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Global Offshore Wind Energy Market: Prospects and Segments

The global population is projected to cross 8.6 billion by 2030, and urbanization is on rampant expansion. This is prompting the need for alternative renewable energy production as a result of fossil fuel caused pollution. According to IndustryARC’s report, the demand for global Offshore Energy Market will grow at a compound annual growth rate (CAGR) of 16.50% during the period of 2019-2025. As per the evaluation of the analyst, global offshore energy market reached $24.76 billion worth in the year 2018.

Electricity has become one of the major demands after food and clothing across the world. According to the International Energy Agency, electricity consumption accounts for 19% of the total energy produced globally and the demand is estimated to increase at a rapid pace, reaching 24% by 2040. With this huge requirement, non-renewable energy sources cannot meet up the challenge. Offshore wind power plants produce unlimited renewable energy, which is comparatively cleaner than fossil fuel energy sources. Wind is easily available and can be converted using powerful wind turbines into useful electricity. Floating wind turbines are built on the seabed of coastal, marine routes (with high depth) to trap the high-speed wind, transferring its kinetic energy into electrical energy. This electricity is channeled through underwater cable networks to the powerhouse and distributed to several residential and non-residential end-users.

Off-shore wind power market is segmented on the basis of components, technology, and end-users. Based on components, categorization includes turbines, towers, rotor blades, towers and many others. On the basis of technology, it can be bifurcated into horizontal, vertical, and experimental. Categorization on the basis of end-users includes energy and power, chemical, commercial, and others.

Browse an in-depth TOC “Offshore Wind Energy Market (2019 - 2025)”

Global Offshore Wind Energy Market: Growth Factors and Trends

In coastal areas, the speedy wind is abundantly available and the power harnessing process includes no obstruction as compared to the wind power plants built across open lands. Transportation of components and the installation process is readily done with ease of marine transport making it cost-effective. With growing urbanization and rapid industrialization, the demand for global offshore wind energy market is mounting. Medical organizations perform better with electronic medical equipment such as ultrasound and surgical devices, infusion pumps, endoscopic equipment, and others. High electricity demand from varied sectors, as well as household requirements, majorly fuels the global offshore wind energy market. Due to significant changes in electricity production and consumption statistics, the global offshore wind energy market is undergoing prominent advances including user-friendly machinery and innovative technology with least capital investment.

LiDAR Technology

LiDAR is one of the recent advancements in the global offshore wind energy market. With accurate and faultless wind measurement capacity, LiDAR has significantly evolved and is being highly preferred in the offshore wind farms. Compared to Met masts used earlier for measurement purposes, this technology emphasizes to yield a better profit for offshore wind power plants.

Floating Platforms

Floating platforms add up to the newer technologies being developed significantly in the market. Innovative floating wind turbine technologies such as spar-buoy, tension leg platform, and semi-submersible offer benefits including low-cost set-up in mid-depth water sources and operation in tough environments.

Enhanced Rotor Blades

Better functioning and productivity is achieved in offshore wind energy sites based on the efficiency and high-end performance of individual components. Rotor blades account for the most important part in harnessing the huge amount of energy. To accomplish higher production of wind power, longer rotor blades are installed to utilize maximum kinetic energy.

Global Offshore Wind Energy Market: Regional Share and Key Players

Europe is surrounded by Arctic Ocean in the North, Atlantic Ocean in the West, and Mediterranean Sea in the South with a coastline that stretches upto 68,000 km. With this huge coastal area, offshore wind energy market has a high scope of growth. According to IndustryARC’s analysis, Europe had the largest regional share of 82.84% in the year 2018. The offshore wind power has two types of connection including the off-grid and fully grid connections. The demand for fully grid connection is leading the global offshore wind energy market with a CAGR of 12.87% during the forecast period of 2019-2025.

The pioneering players in the global offshore energy market include Senvion, Adwen, Siemens Gamesa, MHI Vestas Offshore Wind, Winwind, Sinovel, G.E, Doosan Heavy Industries, Ming Yang Smart Energy, Eew Group, A2 SEA, ABB, Nexans, and many others.

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