Offshore Wind Market Analysis Growth Strategies, Business Statistics, Product Innovations by 2030 | ABB, Ltd., EEW Group

Offshore wind harnesses wind energy at sea using turbines to generate electricity, a sustainable solution for clean power generation.

BURLINGAME, CALIFORNIA, UNITED STATE, December 1, 2023 /EINPresswire.com/ -- The offshore wind market industry is projected to grow from US$ 47.4 billion in 2023 to US$ 131.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.68% during the forecast period (2023 - 2030).

Market Overview:

Offshore wind involves installing wind farms into coastal waters or oceans to generate renewable energy. Offshore wind turbines are larger than their land-based counterparts due to stronger and more reliable winds available offshore.

Market Dynamics:

Offshore wind offers benefits including abundant wind resources and lower aesthetic impacts compared to onshore projects. Government support in the form of incentives and targets for renewable energy adoption is expected to drive significant market growth during the forecast period. For instance, the US government has announced plans to install 30 gigawatts of offshore wind by 2030 to help meet climate goals. Additionally, technological advancements enabling installation of larger capacity turbines and floating foundations in deep waters are making offshore wind more economically viable. These factors are expected to attract higher investments and Foster rapid market expansion through 2030.

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Major market players included in this report are:

★ MHI Vestas
★ Siemens AG
★ General Electric
★ ABB Ltd.
★ EEW Group
★ Nexans
★ A2SEA A/S.

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

By Location:
✦ Deep-water (depth >60 m)
✦ Transitional Water (depth 30-60 m)
✦ Shallow water (depth < 30 m)

By Component:
✦ Substructure
✦ Turbine
✦ Electrical Infrastructure
✦ Others

Regional Analysis:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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✤ Growing Electricity Demand is Driving Offshore Wind Market Growth

The worldwide demand for renewable and clean sources of energy is increasing rapidly. Many countries are seeking to reduce their dependence on fossil fuels and curtail carbon emissions to meet their commitments under the Paris Agreement. Offshore wind energy presents a viable solution as it is capable of generating massive amounts of electricity through huge wind turbines installed in sea areas. The global electricity demand is projected to rise exponentially over the coming decades as more people get access to electricity and electric vehicles gain popularity. Offshore wind farms can play a major role in satisfying this ballooning electricity demand through their large power generation capacities.

✤ Policy Support is Another Major Driver Boosting Offshore Wind Investments

Many governments around the world have introduced supportive policy frameworks like renewable purchase obligations, feed-in tariffs, tax credits to incentivize investments in offshore wind projects. The European Union has set an ambitious target of installing at least 60 GW of offshore wind power by 2030 and 300 GW by 2050. To achieve these targets, the EU and individual member states are offering various concessions to lower project risks and costs for developers. In the USA as well, many northeastern states have enacted policies promoting offshore wind power. With strong government backing through viable policies and incentives, the offshore wind sector is attracting more capital to fuel its expansion.

✤ High Capital Costs Pose a Significant Challenge for Offshore Wind Farms

Setting up offshore wind farms involves enormous capital investments right from acquiring wind measurement devices, transporting and installing giant turbines to laying extensive cabling networks to bring the power ashore. The high initial capital expenditure pushes up the overall cost of electricity from offshore wind farms. An offshore wind project may require an investment of over $2 billion. The massive capex requirements discourage many utilities and make offshore wind a less competitive renewable option compared to onshore wind or solar photovoltaics presently. However, with technology advances, economies of scale and experience curves, the capital costs of offshore wind projects are expected to decline over the coming years.

✤ Reducing Installation and O&M Costs through Floating Wind Turbines

While traditional bottom-fixed offshore wind farms are limited to shallow coastal waters, floating wind technology has the potential to unlock vast deep-sea areas for energy generation. Floating turbines mounted on semi-submersible platforms or spar buoys can thrive in waters up to 1000 feet deep where fixed-foundation turbines cannot be deployed. This will massively expand the developable offshore wind resources. Furthermore, floating wind turbines eliminate the need for expensive foundation works requiring heavy-lift vessels and pile driving operations. Their simplified installation and maintenance processes hold the promise of lowering costs compared to bottom-fixed structures. The offshore wind sector is aggressively investing in floating technologies which can emerge as a huge growth opportunity in the coming decade.

✤ Cost Reduction through Serial and Mass Manufacturing is a Key Trend

To reduce the high upfront capital costs, suppliers and developers in the offshore wind industry are increasingly adopting serial and mass production techniques. Standardized turbine and foundation designs suited for volumetric output are being deployed across multiple wind farm projects. Factories capable of rapidly rolling out pre-assembled components on an assembly-line basis are gaining prominence. Larger and more specialized heavy lift and installation vessels are also replacing conventional jack-up barges to speed up construction cycles. Renewable energy giants are collaborating with engineering firms and shipbuilders to industrialize offshore wind farms. If serial manufacturing and economies of scale can drive down costs by 30-50% over the next 10-15 years as anticipated, offshore wind is poised for exponential market growth worldwide.

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Key Questions

• How much revenue will the global Offshore Wind Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall Offshore Wind Market?

• What are the indicators expected to drive the global Offshore Wind Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Offshore Wind Market to expand their geographical presence?

• What are the major advancements witnessed in the global Offshore Wind Market?

• This report answers these questions and more about the global Offshore Wind Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Offshore Wind Market, 2018 – 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle East and Africa

Chapter No. 4: Company Profiles

4.1 Company Overview
4.2 Financial elements
4.3 Product Landscape
4.4 SWOT Analysis
4.5 Systematic Outlook

Chapter No. 5: Assumptions and Acronyms

Chapter No. 6: Research Methodology

Chapter No. 7: Contact (Continue . . .)

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