Offshore wind energy is a form of generating power by installing wind farms in coastal waters or in ocean waters. Offshore wind turbines are taller and more powerful than onshore turbines and can access stronger and more consistent winds. Offshore wind power provides clean, renewable energy without air and water pollution. Some key benefits of offshore wind power are abundant wind availability, larger turbines, higher capacity factors and lesser visual impacts. The global Offshore Wind Energy Market is estimated to be valued at US$ 5.78 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increase in capacity installations is one of the key trends driving the growth of the offshore wind energy market. There has been a significant increase in the installation of offshore wind capacity across major markets globally. According to statistics, the cumulative global offshore wind capacity increased from around 30 GW in 2020 to over 54 GW in 2022. Europe continues to dominate offshore wind power generation with the UK, Germany, the Netherlands and Belgium leading the installation of new capacities. Key Asian markets like China and Taiwan have also witnessed acceleration in offshore wind projects in recent years. Policy support in the form of targets for offshore wind capacities by 2030, technological advancements enabling installation of turbines in deeper waters and attractive incentives are supporting further growth in offshore wind capacity installations around the world. This rising installation of offshore wind farms is expected to boost the demand for related components and services over the forecast period.
Segment Analysis
The global offshore wind energy market is dominated by the shallow water offshore segment. The segment accounted for over 70% share of the global market in 2022 due to lower costs of installation and maintenance in shallow waters. Recent technological advancements have enabled deeper water sites to be developed profitably. The deep water offshore wind segment is expected to witness the highest growth during the forecast period with increasing investments and projects globally.
Key Takeaways
The global Offshore Wind Energy Market Share is expected to witness high growth during 2023-2030.
Europe accounted for over 70% share of the global offshore wind energy market in 2022 and is expected to continue its dominance during the forecast period. Countries like the UK, Germany, Denmark, Belgium, Netherlands have been early adopters and are expected to add significant capacities during the forecast period. The Asia Pacific region is emerging as the fastest growing regional market led by significant addition of capacities in China and developing markets like Taiwan, South Korea and Vietnam during the forecast period.
Key players operating in the offshore wind energy market are Arlo Technologies Inc., Ring (owned by Amazon), Nest (owned by Google, a subsidiary of Alphabet Inc.), Wyze Labs Inc., Logitech International S.A., Blink Home Security (owned by Amazon), D-Link Corporation, TP-Link Technologies Co., Ltd., Ezviz (a subsidiary of Hikvision), Reolink Digital Technology Co., Ltd., Zmodo Technology Corporation, Canary Connect Inc., Netgear Inc., Eufy Security (a division of Anker Innovations), Swann Communications Pty Ltd.
For more insights, read- https://www.newsanalyticspro.com/offshore-wind-energy-market-trends-size-and-share-analysis/
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