Offshore Wind Energy Market Size Worth $89.76 Billion by 2030 | CAGR: 12.1%

Polaris Market Research recently published a research report on “Offshore Wind Energy Market Share, Size, Trends, Industry Analysis Report, By Component (Turbines, Electrical Infrastructure, Substructure, Others); By Location (Shallow Water, Deep Water, Transitional Water); By Region; Segment Forecast, 2022 – 2030” in its research database.

According to recent research study published by Polaris Market Research, the global offshore wind energy market size and share is expected to register a CAGR of 12.1% growth and industry revenue is expected to increase from USD 33.52 Billion in 2021 to reach USD 89.76 Billion by 2030.

How big is the offshore wind market? What are offshore wind statistics?

  • Overview

Offshore wind energy, also referred to as offshore wind power, is the technology used to generate electricity through wind farms inside the water bodies. Offshore farms generate more electricity in terms of capacity and are also less controversial than onshore. Offshore wind energy offers various advantages such as they generate renewable energy, eliminating the emission of environmental pollutants or greenhouse gases, and providing a domestic energy source. Offshore wind power can be used in inshore water areas such as fjords, lakes, and sheltered coastal areas.

Offshore wind energy is one of the key sources of renewable energy in many countries around the world. The recent outbreak of Covid- 19 negatively the global growth due to the global economic slowdown and significant suspension in the supply chain of the offshore wind energy industry. In addition, strict guidelines imposed by government authorities affected the market’s growth. However, the industry is expected to grow at a substantial rate as governments slowdowns lockdown restrictions across nations.

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Important Questions Being Answered by The Market Report

  • What is the global offshore wind energy market size and growth?
  • What is the value of the market in key regions?
  • What is the critical factor driving the global offshore wind energy market?
  • Who are the prominent players in the global offshore wind energy market?
  • Which region held the highest share in the market?
  • Which factors are anticipated to push the adoption offshore wind energy?
See also  At 12.1% CAGR, Offshore Wind Energy Market Size 2023-2032 | To Reach USD 89.76 billion : Polaris Market Research

Offshore Wind Energy Market: Driving Factors

The rising investments in the renewable power sector by the government is one of the major factors driving the growth of the global industry. Also, there are many multinational companies taking initiatives to reduce their carbon emission to support a greener planet and sustainability. The growing adoption of renewable and green energy is due to factors including the need to cut down carbon emissions, depletion of fossil fuels, control climatic change, etc. Also, a continuous shift to renewable energy technologies from conventional energy sources due to the government’s stringent environmental guidelines is anticipated to accelerate the market growth.

Moreover, the rising need to supply energy to various sectors including residential, healthcare, services, and food & beverages is contributing to the market growth. advantages of offshore wind energy such as low maintenance, low manpower requirement, and least land footprint are some of the key factors driving the growth of the market. Further, the rapid R&D activities into improving the capacity utilization factor for energy generation are expected to boost the market growth.

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Top Market Leaders in Offshore Wind Energy Market Are:

  • ABB
  • DEME
  • Doosan Heavy Industries and Construction
  • EEW Group
  • Envision
  • General Electric
  • Goldwind
  • Hitachi
  • Ming Yang Smart Energy Group Co.
  • Nexans
  • Nordex SE
  • Rockwell Automation
  • Shanghai Electric
  • Siemens Gamesa
  • Vestas

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Offshore Wind Energy Market: Report Scope & Segmentation

Report Attribute Details
Market Outlook for 2030 USD 89.76 billion
Market Size 2021 Value USD 33.52 billion
Expected CAGR Growth 12.1% from 2022 – 2030
Base Year 2021
Forecast Year 2022 – 2030
Top Market Players ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, and Vestas.
Segments Covered By Component, By Location, By Region
Customization Options Customized purchase options are available to meet your research needs. Explore customized purchase options
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Also Read Press Release: Offshore Wind Energy Market Size Worth $89.76 Billion by 2030 | CAGR: 12.1%

Key Highlights of The Report

  • In-depth analysis of the global offshore wind energy market with prevalent market trends and subsequent assessment to explain the approaching pockets of investments in the market
  • A quantitative analysis to assist stakeholders to leverage existing market opportunities
  • Important judgment underscores the practices of business followed by players from different geographical regions

Offshore Wind Energy Market: Report Segmentation

  • Insight by Location

The shallow water segment accounted for the largest market share in 2021 and is expected to continue its dominance during the forecast years. Shallow water is the most preferred location by industries for the energy projects as it is easy to insert the offshore wind tower in shallow water and it needs minimum capital investment. Also, the availability of favorable weather along with easy maintenance increases the preference for this segment for the development of the offshore renewable farm. These benefits provided by shallow water locations are expected to fuel the market growth.

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Geographic Overview: Offshore Wind Energy Market

Based on geography, Europe witnessed the largest market share in 2021 owing to rising investments in renewable energy and encouraging government guidelines. The prevalence of various leading offshore renewable power comps in Europe is projected to boost the growth of the market. The countries are continuously working to upgrade their aging electrical infrastructure in this region. The governments operating in these nations are also focusing on developing power generation using renewable energy sources that support efficient power and energy trading for end-users. These factors are driving the market growth in Europe. Moreover, Asia Pacific is expected to show the highest CAGR over the forecasting years due to the surge in growth of the overall economy. Also, rising investment by leading companies in the region is fueling the market growth.

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Browse the Detail Report “Offshore Wind Energy Market Share, Size, Trends, Industry Analysis Report, By Component (Turbines, Electrical Infrastructure, Substructure, Others); By Location (Shallow Water, Deep Water, Transitional Water); By Region; Segment Forecast, 2022 – 2030” with in-depth TOC:

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Offshore Wind Energy Market: By Component Outlook

  • Turbines
  • Electrical Infrastructure
  • Substructure
  • Others

Offshore Wind Energy Market: By Location Outlook

  • Shallow Water
  • Transitional Water
  • Deep Water

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