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 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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The launch of numerous power projects and the implementation of various regulatory frameworks and policies are the main drivers of increasing the worldwide demand. Additionally, rising power consumption, expanding renewable power investment, and rising emissions from conventional power plants are other driving forces that might benefit the industry's expansion during the upcoming years.
Based on the location, the shallow water segment dominates the global industry with the highest revenue shares. Factors such as easy maintenance, need for less capital, and rising inclination towards constructing electrical infrastructure are surging the demand worldwide. In contrast, the deep water segment shows the highest CAGR rate, which leads to higher demand owing to the growing investment in building offshore renewable farms in deep water above 30-meter depth.
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The primary force behind the industry's growth is the increasing number of actions taken by the government and businesses to reduce carbon emissions. The rising demand for offshore renewable power results from growing environmental concerns. In order to reduce carbon emissions, several industrial participants are concentrating on expediting the development of renewable resources like solar power.
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.
Industry participants such as Rockwell Automation, Hitachi, Doosan Heavy Industries and Construction, EEW Group, Envision, ABB, Goldwind, Vestas, Siemens Gamesa, General Electric, Ming Yang Smart Energy Group Co., DEME, Nexans, Nordex SE, and Shanghai Electric are some of the key players operating in the global market. The prominent players' frequent tactical movements such as mergers & acquisitions, collaborations, product developments & launches, and others are supporting the global industry development.
For instance, in May 2021, GE Renewable Energy announced introducing long-term "Turbine Supply and Service and Warranty" contracts for the Dogger Bank's final phase breeze farm projects. Similarly, in May 2021, Siemens Gamesa was confirmed as the first point of contact for facilitating the complete 1,044 MW Hai Long wind projects in Taiwan.
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)
Offshore Wind Energy, Location Outlook (Revenue - USD Billion, 2018 - 2030)
Offshore Wind Energy, Regional Outlook (Revenue - USD Billion, 2018 - 2030)