Offshore Wind Market is expected to grow at a CAGR of 11.52%

Global Offshore Wind Market is expected to grow owing to countries having established renewable energy targets and commitments to reduce their reliance on non-renewable sources throughout the forecast period.

According to TechSci Research report, “Offshore Wind Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Offshore Wind Market is expected to register robust growth during the forecast period. The global offshore wind market is being driven by the urgent need to reduce carbon emissions and combat climate change. Many countries and regions have set ambitious decarbonization and renewable energy targets to transition away from fossil fuels and reduce their carbon footprints. Offshore wind energy is a significant contributor to achieving these goals. It offers a reliable and renewable source of electricity that can replace traditional, carbon-intensive energy sources.

Many countries and regions are committed to reducing carbon emissions and meeting renewable energy targets. Offshore wind provides a significant opportunity to contribute to these goals and transition away from fossil fuels.

Offshore wind can enhance energy security by providing a stable and reliable source of renewable energy. It reduces dependence on fossil fuel imports and offers a diverse energy mix.

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Based on components, the Turbines segment is expected to dominate the market during the forecast period. The growth of floating wind turbines is often accompanied by advancements in floating substructures, which play a vital role in anchoring these turbines. Various types of floating substructures, such as semi-submersible and spar buoy designs, are being developed and tested for their suitability in different offshore environments. Material selection for floating substructures is critical, as they must withstand the harsh marine environment while maintaining stability. Composite materials and advanced corrosion-resistant coatings are being explored to enhance the durability and longevity of floating substructures. Turbine manufacturers and operators are increasingly implementing digitalization and condition monitoring technologies to optimize maintenance and reduce downtime. Sensors and data analytics enable real-time monitoring of turbine performance and the early detection of issues. Predictive maintenance strategies are becoming more prevalent, allowing operators to schedule maintenance activities when necessary rather than on a fixed schedule. This approach improves turbine availability and extends the lifespan of offshore wind assets. In conclusion, the turbine segment of the global offshore wind market is witnessing significant developments in terms of size, technology, and manufacturing. Larger turbines, floating wind technology, competition among manufacturers, innovative substructures, and digitalization are all contributing to the expansion and improvement of offshore wind power generation. These trends are vital in achieving the global transition to clean and sustainable energy sources while addressing the challenges of cost and environmental impact.

Based on location, the Shallow Water segment is projected to dominate the market throughout the forecast period. Shallow water projects are typically located closer to onshore power grids, making grid connection more straightforward and cost-effective. This proximity to existing infrastructure simplifies the transfer of electricity from offshore wind farms to consumers. Shallow water projects often require less grid reinforcement compared to deeper water projects, as the distance to onshore substations is shorter. This can result in lower infrastructure costs and quicker project development. Shallow water projects may have a closer proximity to ecologically sensitive areas, which necessitates comprehensive environmental impact assessments and careful consideration of potential ecological effects. Developers must implement mitigation measures to minimize the impact on marine life and coastal ecosystems. Shallow water offshore wind projects can stimulate local economies by creating jobs in construction, operations, and maintenance. These projects often involve local supply chain development, including the manufacturing of components and the provision of support services. In conclusion, the shallow water segment of the global offshore wind market is a vital component of the renewable energy landscape, offering advantages such as ease of development, proximity to onshore infrastructure, and scalability. Fixed-bottom foundations, grid connection advantages, environmental considerations, and local economic development are key factors that shape this segment. As the offshore wind industry continues to expand, shallow water projects will remain a significant contributor to the global transition to clean and sustainable energy sources.

Key market players in the Global Offshore Wind Market are:

• General Electric Company
• Siemens Gamesa Renewable Energy Sociedad Anonima
• Shanghai Electric Wind Power Equipment Co.
• ABB Limited
• Doosan Heavy Industries and Construction
• Hitachi Limited
• Nordex SE
• Schneider Electric SE
• Ming Yang Smart Energy Group Co
• Rockwell Automation (US)   

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“The Global Offshore Wind Market in Europe is poised to be the dominant force in the industry. European countries, including Scotland and Portugal, have been pioneers in developing and testing floating offshore wind technologies, enabling projects in deeper waters and expanding the offshore wind footprint. Europe has made substantial investments in expanding grid infrastructure and interconnection to accommodate the increasing offshore wind capacity. Cross-border interconnections have allowed for the efficient transfer of renewable energy between countries, contributing to energy security and market integration.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Offshore Wind Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Segmented By Components (Turbines and Substructure), By Location (Shallow Water, Transitional Water and Deepwater), By Region, and By Competition,” has evaluated the future growth potential of Global Offshore Wind Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Offshore Wind Market.

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