Organic Food is fastest growing segment fueling the growth of the Global Offshore Wind Energy Market

 

Offshore Wind Energy Market

Offshore wind energy involves generating power through large wind turbines which are installed in coastal waters or in ocean waters. Offshore wind farms offer advantages such as availability of strong winds and minimal usage of land area. These renewable sources of energy help reduce dependence on conventional sources of power generation and lower carbon emissions.

The global Offshore Wind Energy Market is estimated to be valued at US$ 5.78 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights

Market key trends:

Offshore wind projects are increasingly being developed in deeper waters that are located farther from the coast. This allows access to stronger wind resources but also increases development costs. Turbine manufacturers are developing larger rotor diameters and towers to capture more energy from the wind. For instance, Siemens Gamesa recently launched its 14 MW offshore wind turbine, which features a 222-meter rotor and can generate 30% more power than predecessor models. Another key trend is the development of 'floating' offshore wind farms that can be located in deep waters using floating foundations instead of traditional fixed bottom turbines. This expands the developable offshore wind resource significantly.

Segment Analysis

The offshore wind energy market size is segmented by installation type into fixed structure and floating structure. The fixed structure segment is further divided into monopiles, jackets, and gravity-based structures. Among these, monopiles accounted for the largest share in 2021 owing to its ease of installation and suitability for deeper waters up to 60 meters. Monopile foundation requires less steel and concrete compared to other foundation types, which keeps the installation cost low. This makes monopiles the most preferred foundation type globally.

Key Takeaways

The global offshore wind energy market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing government support through favorable policies and tax incentives. The market size for 2023 is US$ 5.78 Bn.

Regional analysis - Europe holds the dominant share in the global offshore wind energy market currently. Countries like Denmark, Germany, Netherlands, and UK have emerged as major offshore wind energy markets in the region. Asia Pacific region is witnessing the fastest growth due to rising investments in new offshore wind projects in China and Taiwan.

Key players operating in the offshore wind energy market include Siemens Gamesa Renewable Energy, Vestas Wind Systems A/S, MHI Vestas Offshore Wind, Ørsted A/S, EDP Renewables, RWE Renewables, Equinor ASA, China Three Gorges Corporation, Envision Energy, Goldwind Science and Technology Co., Ltd. Key players are focusing on expanding their offshore wind capacity by acquiring new projects and enhancing their service offerings. They are also investing in development of innovative floating offshore wind technology.

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