The global offshore wind market is projected to grow at a CAGR of 15.32% from 2017 to 2022. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market.
The market in Europe is currently the largest market for offshore wind, followed by Asia-Pacific and North America. Growth in the region is primarily driven by the U.K., Germany, and Denmark. The U.K. is expected to dominate the offshore wind market. Rising energy efficiency mandates by the countries for meeting European Union’s (EU) renewable energy targets for 2020, would result in increasing the demand for offshore wind energy in Europe.
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The offshore wind market growth is attributed to the increasing demand for clean energy in order to cut down carbon emissions and protect the environment by generating electricity through renewable resources. Offshore wind energy form an integral part of these clean energy resources and also has a higher capacity factor compared to onshore wind.
The North American market is projected to grow at the highest CAGR from 2017 to 2022. In this report, we have considered the U.S. market for offshore wind. The U.S. started its offshore wind operations for the first time in 2016 and the government has approved various offshore wind projects in this region as it would contribute towards generating clean energy. Moreover, offshore wind is expected to save billion dollars as a result of a reduction in greenhouse gases which leads to environmental pollution. According to the report published by the Department of Energy (DOE), the U.S. has the potential to produce 7,200 terawatt hours (TWh) of electricity per year through offshore wind.
Market Ecosystem:
The offshore wind ecosystem comprises turbine manufacturers, electrical infrastructure manufacturers, installation providers, substructure providers, and logistics, transportation and assembly providers. The companies under this ecosystem include Siemens AG (Germany), MHI Vestas (Denmark), ABB, Ltd. (Switzerland), A2Sea (Denmark), EEW Group (Germany), and Nexans (France) among others.
