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Offshore Wind Market size to grow $55,109.6 Million by 2022

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Offshore Wind Market size to grow $55,109.6 Million by 2022

July 28
03:48 2020
Offshore Wind Market size to grow $55,109.6 Million by 2022
The global offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, at a CAGR of 15.32% from 2017 to 2022.

The global offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, at a CAGR of 15.32% from 2017 to 2022. The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020.  The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market.

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The electrical infrastructure is expected to be the fastest growing segment of offshore wind market.

The electrical infrastructure segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the growth of offshore substation, land-based transmission infrastructure, and cables and accessories related to the offshore wind turbines. Offshore substation controls the electric system of the turbine and increases the voltage of electricity produced by the wind turbines to reduce electrical losses. Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect the wind farm project to the power grid. The last most important component of an electrical infrastructure is the cable and is primarily of two types, namely, inter-array cables and export cables. Inter-array cables connect the turbines to the offshore substation while the export cables are used to transmit the power from offshore substation to the onshore substation and power grid.

North America is estimated to be the fastest growing market for the offshore wind.

The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.The North America market is projected to grow at the highest CAGR from 2017 to 2022.

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Asia Pacific: The second largest market for offshore wind.

Asia Pacificregion is expected to grow at second position followed by Europe due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and offshore wind forms an integral part of renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in emerging markets in Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for alternative source of energy to diversify their energy mix to reduce CO2 emission. The other major drivers include strict government regulations on energy efficiency.

Some of the leading players in the Offshore Wind Market, namely, Siemens AG (Germany), ABB Ltd. (Switzerland), MHI Vestas (Denmark), General Electric (U.S.), EEW Group (Germany), A2Sea (Denmark), Nexans (France), among others.

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