About Offshore Wind Energy
The growing share of renewable energy, increasing awareness about climate change and technological development expected to boost the market. Offshore wind energy, also known as offshore wind power, is defined as the consumption of wind farms which is built off the shore to harvest wind energy for the purpose of electricity generation. It includes inshore water areas ie fords, lakes, and sheltered coastal areas, which uses conventional fixed bottom wind turbine technologies and deep water areas including floating wind turbines. Wind turbines use fresh air to produce electricity. There is a huge opportunity for global offshore wind turbines for the manufacturers in the market due to low carbon emission.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global offshore wind energy industry study report will provide valuable insight with an emphasis on the global market and market is highly fragmented. Major players are focusing on some effective strategies such as partnerships, mergers and acquisition, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. These tactics involve investments in R&D, new manufacturing facilities, and supply chain optimization. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Offshore Wind Energy market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Goldwind Science and Technology Co., Ltd.(China), GE Wind Energy (France), Vestas Wind Systems A/S (Denmark), Sinovel Wind Group Co., Ltd. (China), Donghai Bridge (China), Dong Energy A/S (Denmark), Suzlon Group (India), Gamesa Corporacion Tecnologica SA (Spain) and Siemens Wind Power (Denmark) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Adwen offshore Inc.(Germany), Statoil (Norway), Orsted (Denmark), ABB Limited (Switzerland) and Senvion (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Offshore Wind Energy market by Type (Turbine, Substructure, Electrical Infrastructure and Others), Application (Commercial, Industrial, Household and Others) and Region.
On the basis of geography, the market of Offshore Wind Energy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. If we see Market by Components, the sub-segment i.e. Turbine will boost the Offshore Wind Energy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Capacity, the sub-segment i.e. Up to 3 MW will boost the Offshore Wind Energy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Location, the sub-segment i.e. Shallow water will boost the Offshore Wind Energy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing demand for products that are environmentally sustainable and eco-friendly.
Market Growth Drivers:
Growing adoption of clean energy source and Increasing demand of electricity
Challenges:
Availability of auxiliary electricity generation sources
Restraints:
High capital cost and installation complexity
Opportunities:
Innovation in Turbine Technology and Advancements in Marine Engineering
Market Leaders and their expansionary development strategies
In February 2023, Siemens Gamesa and Doosan Enerbility have entered into a strategic partnership to strengthen the offshore wind market in South Korea. The partnership will bring numerous advantages, including the establishment of efficient and eco-friendly local assembly capabilities and the creation of job opportunities within South Korea's offshore wind market.
In May 2023, ITOCHU Announces the Launch of an Onshore Wind Farm Project in Aomori. The project involves the construction of an onshore windfarm with an interconnection capacity of 57,000 kW (maximum output capacity of 64,500 kW) in the region, aiming for the start of operations
Key Target Audience
Large, medium-sized, and small enterprises, Venture capitalists, Value-Added Resellers (VARs), Third-party knowledge providers, Investment bankers and Investors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.