Offshore Wind Energy Market Size [2022-2028] To Reach USD 60.9 Billion at a CAGR of 11.8% | Industry Trends, Share, And Growth Analysis | Vantage Market Research
Vantage Market Research
10 min read
Vantage Market Research, The North Star for the Working World
WASHINGTON, May 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Offshore Wind Energy Market finds that increasing global investments in renewable energy and rapidly expanding government commitments and technological progress, are factors that influence the growth of the Offshore Wind Energy Market. Additionally, increasing demand for smart cities, in addition to increasing the use of electronic products, in turn increasing the demand for electricity across the globe is further propelling the market growth.
The total Global Offshore Wind Energy Market is estimated to reach USD 60.9 Billion by 2028 and the Market is forecasted to grow exhibiting a compound annual growth rate (CAGR) of 11.8%, states Vantage Market Research, in a report, titled “Offshore Wind Energy Market Size, Share & Trends Analysis Report by Component (Turbines, Electrical Infrastructure, Substructure, Others), by Location (Shallow Water, Transitional Water, Deep Water), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The Global Market revenue value stood at USD 31.2 Billion in the year 2021.
Please Check Out Our Free Sample Reports and Make a More Informed Decision:
(Sample reports are a great way to test our in-depth reports or study before you make a purchase)
The newly updated, 140+ page reports provide an in-depth analysis of the COVID-19 virus and pandemic.
Using industry data and interview with experts, you can learn about topics such as regional impact analysis, global forecast, competitive landscape analysis, size & share of regional markets.
We offer these reports in PDF format so you can read them on your computer and print them out.
Free sample includes, Industry Operating Conditions, Industry Market Size, Profitability Analysis, SWOT Analysis, Industry Major Players, Historical and Forecast, Growth Porter's 5 Forces Analysis, Revenue Forecasts, Industry Trends, Industry Financial Ratios.
The report also presents the country-wise and region-wise analysis of the Vantage Market Research and includes a detailed analysis of the key factors affecting the growth of the market.
Sample Report further sheds light on the Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis, to offer the readers an advantage over others.
Market Dynamics:
Drivers:
Increasing Technological Advancements and Capacity
When first the offshore wind energy farms were introduced to the world, the capacity used to be 3MW. With the help of advancement of components at that time, it was the best capacity cultivated from the offshore wind energy farms. With the help of technological advancements in the components of offshore wind energy farms, including wind turbines, substructures, and other essential components, the capacity of offshore wind farms increased from 3MW to 5 MW. Nowadays, deep water locations, technological advancements, and abundant availability of wind resources, are some of the factors, which enable a wind farm to generate more energy which goes beyond 5MW. Thus, increasing capacity and technological advancements. It is further anticipated to drive the market growth in the forecast period.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Offshore Wind Energy market is predicted to grow at a CAGR of roughly 11.8% during the forecast period.
The Offshore Wind Energy market was estimated to be worth roughly USD 31.2 Billion in 2021 and is expected to reach USD 60.9 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Offshore Wind Energy market.
Increasing Demand to Battle Climate Change from Emerging Economies
The developing, emerging, and under-developed countries or economies are late adopters when it comes to innovation and technology regarding climate change strategies. Rapid industrialization and urbanization have increased the demand for highly efficient, cost-effective, and time-efficient climate change strategies, which has compelled manufacturers to shift their focus on the modernization of equipment, energy efficiency, and minimizing greenhouse gas emissions. Increasing government subsidies in developing countries such as India have led to resurgent investments in the renewable energy sector, especially in the wind energy farm sector. Emerging economies, governments in the emerging countries, and renewable sectors are some of the sectors where climate change is taken seriously and steps are being taken to tackle climate change and contain greenhouse gas emissions, driving the global offshore wind energy market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
(You may enquire a report quote OR available discount offers to our sales team before purchase.)
The Report on Offshore Wind Energy Market Highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
Europe Holds Maximum Market Share
Europe is expected to dominate the growth of Offshore Wind Energy Market in 2021. The major driving factors for the market are, presence of major player in the region Siemens (Germany), Nordex SE (Germany), Vestas (Denmark), and ABB (Switzerland). Additionally, pioneer in offshore wind technology and offshore wind farm development is further, contributing to the market growth.
List of Prominent Players in the Offshore Wind Energy Market:
General Electric (US)
Vestas (Denmark)
Siemens Gamesa (Spain)
Gold wind (China)
Shanghai Electric Wind Power Equipment Co. (China)
ABB (Switzerland)
Doosan Heavy Industries and Construction (South Korea)
Hitachi (Japan)
Nordex SE (Germany)
EEW (Germany)
Nexans (France)
DEME (Belgium)
Ming Yang Smart Energy Group Co (China)
Envision (China)
Rockwell Automation (US)
Hyundai Motor Group (South Korea)
Schneider Electric (France)
Zhejiang Windey Co. (China)
Taiyuan Heavy Industry Co. (China)
Sinovel (China)
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Offshore Wind Energy Market Size, Share & Trends Analysis Report by Component (Turbines, Electrical Infrastructure, Substructure, Others), by Location (Shallow Water, Transitional Water, Deep Water), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/offshore-wind-energy-market-557366
Recent Developments:
May 2021: GE Renewable Energy announced that it has finalized the Turbine Supply and Service and Warranty contracts for the third and final phases of the Dogger Bank offshore wind farm.
May 2021: Siemens Gamesa has been confirmed as a preferred supplier for full 1,044 MW Hai Long offshore (in Taiwan) wind projects.
May 2020: Siemens Gamesa launched SG 14-222 DD offshore wind turbine with nameplate capacity of 14 MW which can reach 15 MW with Power Boost. Its 222-meter rotor diameter uses massive 108-meter long B108 blades.
October 2020: MHI Vestas Offshore Wind has been selected as the preferred wind turbine supplier for the Eol Med floating project and contracted to supply three V164-10.0 MW turbines.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Offshore Wind Energy Market?
How will the Offshore Wind Energy Market change in the upcoming six years?
Which application and product will take a lion’s share of the Offshore Wind Energy Market?
What is the Offshore Wind Energy market drivers and restrictions?
What will be the CAGR and size of the Offshore Wind Energy Market throughout the forecast period?
This market titled “Offshore Wind Energy Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Component
Turbines
Electrical Infrastructure
Substructure
Others
Location
Shallow Water
Transitional Water
Deep Water
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Region & Counties Covered
North America
U.S.
Canada
Mexico
Europe
U.K
France
Germany
Italy
Spain
Rest Of Europe
Asia Pacific
China
Japan
India
South Korea
South East Asia
Rest Of Asia Pacific
Latin America
Brazil
Argentina
Rest Of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest Of Middle East & Africa
Companies Covered
General Electric (US)
Vestas (Denmark)
Siemens Gamesa (Spain)
Gold wind (China)
Shanghai Electric Wind Power Equipment Co. (China)
ABB (Switzerland)
Doosan Heavy Industries and Construction (South Korea)
Hitachi (Japan)
Nordex SE (Germany)
EEW (Germany)
Nexans (France)
DEME (Belgium)
Ming Yang Smart Energy Group Co (China)
Envision (China)
Rockwell Automation (US)
Hyundai Motor Group (South Korea)
Schneider Electric (France)
Zhejiang Windey Co. (China)
Taiyuan Heavy Industry Co. (China)
Sinovel (China)
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.
