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.
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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|
|Growth momentum & CAGR||Accelerate at a CAGR of 18%|
|Market growth 2020-2024||USD 20.06 billion|
|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.|
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Table of Contents
- Market ecosystem
- Market characteristics
- Value chain analysis
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
- 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
- Landscape disruption
- Competitive scenario
- 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.
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