Offshore Wind Power Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET INTRODUCTION

Offshore wind energy, also called as offshore wind power, is the utilization of wind farms constructed off the shore or on the continental shelf to harvest wind energy for electricity generation. Offshore wind power includes inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies and deep water areas utilize floating wind turbines.

MARKET DYNAMICS 

Fixed offshore structure and increasing focus toward deeper installation are driving the growth of the offshore wind power market. However, high capital costs and logistic issues and low cost of conventional electricity generation may restrain the growth of the offshore wind power market. Furthermore, the Initiatives by governments and companies to reduce carbon emissions and Floating foundation wind farms are permitting access to better wind resources are anticipated to create a market opportunity for the offshore wind power market during the forecast period.

MARKET SCOPE

The "Global Offshore Wind Power Market Analysis To 2031" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The offshore wind power market report aims to provide an overview of the offshore wind power market with detailed market segmentation by installation, water depth, capacity, and geography. The global offshore wind power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading offshore wind power market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global offshore wind power market is segmented on the basis of installation, water depth, and capacity. Based on installation, the offshore wind power market is segmented into: fixed structure and floating structure. On the basis of water depth, the offshore wind power market is segmented into: up to 30m and above 30m. Based on capacity, the offshore wind power market is segmented into: up to 3MW, 3MW to 5MW, and above 5MW.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global offshore wind power market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The offshore wind power market by each region is later sub-segmented by respective countries and segments. The offshore wind power market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the offshore wind power market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the offshore wind power market in these regions.

IMPACT OF COVID-19 ON OFFSHORE WIND POWER MARKET

The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the offshore wind power market. COVID-19 has slowed the growth of the offshore wind power market, as countries were forced to implement lockdowns during the first half of 2021. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the offshore wind power market owing to less focus on development of offshore wind power market. In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the offshore wind power market.

MARKET PLAYERS

The reports cover key developments in the offshore wind power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from offshore wind power market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the offshore wind power market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the offshore wind power market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• ABB Ltd
• Dong Energy A/S
• Gamesa Corporacion Technologica SA
• GE Wind Energy
• Goldwind Science and Technology Co. Ltd.
• Nordex SE
• Siemens Wind Power
• Sinovel Wind Group Co. Ltd.
• Suzlon Group
• Vestas Wind Systems A/S

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study" 

Offshore Wind Power Report Scope