Offshore Wind Power Market size to grow by USD USD 30,744.65 million from 2022 to 2027, Europe to account for 53% of the market growth - Technavio
NEW YORK, June 9, 2023 /PRNewswire/ -- The global offshore wind power market size is estimated to grow by USD 30,744.65 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 17.59% during the forecast period. Europeis estimated to account for 53% of the global market growth during the forecast period. The UK registered the highest share of offshore wind installations, followed by Germany, in this region. But since the prices of international offshore wind power have reduced by more than 50%, the auctions for offshore wind power are expected to resume, and tariffs are anticipated to reduce to around USD 0.18 per kW in the upcoming projects. Factors such as the rapid deployment of renewable energy sources in the region, the technological developments reducing the cost per unit of offshore wind power, and the government initiatives to boost the efficiency of offshore wind farms are expected to support the growth of the market in Europe during the forecast period. For more insights on the market share of various regions - Request a sample report
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Global competitiveness and key competitor positions
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Offshore Wind Power Market - Segmentation Assessment Segment Overview Technavio has segmented the market based on type (monopile, jacket, and others), product type (fixed structure and floating structure), and geography (Europe, APAC, North America, South America, and Middle East and Africa).
The market share growth by the monopile segment will be significant for overall market growth during the forecast period. This segment is made up of a cylindrical steel tube and has a relatively simple design wherein the tower is supported by the monopile either directly or through a transition piece. The monopile runs down into the seabed, and its penetration can be adjusted based on the seabed and environmental conditions. Hence, such factors drive the segment growth during the forecast period.
Insights on the market contribution of various segments, including country and region-wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Offshore Wind Power Market ? Market Dynamics Key factor driving market growth The rise in global energy demand is a major factor that drives global offshore wind power market growth. The global economy grew at a rate of 6.0% in 2021, as compared to 2020. Owing to robust economic growth, there was strong growth in the global energy demand. Resultantly, in 2021, the global energy demand grew by 4.6% compared with 2020. This growth was mainly propelled by countries such as China, the US, and India, which accounted for nearly 70% of this growth. Thus, due to the growth of the population and the resulting increase in economic activities, electricity demand is expected to grow significantly during the forecast period.
Leading trends influencing the market
The rising popularity of clean energy technologies is an emerging trend in the global offshore wind power market. Due 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. Furthermore, electricity and heat generation have been the largest sources of CO2 emissions and accounted for more than 42% of the global CO2 emissions in 2022. Moreover, wind and solar power registered a double-digit growth rate in 2021, mainly propelled by China, Europe, and the US. Hence, such trends boost market growth during the forecast period.
Major challenges hindering the market growth
The competition from alternative energy sources is a major challenge hindering the global offshore wind power market growth. In spite of 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. Furthermore, clean coal technologies such as supercritical and ultra-supercritical coal-fired power plants have been further boosting the operations and sustenance of coal-fired power plants. Additionally, various countries prefer using fossil fuels rather than renewable energy sources due to the abundance of fossil fuels. Hence, such challenges impede market growth during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Offshore Wind Power Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the offshore wind power market between 2023 and 2027
Precise estimation of the size of the offshore wind power market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the offshore wind power market across Europe, APAC, North America, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of offshore wind power market vendors
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The offshore oil and gas seismic equipment and acquisitions market size is expected to increase by USD 1.62 billion by 2026 at a CAGR of 7.13%. The offshore oil and gas seismic equipment and acquisitions market report extensively covers market segmentation by technology (3D seismic survey, 2D seismic survey, and 4D seismic survey) and geography (Europe, APAC, MEA, South America, and North America). The increasing investments in offshore upstream sector is notably driving the offshore oil and gas seismic equipment and acquisitions market growth.
The offshore helicopters market size is expected to increase by USD 4.96 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.94%. Furthermore, this report extensively covers offshore helicopters market segmentation by end-user (oil and gas and offshore wind industry) and geography (Europe, APAC, North America, Middle East and Africa, and South America). The increased in offshore wind power plants is notably driving the offshore helicopters market growth.
Offshore Wind Power Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 17.59%
Market growth 2023-2027
USD 30,744.65 million
YoY growth 2022-2023 (%)
Europe, APAC, North America, South America, and Middle East and Africa
Performing market contribution
Europe at 53%
US, Japan, UK, Germany, and Belgium, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
CAPE Holland BV, China Steel Corp., Dongfang Electric Corp., Doosan Corp., Erndtebcker Eisenwerk GmbH and Co KG, General Electric Co., Hyosung Heavy Industries Corp., Hyundai Heavy Industries Co. Ltd., JDR Cable Systems Ltd., Lamprell Plc, Nexans SA, NKT AS, Nordex SE, Senvion Wind Technology Pvt. Ltd., Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Verdict Media Limited, Vestas Wind Systems AS, Xinjiang Goldwind Science and Technology Co. Ltd., and Prysmian Spa
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 forecast period.
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Table of Contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Type
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Product Type
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global offshore wind power market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global offshore wind power market 2017 - 2021 ($ million)
Exhibit 154: Siemens Gamesa Renewable Energy SA - Overview
Exhibit 155: Siemens Gamesa Renewable Energy SA - Business segments
Exhibit 156: Siemens Gamesa Renewable Energy SA - Key news
Exhibit 157: Siemens Gamesa Renewable Energy SA - Key offerings
Exhibit 158: Siemens Gamesa Renewable Energy SA - Segment focus
12.16 Sinovel Wind Group Co. Ltd.
Exhibit 159: Sinovel Wind Group Co. Ltd. - Overview
Exhibit 160: Sinovel Wind Group Co. Ltd. - Product / Service
Exhibit 161: Sinovel Wind Group Co. Ltd. - Key offerings
12.17 Vestas Wind Systems AS
Exhibit 162: Vestas Wind Systems AS - Overview
Exhibit 163: Vestas Wind Systems AS - Business segments
Exhibit 164: Vestas Wind Systems AS - Key news
Exhibit 165: Vestas Wind Systems AS - Key offerings
Exhibit 166: Vestas Wind Systems AS - Segment focus
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 167: Inclusions checklist
Exhibit 168: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 169: Currency conversion rates for US$
13.4 Research methodology
Exhibit 170: Research methodology
Exhibit 171: Validation techniques employed for market sizing
Exhibit 172: Information sources
13.5 List of abbreviations
Exhibit 173: List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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.
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