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Market Overview of Global Offshore Wind Energy market:
According to our latest research, the global Offshore Wind Energy market looks promising in the next 5 years. As of 2022, the global Offshore Wind Energy market was estimated at USD 12437.51 million, and it's anticipated to reach USD 82163.03 million in 2028, with a CAGR of 36.98% during the forecast years.
Wind energy is characterized by its use of airflow for the production of mechanical power or electricity - making it a free, non-polluting renewable resource. A wind farm consists of several hundred wind turbines, generally grouped together into a single wind power plant. The wind power industry is comprised of two segments: onshore and offshore wind farms. Offshore wind, wind farms located in bodies of water, are considered to be steadier and stronger in comparison to onshore wind, located inland. However, its construction and maintenance costs are considerably higher than the latter.
Impact of COVID 19
The COVID- 19 pandemic has slowed down the overall market expansion. The global economic slowdown due to the COVID-19 pandemic has put the offshore wind energy industrys resilience and flexibility to the test. The pandemic continues to wreak havoc on the supply chain of the offshore wind energy industry. The production and supply chain delays were also witnessed during the COVID-19 which poised a challenge to the offshore wind energy market. Europe is one of the main markets for offshore wind energy, and it is also one of the most heavily impacted by COVID-19, which has slowed the continued expansion owing to project delays. Because of the interruptions to European and global trade, the projects under construction were delayed, resulting in higher CAPEX for such projects.
Increasing investments in the development of offshore wind energy infrastructure will propel the market demand
Rising investments in the development of deep seas offshore wind energy projects along with the rapid technological advancements is set to augment the business landscape. The integration of renewable energy sources along with the increasing utilization of clean energy will drive the industry growth. In addition, the private & public expenditure for the development & expansion of utility-scale projects coupled with ongoing identification of the potential sites for offshore wind projects will provide a momentum to the overall industry expansion. Surging investments toward the development of sustainable energy platforms including fixed and floating offshore wind projects will fuel the technology adoption. Low maintenance, reduced manpower requirement, and minimal land footprint are some of the prominent factors impelling the market share. Moreover, the robust R&D initiatives focused on enhancing the capacity utilization factor for energy generation in an economical & efficient manner will positively encourage the market dynamics.
The offshore wind energy industry is difficult to operate
Due to the numerous departments involved in the offshore wind energy industry, the offshore wind energy industry is subject to multi-management. At present, the approval speed of offshore wind energy projects is slow, the operation is difficult, and the low administrative efficiency will hinder the development of the industry. On the one hand, offshore wind energy development involves multiple management departments, such as maritime affairs, environmental protection, land resources, water conservancy, and other departments. There are differences in the recognition of offshore wind energy development among various departments, and the implementation of management standards and methods by relevant local functional departments is also different. Inconsistencies and overlapping of functions have appeared from time to time, which has caused the work cycle of offshore wind energy projects from the preliminary approval to the subsequent maintenance and operation to be lengthened, which greatly reduces the efficiency of the project.
Region Overview:
From 2022-2027, Asia-Pacific is estimated to witness robust growth prospects.
Company Overview:
Siemens Gamesa is one of the major players operating in the Offshore Wind Energy market, holding a share of 35.74% in 2021.
Siemens Gamesa
Siemens Gamesa supplies wind turbines and power solutions to customers. The company is a global leader in the renewable energy industry specifically in the development, installation, maintenance, and manufacturing of wind turbines. Siemens Gamesa's vision is to be the global leader in the renewable energy industry driving the transition towards a sustainable world. As the worlds only company operating at a global scale across the entire wind spectrum onshore, offshore and services Siemens Gamesa is well positioned to unlock the full potential of wind.
Shanghai Electric
Shanghai Electric Group is a world-class integrated high-end equipment manufacturer, focusing on smart energy, intelligent manufacturing and smart infrastructure, providing industrial-grade green and intelligent system solutions for customers. Shanghai Electric has a global presence in new energy, integrated energy, environmental protection, medical devices and industrial automation sectors.
Segmentation Overview:
As for product types, the 3-5 MW segment held the largest market share in 2021.
Application Overview:
By application, the Shallow Water segment occupied the biggest share from 2017 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Offshore Wind Energy market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Offshore Wind Energy Market Report:
Market Size Estimates: Offshore Wind Energy market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Offshore Wind Energy market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Offshore Wind Energy market
Segment Market Analysis: Offshore Wind Energy market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Offshore Wind Energy market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Offshore Wind Energy Market: Revenue and sales volume of major countries in each region
Offshore Wind Energy Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Offshore Wind Energy market in major regions.
Offshore Wind Energy Industry Value Chain: Offshore Wind Energy market raw materials & suppliers, manufacturing process, distributors, downstream customers
Offshore Wind Energy Industry News, Policies & Regulations
Key players in the global Offshore Wind Energy market are covered in Chapter 12:
GE Renewable Energy
Siemens Gamesa
Sinovel
XEMC
Envision Group
Shanghai Electric
Vestas
Ming Yang Wind Power
Goldwind
In Chapter 2 and Chapter 15.1, based on types, the Offshore Wind Energy market from 2018 to 2028 is primarily split into:
Below 3 MW
3-5 MW
5 MW and Above
In Chapter 3 and Chapter 15.2, based on applications, the Offshore Wind Energy market from 2018 to 2028 covers:
Shallow Water
Deep Water
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Offshore Wind Energy market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028