Energy & Power
Global Offshore Wind Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Offshore Wind Market, By Component (Turbines, Electrical Infrastructure, Substructure, Others), Foundation (Fixed, Floating Foundation), Capacity (Less Than 5 MW5, Greater Than or Equal to 5 MW), Location (Shallow Water, Transitional Water, Deep Water), Depth (0 ≤ 30 m, 30 ≤ 50 m, 50 m), Application (Commercial, Demonstration) Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global offshore wind market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
Offshore wind is the generation of power using wind turbines situated in bodies of water, usually seas or big lakes. These turbines use the wind's kinetic energy to create power, often at faster and more consistent speeds than onshore locations due to fewer barriers and more consistent wind patterns. The offshore wind market includes the development, installation, and operation of wind farms. It involves several parties, including energy companies, companies that make wind turbines and their parts, engineering firms that handle installation and maintenance, and government agencies that oversee energy laws and environmental effects. Government incentives for renewable energy, technological breakthroughs in turbine efficiency, and growing international pledges to reduce carbon emissions are the main factors driving this sector. The market's growth is also aided by continued investments in infrastructure and research to improve the reliability and cost-effectiveness of offshore wind energy.
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Market Dynamics
DRIVERS
- Government policies favoring renewable energy.
- Growing energy demand and focus on decarbonization.
RESTRAINTS
- High initial investment costs.
- Environmental concerns and regulatory challenges.
OPPORTUNITIES
- Expansion into new offshore regions.
- Technological innovations in energy storage.
CHALLENGES
- Maintenance and operational challenges at sea.
- Weather-related risks impacting operations.
SEGMENTATION
- Component
- Turbines
- Electrical Infrastructure
- Substructure
- Others
- Foundation
- Fixed
- Floating Foundation
- Capacity
- Less Than 5 MW5
- Greater Than or Equal to 5 MW
- Location
- Shallow Water
- Transitional Water
- Deep Water
- Application
- Commercial
- Demonstration
- Depth
- 0 ≤ 30 m
- 30 ≤ 50 m
- 50 m
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, and segments as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- General Electric
- Vestas
- Shanghai Electric Wind Power Equipment Co.
- Siemens Gamesa
- Doosan Heavy Industries and Construction
- Hitachi
- Rockwell Automation
- Nordex SE
- Hyundai Motor Group
- Schneider Electric
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Offshore Wind Market, by Component
- 3.2 Global Offshore Wind Market, by Foundation
- 3.3 Global Offshore Wind Market, by Capacity
- 3.4 Global Offshore Wind Market, by Location
- 3.5 Global Offshore Wind Market, by Depth
- 3.6 Global Offshore Wind Market, by Application
- 3.7 Global Offshore Wind Market, by Geography
- 3.8 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Increasing capacity and size of offshore wind farms.
- 5.1.2 Advancements in turbine technology for higher efficiency.
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Government policies favoring renewable energy.
- 5.2.2 Growing energy demand and focus on decarbonization.
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 High initial investment costs.
- 5.3.2 Environmental concerns and regulatory challenges.
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Expansion into new offshore regions.
- 5.4.2 Technological innovations in energy storage.
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Maintenance and operational challenges at sea.
- 5.5.2 Weather-related risks impacting operations.
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL OFFSHORE WIND MARKET, BY COMPONENT
- 6.1 Component Summary
- 6.2 Market Attractive Index
- 6.3 Global Offshore Wind Market, by Component (2019-2032)
- SECTION 7 - GLOBAL OFFSHORE WIND MARKET, BY FOUNDATION
- 7.1 Foundation Summary
- 7.2 Market Attractive Index
- 7.3 Global Offshore Wind Market, by Foundation (2019-2032)
- SECTION 8 - GLOBAL OFFSHORE WIND MARKET, BY CAPACITY
- 8.1 Capacity Summary
- 8.2 Market Attractive Index
- 8.3 Global Offshore Wind Market, by Capacity (2019-2032)
- SECTION 9 - GLOBAL OFFSHORE WIND MARKET, BY LOCATION
- 9.1 Location Summary
- 9.2 Market Attractive Index
- 9.3 Global Offshore Wind Market, by Location (2019-2032)
- SECTION 10 - GLOBAL OFFSHORE WIND MARKET, BY DEPTH
- 10.1 Depth Summary
- 10.2 Market Attractive Index
- 10.3 Global Offshore Wind Market, by Depth (2019-2032)
- SECTION 11 - GLOBAL OFFSHORE WIND MARKET, BY APPLICATION
- 11.1 Application Summary
- 11.2 Market Attractive Index
- 11.3 Global Offshore Wind Market, by Application (2019-2032)
- SECTION 12 - GLOBAL OFFSHORE WIND MARKET, BY GEOGRAPHY
- 12.1 Regional Summary
- 12.2 Market Attractive Index
- 12.3 Global Offshore Wind Market, by Geography (2019-2032)
- SECTION 13 - NORTH AMERICA OFFSHORE WIND MARKET
- 13.1 North America Summary
- 13.2 Market Attractive Index
- 13.3 North America Offshore Wind Market, by Component (2019-2032)
- 13.4 North America Offshore Wind Market, by Foundation (2019-2032)
- 13.5 North America Offshore Wind Market, by Capacity (2019-2032)
- 13.6 North America Offshore Wind Market, by Location (2019-2032)
- 13.7 North America Offshore Wind Market, by Depth (2019-2032)
- 13.8 North America Offshore Wind Market, by Application (2019-2032)
- 13.9 North America Offshore Wind Market, by Country (2019-2032)
- 13.9.1 U.S.
- 13.9.2 Canada
- 13.9.3 Mexico
- 13.9.4 Rest of North America
- SECTION 14 - EUROPE OFFSHORE WIND MARKET
- 14.1 Europe Summary
- 14.2 Market Attractive Index
- 14.3 Europe Offshore Wind Market, by Component (2019-2032)
- 14.4 Europe Offshore Wind Market, by Foundation (2019-2032)
- 14.5 Europe Offshore Wind Market, by Capacity (2019-2032)
- 14.6 Europe Offshore Wind Market, by Location (2019-2032)
- 14.7 Europe Offshore Wind Market, by Depth (2019-2032)
- 14.8 Europe Offshore Wind Market, by Application (2019-2032)
- 14.9 Europe Offshore Wind Market, by Country (2019-2032)
- 14.9.1 Germany
- 14.9.2 U.K.
- 14.9.3 France
- 14.9.4 Italy
- 14.9.5 Spain
- 14.9.6 Russia
- 14.9.7 The Netherlands
- 14.9.8 Belgium
- 14.9.9 Turkey
- 14.9.10 Rest of Europe
- SECTION 15 - ASIA-PACIFIC OFFSHORE WIND MARKET
- 15.1 Asia-Pacific Summary
- 15.2 Market Attractive Index
- 15.3 Asia-Pacific Offshore Wind Market, by Component (2019-2032)
- 15.4 Asia-Pacific Offshore Wind Market, by Foundation (2019-2032)
- 15.5 Asia-Pacific Offshore Wind Market, by Capacity (2019-2032)
- 15.6 Asia-Pacific Offshore Wind Market, by Location (2019-2032)
- 15.7 Asia-Pacific Offshore Wind Market, by Depth (2019-2032)
- 15.8 Asia-Pacific Offshore Wind Market, by Application (2019-2032)
- 15.9 Asia-Pacific Offshore Wind Market, by Country (2019-2032)
- 15.9.1 China
- 15.9.2 India
- 15.9.3 Japan
- 15.9.4 South Korea
- 15.9.5 Singapore
- 15.9.6 Malaysia
- 15.9.7 Australia
- 15.9.8 Thailand
- 15.9.9 Philippines
- 15.9.10 Rest of Asia-Pacific
- SECTION 16 - SOUTH AMERICA OFFSHORE WIND MARKET
- 16.1 South America Summary
- 16.2 Market Attractive Index
- 16.3 South America Offshore Wind Market, by Component (2019-2032)
- 16.4 South America Offshore Wind Market, by Foundation (2019-2032)
- 16.5 South America Offshore Wind Market, by Capacity (2019-2032)
- 16.6 South America Offshore Wind Market, by Location (2019-2032)
- 16.7 South America Offshore Wind Market, by Depth (2019-2032)
- 16.8 South America Offshore Wind Market, by Application (2019-2032)
- 16.9 South America Offshore Wind Market, by Country (2019-2032)
- 16.9.1 Brazil
- 16.9.2 Argentina
- 16.9.3 Chile
- 16.9.4 Colombia
- 16.9.5 Rest of South America
- SECTION 17 - MIDDLE EAST AND AFRICA OFFSHORE WIND MARKET
- 17.1 Middle East and Africa Summary
- 17.2 Market Attractive Index
- 17.3 Middle East and Africa Offshore Wind Market, by Component (2019-2032)
- 17.4 Middle East and Africa Offshore Wind Market, by Foundation (2019-2032)
- 17.5 Middle East and Africa Offshore Wind Market, by Capacity (2019-2032)
- 17.6 Middle East and Africa Offshore Wind Market, by Location (2019-2032)
- 17.7 Middle East and Africa Offshore Wind Market, by Depth (2019-2032)
- 17.8 Middle East and Africa Offshore Wind Market, by Application (2019-2032)
- 17.9 Middle East and Africa Offshore Wind Market, by Country (2019-2032)
- 17.9.1 Kingdom of Saudi Arabia
- 17.9.2 South Africa
- 17.9.3 U.A.E.
- 17.9.4 Egypt
- 17.9.5 Rest of Middle East and Africa
- SECTION 18 - COMPANY SHARE ANALYSIS
- 18.1 Global Offshore Wind Market, Company Share Analysis
- 18.2 North America Offshore Wind Market, Company Share Analysis
- 18.3 Europe Offshore Wind Market, Company Share Analysis
- 18.4 Asia-Pacific Offshore Wind Market, Company Share Analysis
- SECTION 19 - COMPANY PROFILES
- 19.1 General Electric
- 19.1.1 Company Snapshot
- 19.1.2 Financial Overview
- 19.1.3 Product Portfolio
- 19.1.4 Recent Developments
- 19.2 Vestas
- 19.2.1 Company Snapshot
- 19.2.2 Financial Overview
- 19.2.3 Product Portfolio
- 19.2.4 Recent Developments
- 19.3 Shanghai Electric Wind Power Equipment Co.
- 19.3.1 Company Snapshot
- 19.3.2 Financial Overview
- 19.3.3 Product Portfolio
- 19.3.4 Recent Developments
- 19.4 Siemens Gamesa
- 19.4.1 Company Snapshot
- 19.4.2 Financial Overview
- 19.4.3 Product Portfolio
- 19.4.4 Recent Developments
- 19.5 Doosan Heavy Industries and Construction
- 19.5.1 Company Snapshot
- 19.5.2 Financial Overview
- 19.5.3 Product Portfolio
- 19.5.4 Recent Developments
- 19.6 Hitachi
- 19.6.1 Company Snapshot
- 19.6.2 Financial Overview
- 19.6.3 Product Portfolio
- 19.6.4 Recent Developments
- 19.7 Rockwell Automation
- 19.7.1 Company Snapshot
- 19.7.2 Financial Overview
- 19.7.3 Product Portfolio
- 19.7.4 Recent Developments
- 19.8 Nordex SE
- 19.8.1 Company Snapshot
- 19.8.2 Financial Overview
- 19.8.3 Product Portfolio
- 19.8.4 Recent Developments
- 19.9 Hyundai Motor Group
- 19.9.1 Company Snapshot
- 19.9.2 Financial Overview
- 19.9.3 Product Portfolio
- 19.9.4 Recent Developments
- 19.10 Schneider Electric
- 19.10.1 Company Snapshot
- 19.10.2 Financial Overview
- 19.10.3 Product Portfolio
- 19.10.4 Recent Developments
- SECTION 20 - RELATED REPORTS
- SECTION 21 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.