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Offshore Wind Power Market by Type and Geography - Forecast and Analysis 2020-2024

  • Published: Oct 2020
  • Pages: 120
  • SKU: IRTNTR45310
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The offshore wind power market share is expected to increase by USD 20.06 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 18%.

This offshore wind power market research report extensively covers offshore wind power market segmentation by type (monopile, jacket, and others) and geography (Europe, APAC, North America, South America, and MEA). The offshore wind power market report also offers information on several market vendors, including Doosan Heavy Industries & Construction Co. Ltd., Erndtebrücker Eisenwerk GmbH & Co. KG, General Electric Co., Hyundai Heavy Industries Co. Ltd., MHI Vestas Offshore Wind AS, Nexans SA, Nordex SE, Senvion SA, Siemens Gamesa Renewable Energy SA, and Sinovel Wind Group Co. Ltd. among others.

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

Offshore Wind Power Market Size

Download the Free Report Sample to Unlock the Offshore Wind Power Market Size for the Forecast Period and Other Important Statistics

 

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

The reduction in lcoe of wind generation is notably driving the offshore wind power market growth, although factors such as the competition from alternative energy sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the offshore wind power industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Offshore Wind Power Market Driver

One of the key factors driving growth in the offshore wind power market is the rise in global energy demand. This growth in electricity demand is being propelled by emerging economies such as India and China. The global population is expected to grow significantly during the forecast period. Hence, with the growth of the population and the resulted increase in economic activities, electricity demand is expected to grow significantly during the forecast period. Factors such as the electrification of the heat and transportation sectors, the growth in the number of electronically connected devices, and the digitalization of modern economies have been encouraging the electrification of global energy systems. The growth in energy demand, coupled with the government initiatives to increase the adoption of clean energy technologies, is expected to augment the growth of the global offshore wind power market during the forecast period.

Key Offshore Wind Power Market Trend

The rising popularity of clean energy technologies is a offshore wind power market trend that is expected to have a positive impact in the coming years. Due to rapid urbanization and industrialization across the world, there has been significant growth in the global demand for electricity. This rising economic output has propelled the global electricity demand. 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. Hence, there has been a rising demand for clean energy sources globally for reducing carbon emissions. The rise in the adoption of renewable energy sources for power generation will boost wind power generation. With the rising adoption of clean energy sources, the global offshore wind power market is expected to grow during the forecast period.

Key Offshore Wind Power Market Challenge

The competition from alternative energy sources will be a major challenge for the offshore wind power market during the forecast period. 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. 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 a par with that from fossil fuels. Hence, the preference for non-renewable energy sources is high in the market. 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 global offshore wind power market.

This offshore wind power market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categoirzes the global offshore wind power market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the offshore wind power market during the forecast period.

Who are the Major Offshore Wind Power Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Doosan Heavy Industries & Construction Co. Ltd.
  • Erndtebrücker Eisenwerk GmbH & Co. KG
  • General Electric Co.
  • Hyundai Heavy Industries Co. Ltd.
  • MHI Vestas Offshore Wind AS
  • Nexans SA
  • Nordex SE
  • Senvion SA
  • Siemens Gamesa Renewable Energy SA
  • Sinovel Wind Group Co. Ltd.

 

This statistical study of the offshore wind power market encompasses successful business strategies deployed by the key vendors. The offshore wind power market is fragmented and the vendors are deploying growth strategies such as developing technologically advanced products to compete in the market.

Product Insights and News

General Electric Co. - Developed for all offshore conditions, this 6 MW direct-drive offshore wind turbine combines proven technologies and innovations.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The offshore wind power market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Offshore Wind Power Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the offshore wind power market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the renewable electricity market includes the following core components:

  • Inputs
  • Electricity generation
  • Electricity transmission
  • Electricity distribution
  • End-users
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Offshore Wind Power Market?

Offshore Wind Power Market Market segmentation by region

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53% of the market's growth will originate from Europe during the forecast period. Germany, Belgium, and UK are the key markets for offshore wind power in Europe. Market growth in this region will be faster than the growth of the market in the North American, APAC, and South American regions.

The increasing investments will facilitate the offshore wind power market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Offshore Wind Power Market?

Offshore Wind Power Market Segmentation

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The offshore wind power market share growth by the mo nopile segment will be significant during the forecast period. 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 global offshore wind power market is expected to grow significantly during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the offshore wind power market size and actionable market insights on post COVID-19 impact on each segment.

 

Offshore Wind Power Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 18%

Market growth 2020-2024

$ 20.06 billion

Market structure

Fragmented

YoY growth (%)

13.76

Regional analysis

Europe, APAC, North America, South America, and MEA

Performing market contribution

Europe at 53%

Key consumer countries

UK, Germany, Belgium, US, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Doosan Heavy Industries & Construction Co. Ltd., Erndtebrücker Eisenwerk GmbH & Co. KG, General Electric Co., Hyundai Heavy Industries Co. Ltd., MHI Vestas Offshore Wind AS, Nexans SA, Nordex SE, Senvion SA, Siemens Gamesa Renewable Energy SA, and Sinovel Wind Group Co. Ltd.

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

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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 2020-2024
  • Detailed information on factors that will drive offshore wind power market growth during the next five years
  • Precise estimation of the offshore wind power market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the offshore wind power industry across Europe, APAC, North America, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of offshore wind power market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Market characteristics
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2019
    • Market outlook: Forecast for 2019 - 2024

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Monopile - Market size and forecast 2019-2024
    • Jacket - Market size and forecast 2019-2024
    • Others - Market size and forecast 2019-2024
    • Market opportunity by Type

    Customer landscape

    • Customer landscape

    Geographic Landscape

    • Geographic segmentation
    • Geographic comparison
    • Europe - Market size and forecast 2019-2024
    • APAC - Market size and forecast 2019-2024
    • North America - Market size and forecast 2019-2024
    • South America - Market size and forecast 2019-2024
    • MEA - Market size and forecast 2019-2024
    • Key leading countries
    • Market opportunity by geography
    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Vendor landscape
    • Landscape disruption
    • Competitive scenario

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • Doosan Heavy Industries & Construction Co. Ltd.
    • Erndtebrücker Eisenwerk GmbH & Co. KG
    • General Electric Co.
    • Hyundai Heavy Industries Co. Ltd.
    • MHI Vestas Offshore Wind AS
    • Nexans SA
    • Nordex SE
    • Senvion SA
    • Siemens Gamesa Renewable Energy SA
    • Sinovel Wind Group Co. Ltd.

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • 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
    Interested in this report?
    Get your sample now!
    Offshore Wind Power market growth will increase by $20.06 billion during 2019-2024.
    The offshore wind power market is expected to grow at a CAGR of 17.60% during 2019-2024.
    Technavio has segmented the offshore wind power market by type (Monopile, Jacket, and Others) and geographic (Europe, APAC, North America, South America, and MEA).
    Doosan Heavy Industries & Construction Co. Ltd., Erndtebrücker Eisenwerk GmbH & Co. KG, General Electric Co., Hyundai Heavy Industries Co. Ltd., MHI Vestas Offshore Wind AS, Nexans SA, Nordex SE, Senvion SA, Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd. are a few of the key vendors in the offshore wind power market.
    Europe will register the highest growth rate of 53.47% 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
    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.
    • What are the key global market and the regional market share?
    • What are the revenue-generating key market segments?
    • What are the key factors driving and challenging this market’s growth?
    • Who are the key market vendors and their growth strategies?
    • What are the latest trends influencing the growth of this market?
    • What are the variables influencing the market growth in the primary regions?
    • What are the factors influencing the growth of the parent market?
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    • Data on revenue-generating market segments
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