HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: May 2017
Report Code: EP 5275

 

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The global offshore wind market was valued at USD 22.63 Billion in 2016, and is expected to grow at a CAGR of 15.32% from 2017 to 2022. The years considered for the study are as follows:

  • Base Year – 2016
  • Estimated Year – 2017
  • Projected Year – 2022
  • Forecast Period – 2017 to 2022

2016 has been considered as the base year for company profiles. Whenever information was unavailable for the base year, the prior year has been considered.

Objectives of the Study

  • To define and segment the offshore wind market with respect to component, location, and region
  • To estimate the market size, in terms of value, of the offshore wind market
  • To identify factors driving or inhibiting the growth of the market, and their present and future impact on the market
  • To identify the drivers, restraints, opportunities, and challenges of the offshore wind market
  • To analyze major stakeholders in the market and provide details regarding the competitive landscape for key market leaders
  • To study industry trends and forecast the market for major regions, namely, North America, Europe, and Asia-Pacific
  • To strategically identify and profile global as well as local players in the offshore wind market
  • To analyze competitive developments such as new product launches, mergers & acquisitions, expansions, and supply contracts in the offshore wind market

Research Methodology

This research study involved the usage of extensive secondary sources including directories; databases of articles; journals on offshore wind turbines, substructures, offshore substations, cables & accessories, and other related equipment market; company newsletters; and information portals such as Hoover’s, Bloomberg, and Factiva to identify and collect information useful for this extensive, technical, market oriented, and commercial study of the market. Primary sources are several industry experts from core and related industries, OEMs, vendors, suppliers, technology developers, alliances, and organizations. These sources are related to all the segments of the value-chain of this industry.

In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information as well as assess future prospects. The points given below explains the research design.

  • Analysis of country-wise offshore wind power capacity addition (MW) for the past 10 years
  • Analysis of region-wise capital expenditure in the offshore wind sector for the past 5 years
  • Analysis of country-wise offshore wind projects in pipeline
  • Country-wise analysis of investments in the renewable energy sector
  • Analysis of market trends of offshore wind across regions

After arriving at the overall market size, the total market has been split into several segments and sub-segments. The figure given below illustrates the breakdown of primaries conducted during the research study on the basis of company type, designation, and region, conducted during the research study.

Offshore Wind Market

To know about the assumptions considered for the study, download the pdf brochure

Market Ecosystem:

The offshore wind ecosystem comprises of turbine manufacturers, electrical infrastructure manufacturers, installation providers, substructure providers, and logistics, transportation and assembly providers. The companies under this ecosystem includes Siemens AG (Germany), MHI Vestas (Denmark), ABB, Ltd. (Switzerland), A2Sea (Denmark), EEW Group (Germany), and Nexans (France) among others.

Target Audience:

  • Wind turbine manufacturers
  • Wind farm owners, operators, and developers
  • Substructure manufacturers
  • Electric utilities
  • Electrical infrastructure providers
  • Installation and logistics service providers
  • Cable manufacturers
  • Government agencies
  • Investors and financial community professionals
  • Transmission & distribution system operators

Scope of the Report:

By Component

  • Turbine
    • Nacelle
    • Tower
    • Rotor & Blades
  • Substructure
    • Monopile
    • Gravity based and Jacket
    • Other substructure (Suction Bucket, Tripods, Tripiles, and Floating)
  • Electrical Infrastructure
  • Others (Logistics and transportation, and Installation and assembly)

By Location

  • Shallow water (< 30 m depth)
  • Transitional water (30 m–60 m depth)
  • Deep water (> 60 m depth)

By Region

  • North America
  • Europe
  • Asia-Pacific

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Company Information

Detailed analysis and profiling of additional market players (Up to 5)

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Countries Covered
           1.3.3 Sub-Segments Covered
           1.3.4 Years Considered for the Study
    1.4 Currency & Pricing
    1.5 Assumptions
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Introduction
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 31)
    4.1 Offshore Wind Market, By Component
    4.2 Offshore Wind Market, By Location
    4.3 Offshore Wind Market, By Substructure
    4.4 The North American Market is Expected to Foresee Investments in the Renewable Energy

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Economics of Offshore Wind
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Rising Energy Demand Coupled With Increasing Share of Renewable Energy in the Power Generation Mix
                    5.3.1.2 Energy-Efficiency Mandates and Government Incentives
           5.3.2 Restraints
                    5.3.2.1 High Capital Cost and Issues Associated With Maintenance & Logistics
           5.3.3 Opportunities
                    5.3.3.1 Coal & Nuclear Phase-Out
                    5.3.3.2 Focus on Water Conservation
           5.3.4 Challenges
                    5.3.4.1 Growth of Distributed Energy Resources

6 Offshore Wind Market, By Component (Page No. - 43)
    6.1 Introduction
    6.2 Turbine
           6.2.1 Nacelle
           6.2.2 Rotor & Blades
           6.2.3 Tower
    6.3 Substructure
           6.3.1 Monopile
           6.3.2 Jacket and Gravity Based
           6.3.3 Other Types
    6.4 Electrical Infrastructure
    6.5 Others

7 Offshore Wind Market, By Location (Page No. - 58)
    7.1 Introduction
    7.2 Shallow Water (< 30m Depth)
    7.3 Transitional Water (30m – 60m Depth)
    7.4 Deep Water (> 60m Depth)

8 Offshore Wind Market, By Region (Page No. - 63)
    8.1 Introduction
    8.2 Europe
           8.2.1 By Component
           8.2.2 By Turbine Module
           8.2.3 By Substructure Type
           8.2.4 By Location
           8.2.5 By Country
                    8.2.5.1 The U.K.
                    8.2.5.2 Germany
                    8.2.5.3 Denmark
                    8.2.5.4 Belgium
                    8.2.5.5 The Netherlands
                    8.2.5.6 Sweden
                    8.2.5.7 Finland
                    8.2.5.8 The Rest of Europe
    8.3 Asia-Pacific
           8.3.1 By Component
           8.3.2 By Turbine Module
           8.3.3 By Substructure Type
           8.3.4 By Location
           8.3.5 By Country
                    8.3.5.1 China
                    8.3.5.2 Japan
                    8.3.5.3 South Korea
                    8.3.5.4 Taiwan
    8.4 North America
           8.4.1 By Component
           8.4.2 By Turbine Module
           8.4.3 By Substructure Type
           8.4.4 By Location
           8.4.5 By Country
                    8.4.5.1 The U.S.

9 Competitive Landscape (Page No. - 85)
    9.1 Overview
    9.2 Offshore Wind Market – Market Ranking (Turbine Manufacturers)
    9.3 Competitive Situation & Trends
    9.4 Offshore Wind Market: MnM Dive Vendor Comparison

10 Company Profiles (Page No. - 91)
(Overview, Products & Services, Strategies & Insights, Developments and MnM View)*
     10.1 Introduction
     10.2 Adwen
     10.3 Ming Yang Smart Energy Group Co.
     10.4 Doosan Heavy Industries and Construction Co., Ltd
     10.5 General Electric Company
     10.6 MHI Vestas Offshore Wind A/S
     10.7 Senvion SA
     10.8 Siemens AG
     10.9 Sinovel Wind Group Co.
     10.10 A2 Sea
     10.11 ABB, Ltd.
     10.12 Eew Group
     10.13 Nexans S.A.

*Details on Overview, Products & Services, Strategies & Insights, Developments and MnM View Might Not Be Captured in Case of Unlisted Companies.

11 Appendix (Page No. - 140)
     11.1 Insights of Industry Experts
     11.2 Discussion Guide
     11.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     11.4 Introducing RT: Real-Time Market Intelligence
     11.5 Available Customizations
     11.6 Related Reports
     11.7 Author Details


List of Tables (65 Tables)

Table 1 Global Offshore Wind Market Snapshot
Table 2 Offshore vs Onshore Wind
Table 3 Offshore Wind Capacity Scenarios Per Country (Mw)
Table 4 Offshore Wind Support Mechanisms in Key Countries
Table 5 Key Uses of Water for Power Generation & Potential Water Quality Impacts
Table 6 Offshore Wind Market Size, By Component, 2015−2022 (USD Million)
Table 7 Turbine: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 8 Turbine: Offshore Wind Market Size, By European Countries, 2015−2022 (USD Million)
Table 9 Turbine: Offshore Wind Market Size, By Asia-Pacific Countries, 2015−2022 (USD Million)
Table 10 Turbine: Offshore Wind Market Size, By North American Country, 2015−2022 (USD Million)
Table 11 Turbine: Offshore Wind Market Size, By Module, 2015−2022 (USD Million)
Table 12 Nacelle: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 13 Rotor & Blades: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 14 Tower: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 15 Substructure: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 16 Substructure: Offshore Wind Market Size, By European Countries, 2015−2022 (USD Million)
Table 17 Substructure: Offshore Wind Market Size, By Asia-Pacific Countries, 2015−2022 (USD Million)
Table 18 Substructure: Offshore Wind Market Size, By North American Country, 2015−2022 (USD Million)
Table 19 Substructure: Offshore Wind Market Size, By Type, 2015−2022 (USD Million)
Table 20 Monopile: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 21 Jacket and Gravity Based: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 22 Other Types: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 23 Electrical Infrastructure: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 24 Electrical Infrastructure: Offshore Wind Market Size, By European Countries, 2015−2022 (USD Million)
Table 25 Electrical Infrastructure: Offshore Wind Market Size, By Asia-Pacific Countries, 2015−2022 (USD Million)
Table 26 Electrical Infrastructure: Offshore Wind Market Size, By North American Country, 2015−2022 (USD Million)
Table 27 Others: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 28 Others: Offshore Wind Market Size, By European Countries, 2015−2022 (USD Million)
Table 29 Others: Offshore Wind Market Size, By Asia-Pacific Countries, 2015−2022 (USD Million)
Table 30 Others: Offshore Wind Market Size, By North American Country, 2015−2022 (USD Million)
Table 31 Offshore Wind Market Size, By Location, 2015−2022 (USD Million)
Table 32 Shallow Water: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 33 Transitional Water: Offshore Wind Market Size, By Region, 2015–2022 (USD Million)
Table 34 Deep Water: Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 35 Offshore Wind Market Size, By Region, 2015−2022 (USD Million)
Table 36 Europe: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 37 Europe: Offshore Wind Market Size, By Turbine Module, 2015−2022 (USD Million)
Table 38 Europe: Offshore Wind Market Size, By Substructure Type, 2015−2022 (USD Million)
Table 39 Europe: Offshore Wind Market Size, By Location, 2015−2022 (USD Million)
Table 40 Europe: Offshore Wind Market Size, By Country, 2015−2022 (USD Million)
Table 41 The U.K.: Offshore Wind Market Size, By Component, 2015−2022 (USD Million)
Table 42 Germany: Offshore Wind Market Size, By Component, 2015−2022 (USD Million)
Table 43 Denmark: Offshore Wind Market Size, By Component, 2015−2022 (USD Million)
Table 44 Belgium: Offshore Wind Market Size, By Component, 2015−2022 (USD Million)
Table 45 The Netherlands: Offshore Wind Market Size, By Component, 2015−2022 (USD Million)
Table 46 Sweden: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 47 Finland: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 48 The Rest of Europe: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 49 Asia-Pacific: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 50 Asia-Pacific: Offshore Wind Market Size, By Turbine Module, 2015–2022 (USD Million)
Table 51 Asia-Pacific: Offshore Wind Market Size, By Substructure Type, 2015–2022 (USD Million)
Table 52 Asia-Pacific: Offshore Wind Market Size, By Location, 2015–2022 (USD Million)
Table 53 Asia-Pacific: Offshore Wind Market Size, By Country, 2015–2022 (USD Million)
Table 54 China: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 55 Japan: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 56 South Korea: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 57 Taiwan: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 58 North America: Offshore Wind Market Size, By Component, 2015–2022 (USD Million)
Table 59 North America: Offshore Wind Market Size, By Turbine Module, 2015–2022 (USD Million)
Table 60 North America: Offshore Wind Market Size, By Substructure Type, 2015–2022 (USD Million)
Table 61 North America: Offshore Wind Market Size, By Location, 2015–2022 (USD Million)
Table 62 North America: Offshore Wind Market Size, By Country, 2015–2022 (USD Million)
Table 63 Offshore Wind Market Size, By Top Countries of Each Region, 2015–2022 (USD Million)
Table 64 Offshore Wind Market Size, By Fastest Growing Countries of Each Region, 2015–2022 (USD Million)
Table 65 Offshore Wind Market Size, By All Countries, 2015–2022 (USD Million)


List of Figures (64 Figures)

Figure 1 Offshore Wind Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Offshore Wind Market Share, By Component, 2017 & 2022 (USD Million)
Figure 7 The Monopile Substructure Segment is Expected to Account for the Maximum Share During the Forecast Period
Figure 8 The Maximum Number of Offshore Wind Farms are Expected to Be Installed in Shallow Waters During the Forecast Period
Figure 9 The Market in Asia-Pacific Held the Largest Market Share in 2015
Figure 10 Attractive Market Opportunities in the Offshore Wind Market
Figure 11 Offshore Wind Market Share (Value), By Component, 2017–2022
Figure 12 The Shallow Water Segment is Estimated to Dominate the Offshore Wind Market By 2022
Figure 13 The Monopile Substructure Segment is Estimated to Dominate the Offshore Wind Market By 2022
Figure 14 The North American Market is Expected to Grow at the Fastest Pace During the Forecast Period
Figure 15 Rising Energy Demand Coupled With Increasing Share of Renewable Energy in the Power Generation Mix is A Major Factor Driving the Offshore Wind Market
Figure 16 Electric Power Consumption (KWH Per Capita)
Figure 17 Electricity Production From Renewable Sources, Excluding Hydroelectric (TWH)
Figure 18 Global CO2 Emissions From Fossil Fuel Use & Cement Production 1995–2015 (Kton CO2 Per Year)
Figure 19 CO2 Emissions: Shares By Fuel in 2014
Figure 20 Water Consumption for Energy Production
Figure 21 Turbine Segment is Expected to Dominate the Market During the Forecast Period
Figure 22 The Offshore Wind Market in Shallow Water Locations is Expected to Dominate the Market During the Forecast Period
Figure 23 Offshore Wind Market Segment, By Region, 2016
Figure 24 Regional Snapshot: Growth Rate of Offshore Wind Market in Various Countries, From 2017 to 2022
Figure 25 Regional Snapshot: the European Market Was the Largest Market in 2016
Figure 26 Regional Snapshot: Asia-Pacific Offered Attractive Market Opportunities in 2016
Figure 27 Companies Adopted, Contracts & Agreements as the Key Strategy to Capture the Market, 2014–2017
Figure 28 Battle for Market Share: Contracts & Agreements Was the Key Strategy, 2014–2017
Figure 29 Market Evaluation Framework: New Product Launches, Mergers & Acquisitions, Contracts & Agreements, Expansions & Investments, and Joint Ventures & Partnerships Fueled the Growth of Companies From January 2014 to April 2017
Figure 30 Vendor Dive Matrix
Figure 31 Product Strategy Comparison
Figure 32 Business Strategy Comparison
Figure 33 Adwen: Products Offering Scorecard
Figure 34 Adwen: Business Strategy Scorecard
Figure 35 Ming Yang Smart Energy Group Co: Products Offering Scorecard
Figure 36 Ming Yang Smart Energy Group Co.: Business Strategy Scorecard
Figure 37 Doosan Heavy Industries and Construction Co. Ltd: Company Snapshot (2016)
Figure 38 Doosan Heavy Industries and Construction Co. Ltd: Products Offering Scorecard
Figure 39 Doosan Heavy Industries and Construction: Business Strategy Scorecard
Figure 40 General Electric Company: Company Snapshot (2016)
Figure 41 General Electric Company: Products Offering Scorecard
Figure 42 General Electric Company: Business Strategy Scorecard
Figure 43 MHI Vestas Offshore Wind A/S: Products Offering Scorecard
Figure 44 MHI Vestas Offshore Wind A/S: Business Strategy Scorecard
Figure 45 Senvion SA: Company Snapshot (2016)
Figure 46 Senvion SA: Products Offering Scorecard
Figure 47 Senvion SA: Business Strategy Scorecard
Figure 48 Siemens AG: Company Snapshot (2016)
Figure 49 Siemens AG: Products Offering Scorecard
Figure 50 Siemens AG: Business Strategy Scorecard
Figure 51 Sinovel Wind Group Co.: Company Snapshot (2015)
Figure 52 Sinovel Wind Group Co.: Products Offering Scorecard
Figure 53 Sinovel Wind Group Co.: Business Strategy Scorecard
Figure 54 A2 Sea: Company Snapshot (2016)
Figure 55 A2 Sea: Products Offering Scorecard
Figure 56 A2 Sea: Business Strategy Scorecard
Figure 57 ABB, Ltd.: Company Snapshot (2016)
Figure 58 ABB, Ltd.: Products Offering Scorecard
Figure 59 ABB, Ltd.: Business Strategy Scorecard
Figure 60 Eew Group: Products Offering Scorecard
Figure 61 Eew Group: Business Strategy Scorecard
Figure 62 Nexsans S.A.: Company Snapshot
Figure 63 Nexsans S.A.: Products Offering Scorecard
Figure 64 Nexsans S.A.: Business Strategy Scorecard

The global offshore wind market is projected to grow at a CAGR of 15.32% from 2017 to 2022, to reach a market size of USD 55.11 Billion by 2022. This 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 report segments the offshore wind market on the basis of component such as turbine, substructure, and others (logistics and transportation, and assembly and installation). The turbine segment is projected to dominate the offshore wind market. This is mainly because it contains most important components such as nacelle, rotor and blades, and tower which helps to generate electricity. Moreover, turbine cost accounts for the maximum share in the overall cost of the offshore wind project. The market in Europe is the largest for turbines, where in, companies like MHI Vestas (Denmark) and Siemens AG (Germany) among others manufacture turbines with high capacity and cater the needs of wind farms all across the globe.

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.

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 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.

Offshore Wind Market

High capital cost and maintenance and logistics issues could be restraints of the offshore wind market which might lead to decline in profit. Offshore wind turbines are susceptible to erosion since it operates for decades in the harsh marine environment. At times, even some of the most advantageous features such as high wind speeds could be a negative factor for offshore wind turbines. Moreover, offshore wind turbines are installed miles away from the shore which makes it difficult to access easily, especially during bad weather conditions. So, rectifying small issues would incur high costs in terms of maintenance, transportation, and logistics. These factors can be some challenging factors in the offshore wind deployment.

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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