Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Offshore
Wind Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Offshore Wind Market. The research
also emphasizes on the impact of restraints, drivers, and macro indicators on
the regional and global Offshore Wind Market over the short as well as long period of time. A detailed
presentation of forecast, trends, and dollar values of global Offshore Wind Market
is offered. In
accordance with the report, the global Offshore Wind Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers,
Restraints, Opportunity & Trends of the Market:
Definition
Offshore wind
power is a way of generating electricity from wind energy by installing wind
farms in bodies of water, mainly the ocean. When compared to land, the wind
speed obtainable offshore is higher. As a result, power generation by offshore
wind power is more expensive per unit of installed capacity. Many inshore water
locations, such as fjords, lakes, deeper-water locations, and protected coastal
locations, are suitable for offshore wind generation. To generate electricity,
it primarily employs traditional fixed-bottom wind turbine technologies as well
as floating wind turbines. The rise of the offshore wind sector has been aided
by the increased use of renewable energy to generate electricity.
Market Drivers
q The
increasing cost-competitiveness of the market analyzed is one of the primary
driving forces, with an average LCOE of USD 50/MWh being within reach.
Furthermore, governments in existing offshore markets want to enhance their
targets and volumes by 2030, potentially resulting in a considerable rise in
offshore installation and new project awards.
q This
increase can be ascribed to the rising demand for clean energy, which is used
to reduce carbon emissions and safeguard the environment by generating power
from renewable sources. Offshore wind energy is an important component of these
clean energy resources, with a higher capacity factor than wind generation.
q Inshore
water locations such as fjords, protected coastal areas, and lakes are used to
gather wind energy and create electricity in offshore wind power. The rise in
renewable energy shares is one of the primary factors propelling the global
offshore wind industry forward.
Market Restraints
q A key
factor that is projected to constrain the market throughout the projected
period is the migration of heavy and massive equipment to offshore locations,
resulting in the high cost of an offshore wind power system.
· The floating offshore wind is predicted to
open up opportunities for Deepwater projects, where the high wind speed offers
a considerably more favorable operating environment, consequently propelling
the offshore wind power market.
q High
capital costs, as well as maintenance and logistics concerns, could be market
restrictions, resulting in a drop in profit. Offshore wind turbines are prone
to erosion since they operate in a harsh sea environment for decades. Even the
most favorable attributes, such as strong wind speeds, can often be a
disadvantage for offshore wind turbines.
Opportunities
q Emerging
markets in Africa and South America provide a robust business opportunity for
the wind power industry, as countries such as Brazil, South Africa, and Chile
are on the verge of development, with increased demand for electricity, which
will provide market opportunities for wind power development in the coming
years.
Global
investment in clean energy development was USD 332.1 billion, surpassing USD
300 billion in markets over the last five years. Furthermore, rising rates of
emission reduction due to economic expansion present a significant opportunity
for the worldwide offshore wind market.
Trends
The
offshore wind generation with the greatest potential is found in deep waters,
in which a fixed structure cannot be installed. On the one hand, floating
offshore foundations allow for the use of less foundation material while also
considerably simplifying installation and deactivation. For areas where onshore
installation has reached saturation, the floating foundation may be attractive
for mid-depth projects.
Covid
19 Impact On Offshore Wind Market
The Covid
19 pandemics have had an impact on the global offshore wind business, causing
project delays. Europe, which is the main region in the offshore wind business,
is the most affected by the global epidemic. The interruption in global trade
has slowed the construction of projects, resulting in higher CAPEX. Following
the pandemic, the offshore wind market is expected to develop at a faster rate,
with the average LCOE of USD 50/MWh and increased cost competitiveness being
the main drivers. The governments of these markets, on the other hand, are
eager to enhance the volume and target of the offshore market toward 2030, resulting
in the greatest offshore structure.
Segment Covered:
This market
intelligence report on the global Offshore Wind Market encompasses market segments based on resolution, end use,
application and country.
Offshore Wind Market by Location
q Shallow
water (< 30 m depth)
q Transitional
water (30 m–60 m depth)
q Deepwater
(> 60 m depth)
Offshore Wind Market by Component
q Electrical
Infrastructure
q Substructure
q Monopile
q Gravity
based and Jacket
q Other
q Turbine
q Tower
q Rotor
& Blades
q Nacelle
q Others
Offshore Wind Market by Type
q Fixed
Structure
q Floating
Structure
By country/region, the global Offshore Wind Market has been
divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q General
Electric
q Siemens
Gamesa Renewable Energy, SA
q MHI
Vestas Offshore Wind
q Senvion
SA
q Doosan
Heavy Industries & Construction
q Suzlon
Energy Limited
q Dong
Energy A/S
q EEW
GROUP
q ENERCON
GmbH
q Goldwind
Wind Energy GmbH
q ABB
(Switzerland), Engie
q Ørsted
A/S
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Offshore Wind Market related investment & spending and developments by major
players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into
consideration. Various analytical tools such as DRO analysis, Porter's five
forces analysis has been used in this report to present a clear picture of the
market. The study focuses on the present market trends and provides market
forecast from the year 2020-2028. Emerging trends that would shape the market
demand in the years to come have been highlighted in this report. A competitive
analysis in each of the geographical segments gives an insight into market
share of the global players.
Few Recent Developments
Siemens Gamesa Renewable Energy, SA
In February 2021, Siemens Gamesa Renewable Energy SA secured
a firm order to supply turbines for the 448-MW Courseulles-sur-Mer offshore
wind power project set in French waters. The latest offshore order includes the
supply of 64 units of the SWT-7.0-154 Direct Drive turbines and a 15-year
services and maintenance agreement.
Siemens Gamesa Renewable Energy, SA
In February 2021, the 448-MW Courseulles-sur-Mer, or
Calvados, an offshore wind project in the English Channel undergone
construction after the final investment decision. The project represents an
investment of around EUR 2 billion, financed mainly through non-recourse
project finance debt. The wind farm’s commissioning is planned for 2024.
Ørsted A/S
In February 2021, Ørsted A/S and PGE Polska Grupa
Energetyczna SA announced to develop and build together 2.5 GW of offshore wind
projects in the Baltic Sea. The companies signed an agreement under which the
Danish energy major is going to buy 50% in PGE units Elektrownia Wiatrowa
Baltica-3 and Elektrownia Wiatrowa Baltica-2.
Salient Features:
Ø This study offers comprehensive yet detailed analysis of
the Offshore Wind Market, size of the
market USD 114.0 billion in 2019, and Compound Annual Growth Rate 14.8% for the
period of forecast: 2020-2026
Ø It explains upcoming revenue opportunities across various
market segments and attractive matrix of investment proposition for the said
market
Ø This market intelligence report also offers pivotal
insights about various market opportunities, restraints, drivers, competitive
market strategies of leading market players, emerging market trends, and
regional outlook
Ø Profiling of key market players in the world Offshore Wind Market
is done by taking into account various
parameters such as company strategies, distribution strategies, product
portfolio, financial performance, key developments, geographical presence, and
company overview
Ø The data of this report would allow management
authorities and marketers of companies alike to take informed decision when it
comes to launch of Type of models, government initiatives, marketing tactics
and expansion, and technical up gradation
Ø The world market for Offshore Wind Market to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for gas
turbine market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø Research methodologies that have been adopted for the
purpose of this study have been clearly elaborated so as to facilitate better understanding
of the reports
Ø Reports have been made based on the guidelines as
mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken
into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a
strong understanding of the investment opportunities in the Offshore Wind Market
v Identification of key factors driving investment
opportunities in the Offshore Wind Market
v Facilitate decision-making based on strong historic and
forecast data
v Position yourself to gain the maximum advantage of the
industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy
and prospects
v Identify key strengths and weaknesses of important market
participants