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Offshore Wind Power Market by Type, Product Type and Geography - Forecast and Analysis 2023-2027

  • Published: Dec 2022
  • Pages: 167
  • SKU: IRTNTR45310
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The offshore wind power market is estimated to grow at a CAGR of 17.59% between 2022 and 2027. The size of the market is forecast to increase by USD 30,744.65 million. The growth of the market depends on serval factors, including the rise in global energy demand, the rising government support, and the declining LCOE of wind power generation.

This report extensively covers market segmentation by type (monopile, jacket, and others), product type (fixed structure and floating structure), and geography (Europe, APAC, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Offshore Wind Power Market During the Forecast Period?

Offshore Wind Power Market Size

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Parent Market Analysis

Technavio categorizes the global offshore wind power market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Offshore Wind Power Market: Key Drivers, Trends, Challenges, and Customer Landscape

The rise in global energy demand is notably driving the market growth, although factors such as competition from alternative energy sources may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Offshore Wind Power Market Driver

The rise in global energy demand is the key factor driving global offshore wind power market growth. According to the International Energy Agency (IEA), in 2021, the global economy grew at a rate of 6.0% as compared to 2020. There was strong growth in the global energy demand due to robust economic growth. As a result, in 2021, the global energy demand grew by 4.6% compared with 2020. This growth in energy demand was mainly propelled by countries such as China, the US, and India, which accounted for nearly 70% of this growth. Moreover, according to the IEA, the global electricity demand increased twofold during 1990-2022 and has outpaced the growth in the demand for other fuel sources.

Compared with 2017, the global demand for electricity is expected to grow twofold compared with the global energy demand, which is expected to rise by more than 25% by 2040. This growth in electricity demand is being propelled by emerging economies such as India and China. Additionally, the global population is expected to grow significantly during the forecast period. Hence, with the growth of the population and the resulting increase in economic activities, electricity demand is expected to grow significantly during the forecast period.

Significant Offshore Wind Power Market Trend

The rising popularity of clean energy technologies is the primary trend in the global offshore wind power market. Owing to the rapid growth in the global demand for electricity and the extensive use of fossil fuels such as coal and natural gas to fulfill the demand, there has been substantial growth in global carbon dioxide (CO2) emissions resulting from fuel combustion. Moreover, electricity and heat generation have been the largest sources of CO2 emissions and accounted for more than 42% of the global CO2 emissions in 2022.

Hence, there has been a rising demand for clean energy sources globally to reduce carbon emissions. Thus, there has been a rise in the adoption of renewable energy sources for power generation, which has been boosting wind power generation. Wind and solar power registered a double-digit growth rate in 2021, mainly propelled by China, Europe, and the US. Hence, with the rising adoption of clean energy sources, the market is expected to grow during the forecast period.

Major Offshore Wind Power Market Challenge

The competition from alternative energy sources is a major challenge to the global offshore wind power market growth. Despite the rapid growth in the adoption of renewable energy sources such as offshore wind power generation, the use of fossil fuels such as oil, coal, and natural gas still accounts for a substantial portion of the global energy mix. Moreover, clean coal technologies such as supercritical and ultra-supercritical coal-fired power plants have been further boosting the operations and sustenance of coal-fired power plants. Many countries prefer using fossil fuels rather than renewable energy sources due to the abundance of fossil fuels.

The cost of establishing a renewable energy farm for producing power is substantially high, and the power output from renewable energy sources is not on par with that from fossil fuels. Hence, the preference for non-renewable energy sources is high in the market. Moreover, power generation using coal (conventional as well as clean coal technologies) and natural gas accounts for a significant portion of the global energy mix, which is expected to hinder the growth of the market during the forecast period.

Key Offshore Wind Power Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Offshore Wind Power Market Share by Geography

Global Offshore Wind Power Market Customer Landscape

Who are the Major Offshore Wind Power Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

capeholland.com - The company is into offshore wind power generation business with complete solutions and experience in various projects. Also, Through this segment, the company offers offshore wind power generation business-related complete solutions.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • China Steel Corp.
  • Dongfang Electric Corp.
  • Doosan Corp.
  • Erndtebcker Eisenwerk GmbH and Co KG
  • General Electric Co.
  • Hyosung Heavy Industries Corp.
  • Hyundai Heavy Industries Co. Ltd.
  • JDR Cable Systems Ltd.
  • Lamprell Plc
  • Nexans SA
  • NKT AS
  • Nordex SE
  • Senvion Wind Technology Pvt. Ltd.
  • Siemens Gamesa Renewable Energy SA
  • Sinovel Wind Group Co. Ltd.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Offshore Wind Power Market?

The market share growth by the monopile segment will be significant during the forecast period. The monopile offshore wind structure is made up of a cylindrical steel tube and has a relatively simple design wherein the tower is supported by the monopile either directly or through a transition piece. The monopile runs down into the seabed. The penetration of the monopile can be adjusted based on the seabed and environmental conditions. Monopile is the most commonly used foundation structure in the market, owing to its ease of installation in shallow-to-medium water depths ranging from 0 to 98.42 feet (0 to 30 meters). These factors will facilitate segment growth during the forecast period.

Offshore Wind Power Market Size

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The monopile segment was valued at USD 12,504.42 million in 2017 and continue to grow by 2021There are several variations of monopiles, such as drilled monopiles and drilled concrete monopiles. A drilled monopile structure consists of a fixed steel monopile with concrete in a deep drilled hole inside the seabed rock. Such an arrangement helps keep the weight of the foundation relatively low. As a result, the foundation can be towed to the site using a normal tugboat and lifted into place by a relatively low lifting capacity. On the other hand, drilled monopiles consist of prefabricated concrete monopiles, which are installed using a vertical drilling technique and eliminate the use of a transition piece. Hence, owing to the advantages of monopile structures, technological advances, and the rapid deployment of monopile structures across the world due to the presence of prominent vendors with requisite technological expertise, the market is expected to grow significantly during the forecast period.

Which are the Key Regions for the Offshore Wind Power Market?

Offshore Wind Power Market Share by Geography

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Europe is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In Europe, the UK registered the highest share of offshore wind installations, followed by Germany. However, as the prices of international offshore wind power have reduced by more than 50%, the auctions for offshore wind power are expected to resume, and tariffs are anticipated to reduce to around $0.18 per kW in the upcoming projects. Hence, the rapid deployment of renewable energy sources in the region, the technological developments reducing the cost per unit of offshore wind power, and the government initiatives to boost the efficiency of offshore wind farms are expected to support the growth of the market in Europe during the forecast period.

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for Europe. However, in 2021, the European markets appeared to have come out of the initial impact of the COVID-19 pandemic and are on their way to recovery. For the first time, the European Union has generated more electricity through renewable sources when compared to fossil fuels. This will have a positive impact on the market in Europe. Furthermore, the region has been working on the transition to wind power generation through investment and strategy formulation in order to achieve its 2030 climate and energy security targets. Such developments are expected to boost offshore wind power in the region, which, in turn, will propel the growth of the regional market in focus during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Monopile, Jacket, and Others), Product Type (Fixed structure and Floating structure), and Geography (Europe, APAC, North America, South America, and Middle East and Africa).

  • Type Outlook (USD Million, 2017 - 2027)
    • Monopile
    • Jacket
    • Others
  • Product Type Outlook (USD Million, 2017 - 2027)
    • Fixed structure
    • Floating structure
  • Region Outlook (USD Million, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Offshore Wind Power Market Scope

Report Coverage

Details

Page number

167

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 17.59%

Market growth 2023-2027

USD 30,744.65 million

Market structure

Fragmented

YoY growth 2022-2023(%)

14.14

Regional analysis

Europe, APAC, North America, South America, and Middle East and Africa

Performing market contribution

Europe at 53%

Key countries

US, Japan, UK, Germany, and Belgium

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

CAPE Holland BV, China Steel Corp., Dongfang Electric Corp., Doosan Corp., Erndtebcker Eisenwerk GmbH and Co KG, General Electric Co., Hyosung Heavy Industries Corp., Hyundai Heavy Industries Co. Ltd., JDR Cable Systems Ltd., Lamprell Plc, Nexans SA, NKT AS, Nordex SE, Senvion Wind Technology Pvt. Ltd., Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Verdict Media Limited, Vestas Wind Systems AS, Xinjiang Goldwind Science and Technology Co. Ltd., and Prysmian Spa

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Offshore Wind Power Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the offshore wind power market between 2023 and 2027
  • Precise estimation of the size of the offshore wind power market size and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market industry across Europe, APAC, North America, South America, and Middle East and Africa
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of offshore wind power market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Product Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global offshore wind power market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global offshore wind power market 2017 - 2021 ($ million)
    • 4.2 Type Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)
    • 4.3 Produt Type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Produt Type Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 30: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Type
      • Exhibit 32: Chart on Comparison by Type
      • Exhibit 33: Data Table on Comparison by Type
    • 6.3 Monopile - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Monopile - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on Monopile - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on Monopile - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Monopile - Year-over-year growth 2022-2027 (%)
    • 6.4 Jacket - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Jacket - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Jacket - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Jacket - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Jacket - Year-over-year growth 2022-2027 (%)
    • 6.5 Others - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 6.6 Market opportunity by Type
      • Exhibit 46: Market opportunity by Type ($ million)

    7 Market Segmentation by Product Type

    • 7.1 Market segments
      • Exhibit 47: Chart on Product Type - Market share 2022-2027 (%)
      • Exhibit 48: Data Table on Product Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Product Type
      • Exhibit 49: Chart on Comparison by Product Type
      • Exhibit 50: Data Table on Comparison by Product Type
    • 7.3 Fixed structure - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Fixed structure - Market size and forecast 2022-2027 ($ million)
      • Exhibit 52: Data Table on Fixed structure - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Chart on Fixed structure - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Fixed structure - Year-over-year growth 2022-2027 (%)
    • 7.4 Floating structure - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Floating structure - Market size and forecast 2022-2027 ($ million)
      • Exhibit 56: Data Table on Floating structure - Market size and forecast 2022-2027 ($ million)
      • Exhibit 57: Chart on Floating structure - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Floating structure - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Product Type
      • Exhibit 59: Market opportunity by Product Type ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 61: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 62: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 63: Chart on Geographic comparison
      • Exhibit 64: Data Table on Geographic comparison
    • 9.3 Europe - Market size and forecast 2022-2027
      • Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.4 APAC - Market size and forecast 2022-2027
      • Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 UK - Market size and forecast 2022-2027
      • Exhibit 85: Chart on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 86: Data Table on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 87: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.9 Germany - Market size and forecast 2022-2027
      • Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.10 Belgium - Market size and forecast 2022-2027
      • Exhibit 93: Chart on Belgium - Market size and forecast 2022-2027 ($ million)
      • Exhibit 94: Data Table on Belgium - Market size and forecast 2022-2027 ($ million)
      • Exhibit 95: Chart on Belgium - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on Belgium - Year-over-year growth 2022-2027 (%)
    • 9.11 US - Market size and forecast 2022-2027
      • Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.12 Japan - Market size and forecast 2022-2027
      • Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 105: Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 106: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 108: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 109: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 110: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 111: Matrix on vendor position and classification
            • 12.3 CAPE Holland BV
              • Exhibit 112: CAPE Holland BV - Overview
              • Exhibit 113: CAPE Holland BV - Product / Service
              • Exhibit 114: CAPE Holland BV - Key offerings
            • 12.4 China Steel Corp.
              • Exhibit 115: China Steel Corp. - Overview
              • Exhibit 116: China Steel Corp. - Product / Service
              • Exhibit 117: China Steel Corp. - Key offerings
            • 12.5 Dongfang Electric Corp.
              • Exhibit 118: Dongfang Electric Corp. - Overview
              • Exhibit 119: Dongfang Electric Corp. - Product / Service
              • Exhibit 120: Dongfang Electric Corp. - Key offerings
            • 12.6 Doosan Corp.
              • Exhibit 121: Doosan Corp. - Overview
              • Exhibit 122: Doosan Corp. - Business segments
              • Exhibit 123: Doosan Corp. - Key news
              • Exhibit 124: Doosan Corp. - Key offerings
              • Exhibit 125: Doosan Corp. - Segment focus
            • 12.7 Erndtebcker Eisenwerk GmbH and Co KG
              • Exhibit 126: Erndtebcker Eisenwerk GmbH and Co KG - Overview
              • Exhibit 127: Erndtebcker Eisenwerk GmbH and Co KG - Product / Service
              • Exhibit 128: Erndtebcker Eisenwerk GmbH and Co KG - Key offerings
            • 12.8 General Electric Co.
              • Exhibit 129: General Electric Co. - Overview
              • Exhibit 130: General Electric Co. - Business segments
              • Exhibit 131: General Electric Co. - Key news
              • Exhibit 132: General Electric Co. - Key offerings
              • Exhibit 133: General Electric Co. - Segment focus
            • 12.9 Hyosung Heavy Industries Corp.
              • Exhibit 134: Hyosung Heavy Industries Corp. - Overview
              • Exhibit 135: Hyosung Heavy Industries Corp. - Product / Service
              • Exhibit 136: Hyosung Heavy Industries Corp. - Key offerings
            • 12.10 Hyundai Heavy Industries Co. Ltd.
              • Exhibit 137: Hyundai Heavy Industries Co. Ltd. - Overview
              • Exhibit 138: Hyundai Heavy Industries Co. Ltd. - Product / Service
              • Exhibit 139: Hyundai Heavy Industries Co. Ltd. - Key offerings
            • 12.11 JDR Cable Systems Ltd.
              • Exhibit 140: JDR Cable Systems Ltd. - Overview
              • Exhibit 141: JDR Cable Systems Ltd. - Product / Service
              • Exhibit 142: JDR Cable Systems Ltd. - Key offerings
            • 12.12 Nexans SA
              • Exhibit 143: Nexans SA - Overview
              • Exhibit 144: Nexans SA - Business segments
              • Exhibit 145: Nexans SA - Key offerings
              • Exhibit 146: Nexans SA - Segment focus
            • 12.13 Nordex SE
              • Exhibit 147: Nordex SE - Overview
              • Exhibit 148: Nordex SE - Business segments
              • Exhibit 149: Nordex SE - Key offerings
              • Exhibit 150: Nordex SE - Segment focus
            • 12.14 Senvion Wind Technology Pvt. Ltd.
              • Exhibit 151: Senvion Wind Technology Pvt. Ltd. - Overview
              • Exhibit 152: Senvion Wind Technology Pvt. Ltd. - Product / Service
              • Exhibit 153: Senvion Wind Technology Pvt. Ltd. - Key offerings
            • 12.15 Siemens Gamesa Renewable Energy SA
              • Exhibit 154: Siemens Gamesa Renewable Energy SA - Overview
              • Exhibit 155: Siemens Gamesa Renewable Energy SA - Business segments
              • Exhibit 156: Siemens Gamesa Renewable Energy SA - Key news
              • Exhibit 157: Siemens Gamesa Renewable Energy SA - Key offerings
              • Exhibit 158: Siemens Gamesa Renewable Energy SA - Segment focus
            • 12.16 Sinovel Wind Group Co. Ltd.
              • Exhibit 159: Sinovel Wind Group Co. Ltd. - Overview
              • Exhibit 160: Sinovel Wind Group Co. Ltd. - Product / Service
              • Exhibit 161: Sinovel Wind Group Co. Ltd. - Key offerings
            • 12.17 Vestas Wind Systems AS
              • Exhibit 162: Vestas Wind Systems AS - Overview
              • Exhibit 163: Vestas Wind Systems AS - Business segments
              • Exhibit 164: Vestas Wind Systems AS - Key news
              • Exhibit 165: Vestas Wind Systems AS - Key offerings
              • Exhibit 166: Vestas Wind Systems AS - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 167: Inclusions checklist
                • Exhibit 168: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 169: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 170: Research methodology
                • Exhibit 171: Validation techniques employed for market sizing
                • Exhibit 172: Information sources
              • 13.5 List of abbreviations
                • Exhibit 173: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Offshore Wind Power market growth will increase by $30744.65 million during 2023-2027.
              The offshore wind power market is expected to grow at a CAGR of 17.59% during 2023-2027.
              Technavio has segmented the offshore wind power market by type (Monopile, Jacket, and Others) ,product type (Fixed structure, Floating structure, North America, South America, and MEA) , and geography (Europe, APAC, North America, South America, and Middle East and Africa).
              CAPE Holland BV, China Steel Corp., Dongfang Electric Corp., Doosan Corp., Erndtebcker Eisenwerk GmbH and Co KG, General Electric Co., Hyosung Heavy Industries Corp., Hyundai Heavy Industries Co. Ltd., JDR Cable Systems Ltd., Lamprell Plc, Nexans SA, NKT AS, Nordex SE, Senvion Wind Technology Pvt. Ltd., Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Verdict Media Limited, Vestas Wind Systems AS, Xinjiang Goldwind Science and Technology Co. Ltd., Prysmian Spa are a few of the key vendors in the offshore wind power market.
              Europe will register the highest growth rate of 53.46% among the other regions. Therefore, the offshore wind power market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the offshore wind power market growth are:
              • Rise in global energy demand
              • Rising popularity of clean energy technologies
              The offshore wind power market vendors should focus on grabbing business opportunities from the monopile segment as it accounted for the largest market share in the base year.
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