Offshore Wind Energy Market Expected to Reach US ~$89.76 Billion and CAGR 12.1% by 2030 – Polaris Market Research
The global offshore wind energy market size is expected to reach USD 89.76 billion by 2030 according to a new study by Polaris Market Research.
The primary factors, such as the introduction of various offshore renewable projects, coupled with the imposition of various regulatory frameworks and policies, are accelerating the global demand. In addition, increasing investment in the development of clean power, rising demand for energy, and surging emission levels associated with the traditional power plant are the further impelling factors that may positively influence the industry growth over the forecasting years.
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Based on the location, the shallow water segment is dominating the global industry with the highest revenue shares. Factors such as easy maintenance, need for less capital, and rising inclination towards the construction of electrical infrastructure is surging the demand worldwide. Whereas the deep water segment shows the highest CAGR rate that leads to higher demand owing to the growing investment for building an offshore renewable farms in deep water above 30-meter depth.
The growing number of initiatives by the government and companies to cut downing carbon emissions is the prominent driving factor for the industry growth. The increasing concern regarding the environment is the surging demand for offshore renewable power. There are various industry players focusing on accelerating the production of renewable resources such as solar power for decreasing carbon emissions.
In addition, increasing investment in the R&D activities by the leading companies to introduce innovative technologies, improvise infrastructure, and strengthen their product portfolio. For instance, Hecate Independent Power Limited (HIP), a UD-based renewable power project company, launched its HIP Atlantic Project to install more than 10 GW of fixed and floating renewable power in the North Atlantic, UK. Hence, these factors are projected to accelerate the global demand in the forecasting period.
Market participants such as Rockwell Automation, Hitachi, Doosan Heavy Industries and Construction, EEW Group, Envision, ABB, General Electric, Goldwind, Vestas, Ming Yang Smart Energy Group Co., Nexans, DEME, Nordex SE, Siemens Gamesa, and Shanghai Electric are some of the key players operating in the global market.
The frequent tactical movements such as mergers & acquisitions, collaborations, product developments & launches, and others by the prominent players are supporting the global industry development. For instance, in May 2021, GE Renewable Energy announced to the introduction of long-term “Turbine Supply and Service and Warranty” contracts for the Dogger Bank’s final phase of wind farm projects. Similarly, in May 2021, Siemens Gamesa was confirmed as the first point of contact for the facilitation of the full 1,044 MW Hai Long wind projects in Taiwan.
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Polaris Market Research has segmented the offshore wind energy market report on the basis of component, location, and region:
Offshore Wind Energy, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Turbines
- Electrical Infrastructure
- Substructure
- Others
Offshore Wind Energy, Location Outlook (Revenue – USD Billion, 2018 – 2030)
- Residential
- Commercial
- Industrial
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