Offshore Wind Energy Market Overview:
Global Offshore Wind Energy Market was valued at $2,727 thousand in 2016, and is expected to reach $11,334 thousand by 2023, registering a CAGR of 19.4% from 2017 to 2023. Offshore wind energy, also called as offshore wind power, is the utilization of wind farms constructed off the shore or on the continental shelf to harvest wind energy for electricity generation. Offshore wind power includes inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies and deep water areas utilize floating wind turbines.
The global offshore wind energy market is segmented based on geography across North America, Europe, Asia-Pacific, and LAMEA.
Geography Review
Europe accounted for more than 90% share of the total revenue in 2016, followed by Asia-Pacific. The developing countries in Asia-Pacific are anticipated to register steady growth rate, owing to increase in growth of the overall economy. Moreover, rise in investments by key manufacturers is another key aspect that fuels the market growth.
The key players have economically invested heavily in Siemens Wind Power, Vestas Wind Systems A/S, Goldwind Science and Technology Co. Ltd., Gamesa Corporacion Technologica SA, GE Wind Energy, Sinovel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, and China Ming Yang Wind Power Group Limited.
The other players in the value chain (profiles not included in the report) include Senvion SA, Alstom Energy Inc., Areva Wind, Clipper Wind Power, Doosan Heavy Industries, and Construction.
Key Benefits for Stakeholders
- The report provides extensive qualitative & quantitative analysis of the current trends and future estimations of the global offshore wind energy market from 2016 to 2023 to determine the prevailing opportunities.
- It offers comprehensive analysis of key regions, such as North America, Europe, Asia-Pacific, and LAMEA, to understand the regional trends.
- In-depth analysis of factors that drive and restrict the growth of the market is provided.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- It offers key insights on strategic analysis of various companies and the value chain analysis of offshore wind energy.
Offshore Wind Energy Market Report Highlights
| Aspects | Details |
 By Geography |
|
 Key Market Players | VESTAS WIND SYSTEMS A/S, GAMESA CORPORACION TECHNOLOGICA SA, NORDEX SE, SINOVEL WIND GROUP CO. LTD., DONG ENERGY A/S, SIEMENS WIND POWER, GE WIND ENERGY, GOLDWIN SCIENCE AND TECHNOLOGY CO. LTD., CHINA MING YANG WIND POWER GROUP LIMITED, SUZLON GROUP |
Analyst Review
Offshore wind energy involves construction of wind farms off the coasts, generally on the continental shelf to harvest the wind energy for electricity generation. Higher wind speeds are available offshore as compared to on land, which contribute to relatively higher supply of electricity. Offshore wind power is expected to help in the reduction of energy imports, air pollution, and greenhouse gases, and provide employment and local business opportunities.
Rise in power consumption, owing to rapid industrialization, and increase in focus to derive energy through renewable sources are anticipated to drive the global offshore wind energy market. Moreover, increase in investments by governments, especially in the developing countries, such as China and India, rapid urbanization, and rise in consumer spending capabilities drive the global market growth.
The European offshore wind power market offers numerous opportunities for the manufacturers, owing to introduction and adoption of enhanced technologies in Germany, UK, Belgium, the Netherlands, and Spain and increase in number of offshore wind energy service providers. In addition, increase in demand for efficient and cost-effective techniques of electricity generation and rise in disposable income in developing economies, such as Poland, Russia, and Denmark, drive the European market. Asia-Pacific is estimated to account for the second highest market share, followed by North America.
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