The Worldwide Offshore Wind Industry is Estimated to Reach $56.8 Billion by 2026 - ResearchAndMarkets.com

The "Offshore Wind Market by Component (Turbines (Nacelle, Rotors & Blades, Tower), Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, & Deepwater) and Region (North America, Asia Pacific, & Europe) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The offshore wind market is projected to reach USD 56.8 billion by 2026 from an estimated USD 31.8 billion in 2021, at a CAGR of 12.3% during the forecast period.

Increasing demand for renewable energy.

The emergence of offshore wind farms started with the necessity to reduce greenhouse gas emissions and increase the share of renewable energy in the total energy mix. With the globally increasing consumption of electricity, new technologies are expected to influence the production, transmission, distribution, and use of electricity. Conventional sources of electricity lead to climatic changes, environmental pollution, and other issues. Thus, the offshore wind market is gaining momentum, and there exists a lot of untapped potential in this market.

The turbines segment is expected to grow at the highest CAGR from 2021 to 2026.

Based on the components of offshore wind systems, the turbine is estimated to be the fastest-growing market from 2019 to 2026. The segment includes nacelle, rotors and blades, and tower. Growth of the renewable market Asia Pacific and North America is expected to drive the offshore wind market.

Deep water is expected to emerging market by location.

The improving turbine technology and larger turbines are being used to harness the constant strong wind available in deep sea which in turn is attracting more offshore wind farm development in this location. Many large players such as Orested, Vestas are already developing the wind farms in deep sea and also developing technologies to sustain the climatic challenges present in deep sea.

Europe: The largest offshore wind market.

Europe accounted for the largest share of 57% of the offshore wind market amongst all regions in 2020. The European market is further segmented into UK, Germany, Denmark, Belgium, Netherlands, Sweden, Finland, Ireland, and Rest of Europe. The European region is home to several major offshore wind companies such as Siemens (Germany), Nordex SE (Germany), Vestas (Denmark), ABB (Switzerland) and many more. European region has been a pioneer in offshore wind technology and offshore wind farm development. The countries in the EU are primarily focusing on upgrading their aging electrical infrastructure, and governments of these countries are promoting power generation through renewable energy sources and are building networks, from generation to end-users, to allow for efficient power and energy trading.

Market Dynamics

Drivers

• Increasing Global Investments in Renewable Energy are Likely to Drive Offshore Wind Market
• Favorable Government Policies Across All Regions

Restraints

• High Capital Costs and Logistic Issues
• Low Cost of Conventional Electricity Generation

Opportunities

• Initiatives by Governments and Companies to Reduce Carbon Emissions
• Floating Foundation Wind Farms are Permitting Access to Better Wind Resources

Challenges

• Lack of Technical Expertise Needed to Develop an Offshore Wind Farm
• Climatic Challenges During Operations of Wind Farm
• Impact of COVID-19

Companies Mentioned

• ABB
• Deme
• Doosan Heavy Industries and Construction
• EEW Group
• Envision Energy
• General Electric
• Goldwind
• Hitachi
• Hyundai Motor Group
• Ming Yang Smart Energy Group Co.
• Nexans
• Nordex
• Rockwell Automation
• Schneider Electric
• Shanghai Electric Wind Power Equipment Co.
• Siemens Gamesa
• Sinovel
• Taiyuan Heavy Industry Co., Ltd
• Vestas
• Zhejiang Windey Co

For more information about this report visit https://www.researchandmarkets.com/r/edm989

View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005536/en/