Offshore Wind Market to witness comprehensive growth by 2025
The global offshore wind market was estimated at USD 23.70 billion in 2017, and is projected to grow at a CAGR of over 16.3% from 2018 to 2025.
The key players in the offshore wind market include, Adwen, Ming Yang Smart Energy Group, Doosan Heavy Industries and Construction, General Electric Company, and Senvion.
Geographically, Europe is estimated be the fastest growing region. More than 92% of all the offshore wind installations are in the European waters. In addition, the rapidly growing investments in Europe and the European Union, renewable energy targets 2020 is expected to boost the demand for offshore winds. Several European governments are also investing in offshore wind to meet the renewable energy production targets.
Europe is estimated to be the largest market owing to the technological advancements and government policies. However, North America is estimated to be the fastest growing region as a result of the rising government initiatives and technological advancements in the wind technology in the U.S. Also, the federal government’s initiatives to meet the clean energy capacity addition targets will positively impact the offshore wind market in North America.
The demand for global electricity is estimated to grow with the growing population, worldwide. The high demand for renewable energy sources and rapid development of offshore wind technology are the major growth drivers for the global offshore wind market. In addition, the advantages offered by offshore winds such as plenty of space, consistent wind resource, and greater energy output than onshore winds act as key growth drivers for the global offshore wind market.
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On the basis of component type, the market is segmented as turbine, substructure, electrical infrastructure, and others. The turbine segment is expected to hold the largest share as turbine component comprises of important parts such as, nacelle, towers, and motors and blades.
Floating turbines are estimated to witness significant growth during the forecast period, as it offers reduced pollution by providing simultaneous accommodation for fishing and shipping.