Market Highlights
The offshore wind market 2020 could possibly reach a solid valuation of USD 59.94 Billion by 2025, evaluates Market Research Future (MRFR). MRFR says that the market can expect to advance at a rate of 15.34% from 2019 to 2025 (appraisal period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
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Top Boosters and Main Challenges
Volatile electricity prices along with the increasing space constraints with respect to solar energy and the affordable costs of construction and installation of offshore wind technology can result in industry expansion. Optimistic market outlook in line with the integration of large-scale turbines along with product quality and efficiencies, progressing blade size and foundation techniques also bolsters the penetration of offshore wind technology. The worldwide market also benefits from the increasing spending on the development of technologically advanced manufacturing facilities and the mounting energy demand across emerging countries.
Market Segmentation
The market categories, depending on components, include tower, nacelle, turbine, electrical infrastructure, blades, and more. The highest gain in the market can be of the turbine segment, since in recent years, the energy generation has become extremely powerful with the emergence of modern turbine models that have bigger blade lengths. This way, more wind is utilized, more energy is generated and the overall cost comes significantly down.
Location-wise, the market sections can be transitional water, deep water and shallow water. At present, the leading segment belongs to the shallow water location, while the transitional water location can attain the fastest expansion rate of 10.86% between 2019 and 2025. The projects conducted in shallow water are generally lower priced given the ideal weather conditions.
Regional Insight
Europe controls the largest portion of the global market, with North America being the second leading region. The market outlook in the UK is quite favorable, as a result of the number of energy security policies and initiatives, supportive government regulations and de-carbonization reforms. The high consumer awareness regarding the environment and the increasing expenditure by leading contenders on the exploration of the offshore wind energy potential also promotes substantial market growth across the region.
The North American market for offshore wind energy can emerge quite strong in the near future, on account of the massive investments going into the expansion of the offshore supply chain combined with the exploration activities of untapped sites. The favorable financial outlook along with the de-carbonization standards imposed by the government also encourages the business growth within the region.
Leading Companies
Some of the leading companies in the market include General Electric (US), Ørsted A/S (Denmark), Dong Energy A/S (Denmark), Suzlon energy Limited (India), EEW GROUP (Germany), MHI Vestas Offshore Wind (Denmark), Siemens Gamesa Renewable Energy, SA (Germany), ABB (Switzerland), ENERCON GmbH (Germany), Senvion SA (Luxembourg), Engie (France), Doosan Heavy Industries & Construction (South Korea), Goldwind Wind Energy GmbH (China), to mention a few.
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