The [FURL=https://www.industryarc.com/Research/Offshore-Wind-Energy-Market-Research-504733]Offshore Wind Energy Market[/FURL] is forecast to reach $42billion by 2025, growing at a CAGR of 13.6% from 2020 to 2025. The offshore wind energy market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions. Offshore wind energy generation process is a renewable form of producing energy by taking advantage of the power of the wind that is produced on the high seas, where it moves at a much higher and more consistent speed than it does on land, due to absence of multiple barriers. Ongoing saturation of sites close to the shore, along with growing demand for high operational Capacity Utilization Factor (CUF) for offshore projects is projected to drive industry growth. Ongoing improvements in installation capabilities and availability of high wind speeds far from shore are major factors fuelling the installation of offshore platforms at higher depth levels. Additionally, regulatory frameworks, government policies and mandates are in favour of the global offshore wind energy market which in turn is estimated to drive the overall growth of the market.Key Takeaways
The offshore wind energy market is estimate to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions.
In 2019, turbines accounted for maximum revenue share of the global offshore wind energy market across the component segment.
Majority of the projects were installed in the shallow waters i.e., up to 30 meters due to ease of installation and low capital requirements in 2019.
Global offshore wind energy market was dominated by Europe with a share of 37.9% in 2019. The UK leads the European market with a total capacity of 9.9 GW in 2019 and is estimated to witness growth of over 28% during the forecast period, 2020-2025.
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Offshore Wind Energy Market Segment Analysis - By Geography
Global offshore wind energy market was dominated by Europe with a share of 37.9% in 2019. The UK leads the European market with a total capacity of 9.9 GW in 2019 and is estimated to witness growth of over 28% during the forecast period, 2020-2025. Since 2015, the country has added over 5 GW of offshore wind energy in its renewable portfolio.
Offshore Wind Energy Market Drivers
Technological advancement driving market growth :
Surge in initiatives by the government :
Offshore Wind Energy Market Landscape : The offshore wind energy market is dominated by major companies such Sinovel, MHI Vestas Offshore Wind, Prysmian Group, Nexans, Siemens Gamesa, Enercon, General Electric, Ming Yang Smart Energy, Doosan Heavy Industries, , Areva and Clipper Windpower.
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