy Market Players

Enessere, Envision Group, Siemens Gamesa Renewable Energy, SA, Goldwin, LS Cable & System Ltd., Nordex SE, Prysmian Group, RTS Wind AG, smart dolphin Gmbh, Sumitomo Electric Industries, Ltd., Southwire Company, LLC., Suzlon Energy Limited, Vestas and WEG are among the main competitors for offshore wind energy.

• In April 2021, The Argentine National Electricity Mar has approved and commissioned the Loma Blanca VI wind farm (100 MW) supplied and built by Gold wind.

• In November 2021, Siemens Gamesa and Vattenfall have collaborated using the latest Siemens Gamesa offshore turbines in major offshore wind projects in Norfolk.

Questions this report answers

• What was the market size of Offshore Wind Power Market in 2021?
• What will be the CAGR of the Offshore Wind Power Market during the forecast period, 2022 to 2030?
• Who are the key players in the global offshore wind energy market?
• Which region held the largest offshore wind power market share in 2021?
• What are the key market drivers of the Offshore Wind Energy Market?
• Who is the largest end user in the offshore wind energy market?
• How much will the offshore wind energy market be worth in 2030?

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