According to the new market research report Offshore Wind Market by Component (Turbine, Substructure, and Electrical Infrastructure), Turbine Module, Substructure Type, Location (Shallow Water, Transitional Water, and Deep Water), and Region – Global Forecast to 2022, published by MarketsandMarkets™, The global market is witnessing a significant growth due to rising energy demand coupled with increasing share of renewables in the power generation mix, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment.
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Among the three water depth location for offshore wind turbines, shallow water is expected to hold the largest share during the forecast period. The development of shallow water is generally cost effective due to better weather conditions, whereas, installing wind turbines in deep water becomes expensive due to high maintenance cost. However, offshore wind turbines are getting installed in all three water locations depending on the region, turbine capacity, and wind speed. Shallow water condition mostly prevails in the European countries due to favorable weather conditions. The major players that provide turbines which can be installed in shallow water includes Siemens AG (Germany) and MHI Vestas (Denmark) among others.
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In this report, the offshore wind market has been analyzed with respect to three regions, namely, Europe, Asia-Pacific, and North America. Europe is expected to dominate the global offshore wind market during the forecast period, owing to high amount of investments and government incentives in the offshore wind sector.
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Leading players in the offshore wind market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.) among others. Contracts & agreements was the strategy most commonly adopted by the top players, constituting 81% of the total developments from 2014 to 2017. It was followed by new product developments, joint ventures and partnerships, and expansions and investments.
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