Published on : May 08, 2017
Albany, New York, May 08, 2017: The report offers a comprehensive overview of the current status of the offshore wind energy market and the emerging opportunities in it. The research provides in-depth insights into the key market dynamics, current trends, major offshore wind projects, technological advancements, and the competitive landscape. The global market for offshore wind energy is poised to expand at an impressive CAGR of 25.47% from 2016 to 2021. The robust growth is mainly propelled by a soaring demand for clean energy, government support for a number of renewable energy programs, and increase in area of coastal lands.
The research analysis offers the market share and size of various segments and the revenue share of leading players. Major regions covered in the analysis are North America, Europe, and Asia Pacific. The study highlights recent advancements in turbine technologies and their installed capacity. Furthermore, regulatory frameworks in major regions and the key factors influencing government subsidies are evaluated in detail.
The increasing preference for offshore wind energy resources over onshore is driven by the marked increase in the volume of electric energy production using the same turbine technology. Soaring investments by governments of developing as well as developed nations to harness the potential of coastal areas for the use of wind power facilities has accelerated the development of offshore wind energy projects. Several large German and Danish developers are working intensively to supply electricity from various offshore wind farms. The advent of offshore projects harnessing the capability of floating wind turbines is expected to catalyze several project development activities in stormy seas and deep-water locations. This is expected to fuel the offshore wind energy market in the coming years.
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However, the high cost of turbines has made electricity generation expensive for a large number of investors. Nevertheless, various manufacturers, led by Siemens, intend to substantially expand the capacity of their turbines by the next decade. This is expected to bring significant cost reduction due to the economy of scale on account of the electricity produced on a massive scale using giant turbines. As a result, several players are banking on turbine technology to capitalize on lucrative market avenues in offshore wind energy.
Geographically, the North America market for offshore wind energy is projected to expand at a higher CAGR than others during the forecast period. The growth of the regional market is attributed to a surge in government subsidies, rising fiscal incentives from several wind energy associations, and the presence of numerous coastal cities, especially in the U.S. Among others, Germany in Europe and South Korea in Asia Pacific are poised to rise at a significant pace. The growth of the market in these countries is due to substantial investments by regional players and soaring government subsidies to support offshore wind power projects.
Companies vying for a sustained share in the market include Senvion S.A, Vestas Wind Systems A/S, DONG Energy, Samsung Heavy industries, Nordex SE, Suzlon Energy Ltd., GE Renewable Energy, and Siemens Wind Power.
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