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Offshore Wind Power Market: 53% of Growth to Originate from Europe, Monopile Segment to be Significant for Revenue Generation

NEW YORK, August 9, 2022 /PRNewswire/ — The offshore wind power market size is set to grow by USD 20.06 billion from 2019 to 2024. The report projects the market to progress at a CAGR of 18%. 53% of the market’s growth will originate from Europe during the forecast period. Germany, Belgiumand the 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 growth of the offshore wind power market Europe over the forecast period.

Technavio has announced its latest market research report titled Offshore Wind Power Market by Type and Geography - Forecast and Analysis 2020-2024
Technavio has announced its latest market research report titled Offshore Wind Power Market by Type and Geography – Forecast and Analysis 2020-2024

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Offshore Wind Power Market: Segmentation Analysis

The market research report segments the offshore wind power market by Type (monopile, jacket, and others) and Geography (EuropeAPAC, North America, South Americaand MEA).

  • Revenue Generating Segment – The offshore wind power market share growth by the monopile segment will be significant for revenue generation. 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.

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Offshore Wind Power Market: Major Driver

  • The key factor 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 resulting 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

Offshore Wind Power Market: Major Challenges

  • 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.

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The competitive scenario provided in the Offshore Wind Power Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don’t wait, Make a strategic approach & boost your business goals with our Offshore Wind Power Market Forecast Report – Buy Now!

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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 USD 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
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 future consumer dynamics, and 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 customized segments.

Browse for Technavio “Utilities Market” Research Reports

Table of Contents

Executive Summary

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Value chain analysis

Market Sizing

Five Forces Analysis

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

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

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)
Technavio (PRNewsfoto/Technavio)
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