Current Business Affairs Global Offshore Wind Market 2018

Offshore Wind Market Analysis; by Component, By Location, By
Capacity, By Region & Segment Forecast, 2017 – 2025
Market Overview:
The global Offshore Wind market was valued at USD 22.85 Billion in 2015, and is projected to reach USD 72.18 billion by
2025, growing at a CAGR of over 12% over the forecast period. The continuous growth is attributed to the growing
demand for clean energy for protecting the environment and decrease the carbon emissions by generating power from
renewable resources. Offshore wind energy forms an integral part of clean energy resources and possess higher capacity
factor in comparison to onshore wind.
National Renewable Energy Laboratory (NREL) for the U.S. Department of Energy (DOE) is intended to deliver offshore
financiers, wind policymakers, developers, regulators, researchers, engineers, and supply chain participants. The
laboratory offers quantitative information about the offshore wind market, cost trends and various technology offered
in the United States and worldwide. According to Offshore Wind Technologies Market Report by NREL, Europe
dominates the market with 90% of global installed capacity at the end of 2016. North America is expected to witness
significant growth for commissioning of first offshore wind project, the 30-MW BIWF. Furthermore, Asia Pacific region
has also witnessed an offshore deployment in 2015 and 2016.
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Market Growth and Analysis:
Various emerging nations have unwrapped surplus opportunities for the global offshore wind turbines market, since the
pressure for lowering carbon emissions is mounting each day. A combination of increasing plant size, infrastructure
technology improvements, and related R&D investments, coupled with favorable market, policies, and economic
conditions has led to a key trend in power generation for offshore wind. Offshore wind technology has become more
cost-effective with each competitive tender in Europe. Industry-leading countries such as the UK, the Netherlands,
Germany, Denmark, and Belgium are into a transition phase to market-oriented policies.
Offshore wind is an abundant clean energy solution for many coastal load centers with large population and higher
energy demand. Cost reduction strategies and technological improvements are being exported globally with the
deployment of offshore wind market. Offshore wind technology includes inshore water areas as well including creeks,
lakes, and sheltered coastal areas, utilizing conventional fixed bottom turbine technologies and deep water areas utilize
floating turbines.
Shifting preference of consumers, growing demand for conventional sources of energy and rise in demand for electricity
consumption are major drivers of the global offshore wind market. However, less investments and high initial costs
tends to hinder the growth over the forecast period. Although, increasing R&D activities in cheaper products has
anticipated paving new opportunities for offshore wind market.
Major Key Players: