Offshore Wind Market

Offshore Wind Market by Component (Turbines (Nacelle, Rotors & Blades, Tower), Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, & Deepwater) and Region (North America, Asia Pacific, & Europe) - Global forecast to 2026

Report Code: EP 5275 Aug, 2021, by marketsandmarkets.com

[232 Pages Report] The Global offshore wind market is expected to grow from an estimated USD 31.8 billion in 2021 to USD 56.8 billion by 2026, at a CAGR of 12.3% during the forecast period. Offshore wind turbines are increasingly being installed and is showing robust growth.

Offshore Wind Market

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Impact of COVID-19 on offshore wind market

COVID-19 has slowed the growth of the offshore wind market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the offshore wind market owing to less focus on development of offshore wind market.

In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the offshore wind market.

Offshore wind Market Dynamics

Driver: Increasing global investments in renewable energy are likely to drive the offshore wind market

There has been a noticeable shift in the energy sector toward renewable and green energy due to factors such as the need to reduce carbon emissions, depletion of fossil fuels, climatic change, etc. Various government policies are in place to support the initiative toward greener energy. Many multinational companies are taking initiatives to cut down their carbon footprint to contribute to a greener planet and sustainability. For instance, Equinor (Norway) aims to cut its carbon emissions by half by 2050. A part of the plan is to develop its renewable energy businesses, particularly offshore wind, which may reach 6,000 megawatts in six years and 16,000 megawatts in 15 years. Another example is of the energy giant Total, which has entered into an agreement with SSE Renewables to acquire a 51% stake of its Seagreen 1 offshore wind farm project. Total is anticipated to invest Euro 70 million for this project. According to analysts, offshore wind may create USD 166 billion in new investments and USD 1.7 billion in new tax revenue for the US Treasury by 2022 while also supporting 80,000 jobs yearly by 2035.

Restraints: High capital cost and logistics issues

Offshore wind is one of the most promising and eco-friendly energy-producing technologies. Though it has a high-capacity factor compared with related technologies, such as solar and onshore wind, its huge capital cost is deterring its implementation. Offshore wind turbines are susceptible to erosion, as they operate for decades in harsh marine environments. Sometimes, even the most advantageous features, such as high wind speeds, become a negative factor for offshore wind turbines. For instance, the turbines tend to shut down when the wind speed exceeds 25 m/s. As the size of offshore wind farms has increased over time, challenges related to construction, transportation, installation, and operation have also increased. Challenges associated with logistics, in general, are a greater task in offshore wind farms. Wind farms are usually located very far from the shore and are difficult to access, especially in bad weather conditions. Hence, rectifying even the smallest technical issue could be tricky and costly. Other challenging factors in offshore wind power deployment relate to resource characterization, grid interconnection and operation, and development of transmission infrastructure, which are much simpler in other technologies, such as solar and onshore wind. Thus, the high capital costs and issues associated with the operations, maintenance, transportation, and logistics restrain the global offshore wind market.

Opportunities: Initiatives by governments and companies to reduce carbon emissions

Renewable energy demand will continue to rise, owing to the falling technology costs, growing need to reduce CO2 emissions, and increasing energy consumption in developing and undeveloped countries. According to the International Renewable Energy Agency (IRENA), the share of renewables in yearly worldwide energy generation must rise from the current 25% to 86% by 2050 to satisfy the Paris Agreement's targets. To achieve this, the world must invest USD 110 trillion in the sector by 2050, up from the USD 95 trillion anticipated to be invested by 2030. This change will result in a perceptible movement from fossil fuels to renewable energy sources. Between 2019 and 2050, Bloomberg BNEF projects that USD 13.3 trillion would be spent in new power production assets, with 15,145 GW of carbon-free plants likely to be built. Wind and solar, according to the BNEF, would account for 50% of the global electricity generation by 2050.

Challenges: Impact of COVID 19

The global economic slowdown due to the COVID-19 pandemic has put the wind power industry’s resilience and flexibility to test. The pandemic continues to wreak havoc on the supply chain of the wind power industry. Europe is one of the main markets for offshore wind energy, and it is also one of the most heavily impacted by COVID-19, which has slowed the continued expansion owing to project delays. Because of the interruptions to European and global trade, the projects under construction were delayed, resulting in higher CAPEX for such projects. According to the International Energy Agency, post-pandemic offshore wind energy is predicted to expand faster than onshore wind.

Offshore Wind Market Trend

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By component, the turbine segment is the largest contributor in the offshore wind market in 2020.

The turbine segment accounted for the largest share of the offshore wind market, by component, in 2020. The turbine segment of offshore wind market is further classified into – nacelle, rotors and blades, and tower. Turbines are placed on the tower and is mainly responsible for harnessing the wind energy to produce power.

By location, the shallow water segment is the largest contributor in the offshore wind market in 2020.

The shallow water segment accounted for the largest share of the offshore wind market, by location, in 2020. Majority of projects are undertaken in this segment. The presence of comparatively less challenging weather and ease of maintenance make this segment the proffered choice for development of offshore wine farm. Also, while setting up a wind turbine, the establishment of electrical infrastructure is comparatively easier in shallow water. Due to comparatively less wind speed available in shallow water, the turbines with less MW capacity are installed in this region.

Offshore Wind Market by Region

Europe  has developed market for offshore wind which is further growing due to strong policies and political will

Europe accounted for the largest share of the offshore wind market amongst all regions in 2020. The European market is further segmented into UK, Germany, Denmark, Belgium, Netherlands, Sweden, Finland, Ireland, and Rest of Europe. The European region is home to several major offshore wind companies such as Siemens (Germany), Nordex SE(Germany), Vestas (Denmark), ABB (Switzerland) and many more. European region has been a pioneer in offshore wind technology and offshore wind farm development. This development of offshore wind energy is supported by the European Wind Initiative (EWI), a wind energy R&D program, developed to take the wind industry to the next level in Europe. The countries in the EU are primarily focusing on upgrading their aging electrical infrastructure, and governments of these countries are promoting power generation through renewable energy sources and are building networks, from generation to end-users, to allow for efficient power and energy trading.

The leading players in the offshore wind market include Siemens Gamesa (Spain), Vestas (Denmark), General Electric (US), Shanghai Electric Wind Power (China).

Scope of the Report 

Report Metric

Details

Market Size available for years

2019–2026

Base year considered

2020

Forecast period

2021–2026

Forecast units

Value (USD)

Segments covered

By Component, and Location 

Geographies covered

Asia Pacific, North America, and  Europe

Companies covered

General Electric (US), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), Shanghai Electric Wind Power Equipment Co. (China), ABB (Switzerland), Doosan Heavy Industries and Construction (South Korea), Hitachi (Japan), Nordex SE (Germany), EEW (Germany), Nexans (France), DEME (Belgium), Ming Yang Smart Energy Group Co (China), Envision (China), Rockwell Automation (US), Hyundai Motor Group (South Korea), Schneider Electric (France), Zhejiang Windey Co.(China), Taiyuan Heavy Industry Co., (China), Sinovel(China)

This research report categorizes the offshore wind market-based by component and location.

Based on component, the offshore wind market has been segmented as follows:

  • Turbines
  • Electrical Infrastructure
  • Substructure
  • Others

Based on Location, the offshore wind market has been segmented as follows:

  • Shallow Water
  • Transitional Water
  • Deep Water

Based on the region, the offshore wind market has been segmented as follows:

  • North America
  • Asia Pacific
  • Europe

Recent Developments

  • In May 2021, GE Renewable Energy announced that it has finalized the Turbine Supply and Service and Warranty contracts for the third and final phases of the Dogger Bank offshore wind farm.
  • In May 2021, Siemens Gamesa has been confirmed as a preferred supplier for full 1,044 MW Hai Long offshore (in Taiwan) wind projects.
  • In May 2020, Siemens Gamesa launched SG 14-222 DD offshore wind turbine with nameplate capacity of 14 MW which can reach 15 MW with Power Boost. Its 222-meter rotor diameter uses massive 108-meter long B108 blades.
  • In October 2020, MHI Vestas Offshore Wind has been selected as the preferred wind turbine supplier for the EolMed floating project and contracted to supply three V164-10.0 MW turbines.
  • In October 2020, Goldwind launched GW1S turbine which is highly efficient compared to previous models.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 29)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
    1.3 INCLUSIONS AND EXCLUSIONS
           1.3.1 OFFSHORE WIND MARKET, BY COMPONENT: INCLUSIONS AND EXCLUSIONS
           1.3.2 OFFSHORE WIND MARKET, BY LOCATION: INCLUSIONS AND EXCLUSIONS
    1.4 STUDY SCOPE
           1.4.1 MARKETS COVERED
           1.4.2 REGIONAL SCOPE
           1.4.3 YEARS CONSIDERED
    1.5 CURRENCY
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 34)
    2.1 RESEARCH DATA
           FIGURE 1 OFFSHORE WIND MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 2 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
                                FIGURE 3 BREAKDOWN OF PRIMARIES
    2.3 IMPACT OF COVID-19
    2.4 MARKET SIZE ESTIMATION
           2.4.1 BOTTOM-UP APPROACH
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.4.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
           2.4.3 DEMAND SIDE ANALYSIS
                    FIGURE 6 MAIN METRICS CONSIDERED WHILE ANALYZING AND ASSESSING DEMAND  FOR OFFSHORE WIND
                    2.4.3.1 Demand side calculation
                    2.4.3.2 Assumptions for demand side analysis
           2.4.4 SUPPLY SIDE ANALYSIS
                    FIGURE 7 MAIN METRICS CONSIDERED IN ASSESSING SUPPLY FOR OFFSHORE WIND
                    FIGURE 8 OFFSHORE WIND MARKET: SUPPLY SIDE ANALYSIS
                    2.4.4.1 Supply side calculation
                    2.4.4.2 Assumptions for supply side
           2.4.5 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 44)
    TABLE 1 SNAPSHOT OF OFFSHORE WIND MARKET
    FIGURE 9 TURBINES SEGMENT TO ACCOUNT FOR LARGEST SHARE OF OFFSHORE WIND MARKET, BY COMPONENT, DURING FORECAST PERIOD
    FIGURE 10 NACELLE TO HOLD LARGEST SHARE OF OFFSHORE WIND MARKET FOR TURBINES, BY MODULE, DURING FORECAST PERIOD
    FIGURE 11 MONOPILE SEGMENT TO ACCOUNT FOR LARGEST SHARE OF OFFSHORE WIND MARKET, BY SUBSTRUCTURE, DURING FORECAST PERIOD
    FIGURE 12 SUBSTATION SEGMENT TO ACCOUNT FOR LARGER SHARE OF OFFSHORE WIND MARKET, BY ELECTRICAL INFRASTRUCTURE, DURING FORECAST PERIOD
    FIGURE 13 SHALLOW WATER SEGMENT TO ACCOUNT FOR LARGEST SHARE OF OFFSHORE WIND MARKET, BY LOCATION, DURING FORECAST PERIOD
    FIGURE 14 NORTH AMERICA OFFSHORE WIND MARKET TO EXHIBIT HIGHEST CAGR  DURING 2021–2026

4 PREMIUM INSIGHTS (Page No. - 49)
    4.1 ATTRACTIVE OPPORTUNITIES IN OFFSHORE WIND MARKET
          FIGURE 15 RISING DEMAND FOR RENEWABLE ENERGY TO DRIVE GROWTH OF OFFSHORE WIND MARKET DURING FORECAST PERIOD
    4.2 OFFSHORE WIND MARKET, BY REGION
          FIGURE 16 OFFSHORE WIND MARKET IN NORTH AMERICA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
    4.3 OFFSHORE WIND MARKET, BY COMPONENT
          FIGURE 17 TURBINES SEGMENT HELD LARGEST SHARE OF OFFSHORE WIND MARKET IN 2020
    4.4 OFFSHORE WIND MARKET FOR TURBINES, BY MODULE
          FIGURE 18 NACELLE SEGMENT HELD LARGEST SHARE OF OFFSHORE WIND  MARKET IN 2020
    4.5 OFFSHORE WIND MARKET, BY SUBSTRUCTURE
          FIGURE 19 MONOPILE SEGMENT HELD LARGEST SHARE OF OFFSHORE WIND MARKET IN 2020
    4.6 OFFSHORE WIND MARKET, BY ELECTRICAL INFRASTRUCTURE
          FIGURE 20 SUBSTATION SEGMENT HELD LARGER SHARE OF ELECTRICAL  INFRASTRUCTURE IN 2020
    4.7 OFFSHORE WIND MARKET, BY LOCATION
          FIGURE 21 SHALLOW WATER SEGMENT HELD LARGEST SHARE OF OFFSHORE WIND MARKET, BY LOCATION, IN 2020

5 MARKET OVERVIEW (Page No. - 53)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
          FIGURE 22 COVID-19 GLOBAL PROPAGATION
          FIGURE 23 COVID-19 PROPAGATION IN SELECTED COUNTRIES
    5.3 GLOBAL ROAD TO RECOVERY FROM COVID-19
          FIGURE 24 GLOBAL RECOVERY ROAD FROM COVID-19 FROM 2020 TO 2021
    5.4 COVID-19 ECONOMIC ASSESSMENT
          FIGURE 25 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
    5.5 MARKET DYNAMICS
          FIGURE 26 OFFSHORE WIND MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.5.1 DRIVERS
                    5.5.1.1 Increasing global investments in renewable energy are likely to drive offshore wind market
                                FIGURE 27 ANNUAL GLOBAL INVESTMENTS IN POWER PLANTS, 2010–2020 (USD BILLION)
                    5.5.1.2 Favorable government policies across all regions
                                FIGURE 28 TOTAL INSTALLED CAPACITY OF OFFSHORE WIND IN MW, BY COUNTRY, 2020
           5.5.2 RESTRAINTS
                    5.5.2.1 High capital costs and logistic issues
                    5.5.2.2 Low cost of conventional electricity generation
                                FIGURE 29 AVERAGE CAPITAL COST INCURRED PER KW FOR VARIOUS TECHNOLOGIES
           5.5.3 OPPORTUNITIES
                    5.5.3.1 Initiatives by governments and companies to reduce carbon emissions
                                FIGURE 30 GLOBAL ENERGY-RELATED CO2 EMISSIONS, 2005–2020
                    5.5.3.2 Floating foundation wind farms are permitting access to better wind resources
           5.5.4 CHALLENGES
                    5.5.4.1 Lack of technical expertise needed to develop an offshore  wind farm
                    5.5.4.2 Climatic challenges during operations of wind farm
                    5.5.4.3 Impact of COVID-19
    5.6 YC-SHIFT
           5.6.1 REVENUE SHIFT AND NEW REVENUE POCKETS
                   FIGURE 31 REVENUE SHIFT FOR OFFSHORE WIND MARKET
    5.7 MARKET MAP
          FIGURE 32 MARKET MAP OF OFFSHORE WIND MARKET
    5.8 AVERAGE COST TRENDS ANALYSIS
          TABLE 2 WEIGHTED AVERAGE TOTAL INSTALLED COST TREND FOR OFFSHORE WIND ENERGY, 2010 & 2019 (USD/KW)
    5.9 VALUE CHAIN ANALYSIS
          FIGURE 33 OFFSHORE WIND MARKET: VALUE CHAIN ANALYSIS
           5.9.1 RAW MATERIAL SUPPLIERS
           5.9.2 COMPONENT MANUFACTURERS/TURBINE SUPPLIERS
           5.9.3 SYSTEM INTEGRATORS/ASSEMBLERS
           5.9.4 WIND FARM OPERATORS
                    5.9.4.1 Operations and Maintenance Services
                              TABLE 3 OFFSHORE WIND MARKET: ECOSYSTEM
    5.10 TECHNOLOGY ANALYSIS
    5.11 OFFSHORE WIND MARKET: CODES AND REGULATIONS
           TABLE 4 OFFSHORE WIND MARKET: CODES AND REGULATIONS
    5.12 INNOVATIONS AND PATENT REGISTRATIONS
           TABLE 5 INNOVATIONS AND PATENTS RELATED TO OFFSHORE WIND MARKET
    5.13 CASE STUDY ANALYSIS
           5.13.1 OFFSHORE WIND FARM CHANGES MUNICH’S ENERGY MIX
                    5.13.1.1 Problem statement
                    5.13.1.2 Solution
           5.13.2 GENERATING RENEWABLE ENERGY FROM UK’S OFFSHORE WIND FARMS
                    5.13.2.1 Problem statement
                    5.13.2.2 Solution
    5.14 PORTER’S FIVE FORCES ANALYSIS
           TABLE 6 OFFSHORE WIND MARKET: PORTER’S FIVE FORCES ANALYSIS
           FIGURE 34 THREAT OF NEW ENTRANTS IS LOW IN OFFSHORE WIND MARKET
           5.14.1 THREAT OF SUBSTITUTES
           5.14.2 BARGAINING POWER OF SUPPLIERS
           5.14.3 BARGAINING POWER OF BUYERS
           5.14.4 THREAT OF NEW ENTRANTS
           5.14.5 DEGREE OF COMPETITION

6 OFFSHORE WIND MARKET, BY COMPONENT (Page No. - 73)
    6.1 INTRODUCTION
          TABLE 7 OFFSHORE WIND MARKET SIZE, BY COMPONENT, 2019–2026 (USD MILLION)
    6.2 TURBINES
          TABLE 8 OFFSHORE WIND MARKET FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
          TABLE 9 OFFSHORE WIND MARKET FOR TURBINES, BY REGION, 2019–2026 (USD MILLION)
          TABLE 10 OFFSHORE WIND MARKET FOR NACELLE, BY REGION, 2019–2026 (USD MILLION)
          TABLE 11 OFFSHORE WIND MARKET FOR ROTORS AND BLADES, BY REGION, 2019–2026 (USD MILLION)
          TABLE 12 OFFSHORE WIND MARKET FOR TOWER, BY REGION, 2019–2026 (USD MILLION)
    6.3 ELECTRICAL INFRASTRUCTURE
          TABLE 13 OFFSHORE WIND MARKET FOR ELECTRICAL INFRASTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
          TABLE 14 OFFSHORE WIND MARKET FOR ELECTRICAL INFRASTRUCTURE, BY REGION,  2019–2026 (USD MILLION)
          TABLE 15 OFFSHORE WIND MARKET FOR WIRES & CABLES, BY REGION, 2019–2026 (USD MILLION)
          TABLE 16 OFFSHORE WIND MARKET FOR SUBSTATION, BY REGION, 2019–2026 (USD MILLION)
    6.4 SUBSTRUCTURE
          TABLE 17 OFFSHORE WIND MARKET FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
          TABLE 18 OFFSHORE WIND MARKET FOR SUBSTRUCTURE, BY REGION, 2019–2026 (USD MILLION)
          TABLE 19 OFFSHORE WIND MARKET FOR MONOPILE, BY REGION, 2019–2026 (USD MILLION)
          TABLE 20 OFFSHORE WIND MARKET FOR JACKET AND GRAVITY-BASED, BY REGION,  2019–2026 (USD MILLION)
          TABLE 21 OFFSHORE WIND MARKET FOR OTHERS, BY REGION, 2019–2026 (USD MILLION)
    6.5 OTHERS
          TABLE 22 OFFSHORE WINDMARKET FOR OTHERS, BY REGION, 2019–2026 (USD MILLION)

7 OFFSHORE WIND MARKET, BY LOCATION (Page No. - 85)
    7.1 INTRODUCTION
          TABLE 23 OFFSHORE WIND MARKET, BY LOCATION, 2019–2026 (USD MILLION)
    7.2 SHALLOW WATER (<30 M DEPTH)
          TABLE 24 SHALLOW WATER: OFFSHORE WIND MARKET, BY REGION, 2019–2026 (USD MILLION)
    7.3 TRANSITIONAL WATER (30–60 M DEPTH)
          TABLE 25 TRANSITIONAL WATER: OFFSHORE WIND MARKET, BY REGION, 2019–2026 (USD MILLION)
    7.4 DEEPWATER (MORE THAN 60 M DEPTH)
          TABLE 26 DEEPWATER: OFFSHORE WIND MARKET, BY REGION, 2019–2026 (USD MILLION)

8 GEOGRAPHIC ANALYSIS (Page No. - 90)
    8.1 INTRODUCTION
          FIGURE 37 OFFSHORE WIND MARKET IN NORTH AMERICA TO REGISTER HIGHEST CAGR FROM 2021 TO 2026
          FIGURE 38 OFFSHORE WIND MARKET SHARE, BY REGION, 2020 (%)
          TABLE 27 GLOBAL OFFSHORE WIND MARKET, BY REGION, 2019–2026 (USD MILLION)
    8.2 ASIA PACIFIC
          FIGURE 39 SNAPSHOT: OFFSHORE WIND MARKET IN ASIA PACIFIC
           8.2.1 BY COMPONENT
                    TABLE 28 OFFSHORE WIND MARKET IN APAC, BY COMPONENT, 2019–2026 (USD MILLION)
           8.2.2 BY TURBINES
                    TABLE 29 OFFSHORE WIND MARKET IN APAC, FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
           8.2.3 BY SUBSTRUCTURE
                    TABLE 30 OFFSHORE WIND MARKET IN APAC FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
           8.2.4 BY ELECTRICAL INFRASTRUCTURE
                    TABLE 31 OFFSHORE WIND MARKET IN APAC FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
           8.2.5 BY LOCATION
                    TABLE 32 OFFSHORE WIND MARKET IN APAC, BY LOCATION, 2019–2026 (USD MILLION)
           8.2.6 BY COUNTRY
                    TABLE 33 OFFSHORE WIND MARKET IN APAC, BY COUNTRY, 2019–2026 (USD MILLION)
                    8.2.6.1 China
                               8.2.6.1.1 Strong political commitment and decarbonization measures to drive growth of offshore wind market in China
                                             TABLE 34 OFFSHORE WIND MARKET IN CHINA, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 35 OFFSHORE WIND MARKET IN CHINA FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 36 OFFSHORE WIND MARKET IN CHINA FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 37 OFFSHORE WIND MARKET IN CHINA FOR ELECTRICAL INFRASTRUCTURE, BY TYPE,2019–2026 (USD MILLION)
                                             TABLE 38 OFFSHORE WIND MARKET IN CHINA BY LOCATION, 2019–2026 (USD MILLION)
                    8.2.6.2 Japan
                               8.2.6.2.1 Active participation of government and participation of wind farm developers is likely to drive offshore wind market in Japan
                                             TABLE 39 OFFSHORE WIND MARKET IN JAPAN, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 40 OFFSHORE WIND MARKET IN JAPAN FOR TURBINE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 41 OFFSHORE WIND MARKET IN JAPAN FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 42 OFFSHORE WIND MARKET IN JAPAN FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 43 OFFSHORE WIND MARKET IN JAPAN BY LOCATION, 2019–2026 (USD MILLION)
                    8.2.6.3 South Korea
                               8.2.6.3.1 Aggressive plans by South Korean government and strong partnerships with other countries is going to drive offshore wind market in South Korea
                                             TABLE 44 OFFSHORE WIND MARKET IN SOUTH KOREA, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 45 FFSHORE WIND MARKET IN SOUTH KOREA FOR TURBINE, BY MODULE,  2019–2026 (USD MILLION)
                                             TABLE 46 OFFSHORE WIND MARKET IN SOUTH KOREA FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 47 OFFSHORE WIND MARKET IN SOUTH KOREA FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 48 OFFSHORE WIND MARKET IN SOUTH KOREA, BY LOCATION, 2019–2026 (USD MILLION)
                    8.2.6.4 Taiwan
                               8.2.6.4.1 Optimal wind energy conditions favor market growth in Taiwan
                                             TABLE 49 OFFSHORE WIND MARKET IN TAIWAN, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 50 OFFSHORE WIND MARKET IN TAIWAN FOR TURBINE, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 51 OFFSHORE WIND MARKET IN TAIWAN FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 52 OFFSHORE WIND MARKET IN TAIWAN FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 53 OFFSHORE WIND MARKET IN TAIWAN, BY LOCATION, 2019–2026 (USD MILLION)
                    8.2.6.5 Vietnam
                               8.2.6.5.1 Move towards reducing dependency on fossil fuel and presence of wind resources to help in growth of offshore wind market
                                             TABLE 54 OFFSHORE WIND MARKET IN VIETNAM, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 55 OFFSHORE WIND MARKET IN VIETNAM FOR TURBINE, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 56 OFFSHORE WIND MARKET IN VIETNAM FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 57 OFFSHORE WIND MARKET IN VIETNAM FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 58 OFFSHORE WIND MARKET IN VIETNAM, BY LOCATION, 2019–2026 (USD MILLION)
    8.3 EUROPE
          FIGURE 40 EUROPE: MARKET SNAPSHOT
           8.3.1 BY COMPONENT
                    TABLE 59 OFFSHORE WIND MARKET IN EUROPE, BY COMPONENT, 2019–2026 (USD MILLION)
           8.3.2 BY TURBINE
                    TABLE 60 OFFSHORE WIND MARKET IN EUROPE FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
           8.3.3 BY SUBSTRUCTURE
                    TABLE 61 OFFSHORE WIND MARKET IN EUROPE FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
           8.3.4 BY ELECTRICAL INFRASTRUCTURE
                    TABLE 62 OFFSHORE WIND MARKET IN EUROPE FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
           8.3.5 BY LOCATION
                    TABLE 63 OFFSHORE WIND MARKET IN EUROPE, BY LOCATION, 2019–2026 (USD MILLION)
           8.3.6 BY COUNTRY
                    TABLE 64 OFFSHORE WIND MARKET IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
                    8.3.6.1 Germany
                               8.3.6.1.1 Government-led efforts and energy transition to lead way for offshore wind market
                                             TABLE 65 OFFSHORE WIND MARKET IN GERMANY, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 66 OFFSHORE WIND MARKET IN GERMANY FOR TURBINE, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 67 OFFSHORE WIND MARKET IN GERMANY FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 68 OFFSHORE WIND MARKET IN GERMANY FOR BY ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 69 OFFSHORE WIND MARKET IN GERMANY, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.2 UK
                               8.3.6.2.1 Government policies and favorable conditions for offshore wind farms to drive market growth
                                             TABLE 70 OFFSHORE WIND MARKET IN UK, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 71 OFFSHORE WIND MARKET IN UK FOR BY TURBINES, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 72 OFFSHORE WIND MARKET IN UK FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 73 OFFSHORE WIND MARKET IN UK FOR ELECTRICAL INFRASTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 74 OFFSHORE WIND MARKET IN UK, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.3 Denmark
                               8.3.6.3.1 High government support and developed market for offshore winds to create lucrative opportunities for market players
                                             TABLE 75 OFFSHORE WIND MARKET IN DENMARK, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 76 OFFSHORE WIND MARKET IN DENMARK FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 77 OFFSHORE WIND MARKET IN DENMARK FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 78 OFFSHORE WIND MARKET IN DENMARK FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 79 OFFSHORE WIND MARKET IN DENMARK, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.4 Belgium
                               8.3.6.4.1 Commercial lending to drive growth of offshore wind market
                                             TABLE 80 OFFSHORE WIND MARKET IN BELGIUM, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 81 OFFSHORE WIND MARKET IN BELGIUM FOR TURBINE, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 82 OFFSHORE WIND MARKET IN BELGIUM FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 83 OFFSHORE WIND MARKET IN BELGIUM FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 84 OFFSHORE WIND MARKET IN BELGIUM, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.5 Netherlands
                               8.3.6.5.1 High government support to drive growth of offshore wind market
                                             TABLE 85 OFFSHORE WIND MARKET IN NETHERLANDS, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 86 OFFSHORE WIND MARKET IN NETHERLANDS FOR TURBINE, BY MODULE,  2019–2026 (USD MILLION)
                                             TABLE 87 OFFSHORE WIND MARKET IN NETHERLANDS FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 88 OFFSHORE WIND MARKET IN NETHERLANDS FOR ELECTRICAL INFRASTRUCTURE,  BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 89 OFFSHORE WIND MARKET IN NETHERLANDS, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.6 Sweden
                               8.3.6.6.1 Government-led plans to achieve 100% renewable energy by 2040 to drive growth of offshore wind market
                                             TABLE 90 OFFSHORE WIND MARKET IN SWEDEN, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 91 OFFSHORE WIND MARKET IN SWEDEN FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 92 OFFSHORE WIND MARKET IN SWEDEN FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 93 OFFSHORE WIND MARKET IN SWEDEN FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 94 OFFSHORE WIND MARKET IN SWEDEN, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.7 Finland
                               8.3.6.7.1 Government initiatives to develop offshore wind industry to boost market growth
                                             TABLE 95 OFFSHORE WIND MARKET IN FINLAND, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 96 OFFSHORE WIND MARKET IN FINLAND FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 97 OFFSHORE WIND MARKET IN FINLAND FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 98 OFFSHORE WIND MARKET IN FINLAND FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 99 OFFSHORE WIND MARKET IN FINLAND, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.8 Ireland
                               8.3.6.8.1 Upcoming offshore wind projects to help country achieve its renewable energy goals and drive market growth
                                             TABLE 100 OFFSHORE WIND MARKET IN IRELAND, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 101 OFFSHORE WIND MARKET IN IRELAND FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 102 OFFSHORE WIND MARKET IN IRELAND FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                             TABLE 103 OFFSHORE WIND MARKET IN IRELAND FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 104 OFFSHORE WIND MARKET IN IRELAND, BY LOCATION, 2019–2026 (USD MILLION)
                    8.3.6.9 Rest of Europe
                                TABLE 105 OFFSHORE WIND MARKET IN REST OF EUROPE, BY COMPONENT, 2019–2026 (USD MILLION)
                                TABLE 106 OFFSHORE WIND MARKET IN REST OF EUROPE FOR TURBINES, BY MODULE,  2019–2026 (USD MILLION)
                                TABLE 107 OFFSHORE WIND MARKET IN REST OF EUROPE FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
                                TABLE 108 OFFSHORE WIND MARKET IN REST OF EUROPE FOR ELECTRICAL INFRASTRUCTURE,  BY TYPE, 2019–2026 (USD MILLION)
                                TABLE 109 OFFSHORE WIND MARKET IN REST OF EUROPE, BY LOCATION, 2019–2026 (USD MILLION)
    8.4 NORTH AMERICA
          FIGURE 41 NORTH AMERICA: MARKET SNAPSHOT, 2020
           8.4.1 BY COMPONENT
                    TABLE 110 OFFSHORE WIND MARKET IN NORTH AMERICA, BY COMPONENT, 2019–2026 (USD MILLION)
           8.4.2 BY TURBINES
                    TABLE 111 OFFSHORE WIND MARKET IN NORTH AMERICA FOR TURBINES, BY MODULE,  2019–2026 (USD MILLION)
           8.4.3 BY SUBSTRUCTURE
                    TABLE 112 OFFSHORE WIND MARKET IN NORTH AMERICA FOR SUBSTRUCTURE, BY TYPE,  2019–2026 (USD MILLION)
           8.4.4 BY ELECTRICAL INFRASTRUCTURE
                    TABLE 113 OFFSHORE WIND MARKET IN NORTH AMERICA FOR ELECTRICAL INFRASTRUCTURE,  BY TYPE, 2019–2026 (USD MILLION)
           8.4.5 BY LOCATION
                    TABLE 114 OFFSHORE WIND MARKET IN NORTH AMERICA, BY LOCATION, 2019–2026 (USD MILLION)
           8.4.6 BY COUNTRY
                    TABLE 115 OFFSHORE WIND MARKET IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
                    8.4.6.1 US
                               8.4.6.1.1 Favorable government policies to drive growth of US offshore wind market
                                             TABLE 116 OFFSHORE WIND MARKET IN US, BY COMPONENT, 2019–2026 (USD MILLION)
                                             TABLE 117 OFFSHORE WIND MARKET IN US FOR TURBINES, BY MODULE, 2019–2026 (USD MILLION)
                                             TABLE 118 OFFSHORE WIND MARKET IN US FOR SUBSTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 119 OFFSHORE WIND MARKET IN US FOR ELECTRICAL INFRASTRUCTURE, BY TYPE, 2019–2026 (USD MILLION)
                                             TABLE 120 OFFSHORE WIND MARKET IN US, BY LOCATION, 2019–2026 (USD MILLION)

9 COMPETITIVE LANDSCAPE (Page No. - 136)
    9.1 OVERVIEW
          TABLE 121 OVERVIEW OF TOP PLAYERS, JANUARY 2017–JULY 2021
    9.2 MARKET SHARE ANALYSIS
          TABLE 122 OFFSHORE WIND MARKET: DEGREE OF COMPETITION
          FIGURE 42 LEADING PLAYERS IN OFFSHORE WIND MARKET
    9.3 MARKET EVALUATION FRAMEWORK
          TABLE 123 MARKET EVALUATION FRAMEWORK
    9.4 COMPETITIVE SCENARIO
          TABLE 124 OFFSHORE WIND MARKET: PRODUCT LAUNCHES, JANUARY 2017–JULY 2021
          TABLE 125 OFFSHORE WIND MARKET: DEALS, JANUARY 2017–JULY 2021
          TABLE 126 OFFSHORE WIND MARKET: OTHERS, JANUARY 2017–JULY 2021
    9.5 COMPANY EVALUATION QUADRANT
           9.5.1 STAR
           9.5.2 EMERGING LEADER
           9.5.3 PERVASIVE
           9.5.4 PARTICIPANT
                    FIGURE 43 COMPETITIVE LEADERSHIP MAPPING: OFFSHORE WIND MARKET, 2020
           9.5.5 COMPANY FOOTPRINT
                    TABLE 127 COMPANY FOOTPRINT
                    TABLE 128 COMPANY COMPONENT FOOTPRINT
                    TABLE 129 COMPANY LOCATION FOOTPRINT
                    TABLE 130 COMPANY REGIONAL FOOTPRINT

10 COMPANY PROFILES (Page No. - 150)
     10.1 MAJOR PLAYERS
(Business overview, Products/solutions offered, Recent Developments, MNM view)*
             10.1.1 GENERAL ELECTRIC
                        TABLE 131 GENERAL ELECTRIC: COMPANY OVERVIEW
                        FIGURE 44 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 132 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 133 GENERAL ELECTRIC: PRODUCT LAUNCHES
                        TABLE 134 GENERAL ELECTRIC: DEALS
                        TABLE 135 GENERAL ELECTRIC: OTHERS
             10.1.2 VESTAS
                        TABLE 136 VESTAS: COMPANY OVERVIEW
                        FIGURE 45 VESTAS: COMPANY SNAPSHOT
                        TABLE 137 VESTAS: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 138 VESTAS: PRODUCT LAUNCHES
                        TABLE 139 VESTAS: DEALS
                        TABLE 140 VESTAS: OTHERS
             10.1.3 SIEMENS GAMESA
                        TABLE 141 SIEMENS GAMESA: COMPANY OVERVIEW
                        FIGURE 46 SIEMENS GAMESA: COMPANY SNAPSHOT
                        TABLE 142 SIEMENS GAMESA: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 143 SIEMENS GAMESA: PRODUCT LAUNCHES
                        TABLE 144 SIEMENS GAMESA: DEALS
             10.1.4 ABB
                        TABLE 145 ABB: COMPANY OVERVIEW
                        FIGURE 47 ABB: COMPANY SNAPSHOT
                        TABLE 146 ABB: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 147 ABB: DEALS
             10.1.5 GOLDWIND
                        TABLE 148 GOLDWIND: COMPANY OVERVIEW
                        FIGURE 48 GOLDWIND: COMPANY SNAPSHOT
                        TABLE 149 GOLDWIND: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 150 GOLDWIND: PRODUCT LAUNCHES
                        TABLE 151 GOLDWIND: DEALS
             10.1.6 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION
                        TABLE 152 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION: COMPANY OVERVIEW
                        FIGURE 49 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION: COMPANY SNAPSHOT
                        TABLE 153 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 154 DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION
             10.1.7 NORDEX
                        TABLE 155 NORDEX: COMPANY OVERVIEW
                        FIGURE 50 NORDEX SE: COMPANY SNAPSHOT
                        TABLE 156 NORDEX: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 157 NORDEX: DEALS
             10.1.8 SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.
                        TABLE 158 SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.: COMPANY OVERVIEW
                        FIGURE 51 SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.: COMPANY SNAPSHOT
                        TABLE 159 SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 160 SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.: PRODUCT LAUNCHED
                        TABLE 161 SHANGHAI ELECTRIC WIND POWER EQUIPMENT CO.: DEALS
             10.1.9 EEW GROUP
                        TABLE 162 EEW GROUP: COMPANY OVERVIEW
                        TABLE 163 EEW GROUP: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 164 EEW GROUP: DEALS
             10.1.10 NEXANS
                        TABLE 165 NEXANS: COMPANY OVERVIEW
                        FIGURE 52 NEXANS: COMPANY SNAPSHOT
                        TABLE 166 NEXANS: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 167 NEXANS: PRODUCT LAUNCHES
                        TABLE 168 NEXANS: DEALS
             10.1.11 DEME
                        TABLE 169 DEME: COMPANY OVERVIEW
                        FIGURE 53 DEME: COMPANY SNAPSHOT
                        TABLE 170 DEME: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 171 DEME: DEALS
             10.1.12 HITACHI
                        TABLE 172 HITACHI: COMPANY OVERVIEW
                        FIGURE 54 HITACHI: COMPANY SNAPSHOT
                        TABLE 173 HITACHI: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 174 HITACHI: DEALS
             10.1.13 MING YANG SMART ENERGY GROUP CO.
                        TABLE 175 MING YANG SMART ENERGY GROUP CO.: COMPANY OVERVIEW
                        TABLE 176 MING YANG SMART ENERGY GROUP CO.: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 177 MING YANG SMART ENERGY GROUP CO.: PRODUCT LAUNCHES
                        TABLE 178 MING YANG SMART ENERGY GROUP CO.: DEALS
             10.1.14 ENVISION ENERGY
                        TABLE 179 ENVISION: COMPANY OVERVIEW
                        TABLE 180 ENVISION: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 181 ENVISION: DEALS
             10.1.15 ROCKWELL AUTOMATION
                        TABLE 182 ROCKWELL AUTOMATION: COMPANY OVERVIEW
                        FIGURE 55 ROCKWELL AUTOMATION: COMPANY SNAPSHOT
                        TABLE 183 ROCKWELL AUTOMATION: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 184 ROCKWELL AUTOMATION: DEALS
     10.2 OTHER KEY PLAYERS
             10.2.1 HYUNDAI MOTOR GROUP
                        TABLE 185 HYUNDAI MOTOR GROUP COMPANY SNAPSHOT
             10.2.2 SCHNEIDER ELECTRIC
                        TABLE 186 SCHNEIDER ELECTRIC COMPANY SNAPSHOT
             10.2.3 ZHEJIANG WINDEY CO
                        TABLE 187 ZHEJIANG WINDEY CO COMPANY SNAPSHOT
             10.2.4 TAIYUAN HEAVY INDUSTRY CO., LTD
                        TABLE 188 TAIYUAN HEAVY INDUSTRY CO., LTD COMPANY SNAPSHOT
             10.2.5 SINOVEL
                        TABLE 189 SINOVEL COMPANY SNAPSHOT

*Details on Business overview, Products/solutions offered, Recent Developments, MNM view might not be captured in case of unlisted companies.

11 ADJACENT & RELATED MARKETS (Page No. - 221)
     11.1 INTRODUCTION
     11.2 LIMITATIONS
     11.3 OFFSHORE WIND TURBINE EQUIPMENT MARKET
             11.3.1 MARKET DEFINITION
             11.3.2 LIMITATIONS
                        TABLE 190 OFFSHORE WIND TURBINE MARKET, BY UNITS (CUMULATIVE), 2017–2030 (UNIT)
                        TABLE 191 OFFSHORE WIND TURBINE MARKET, BY UNITS (NEW INSTALLATION), 2017–2030 (UNIT)
                        TABLE 192 OFFSHORE WIND TURBINE MARKET, BY OFFSHORE WIND POWER CAPACITY (CUMULATIVE CAPACITY-), 2017–2030 (MW)
                        TABLE 193 OFFSHORE WIND TURBINE MARKET, BY OFFSHORE WIND POWER CAPACITY (NEW INSTALLATION-), 2017–2030 (MW)
                        TABLE 194 FARM DATA ALONG WITH NUMBER OF WIND POWER COLLECTION  TRANSFORMERS (2018)
                        TABLE 195 NUMBER OF  OFFSHORE INSTALLED WIND TURBINE UNITS BY COUNTRY (2018)

12 APPENDIX (Page No. - 225)
     12.1 INSIGHTS OF INDUSTRY EXPERTS
     12.2 DISCUSSION GUIDE
     12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     12.4 AVAILABLE CUSTOMIZATIONS
     12.5 RELATED REPORTS
     12.6 AUTHOR DETAILS

This study involved major activities in estimating the current size of the offshore wind market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Country-wise analysis were used to estimate the total market size. After that, the market breakdown and data triangulation were done to estimate the market size of the segments and sub-segments. 

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global offshore wind market. The other secondary sources included press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The offshore wind market comprises several stakeholders, such as product manufacturers, service providers, distributors, and end-users in the supply chain. The demand-side of this market is characterized by its industrial end-user industries. Moreover, the demand is also driven by the rising demand of renewable power. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:

Offshore Wind Market Size, and Share

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

Offshore Wind Market Size Estimation

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Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the offshore wind market ecosystem.

Report Objectives

  • To define, describe, and forecast the size of the offshore wind market by component, and location.
  • To estimate and forecast the global offshore wind market for various segments with respect to 3 main regions, namely, North America, Europe, and Asia Pacific (APAC) in terms of value
  • To provide detailed information regarding the drivers, restraints, opportunities, and industry-specific challenges that influence the market growth
  • To provide a detailed overview of the offshore wind value chain, along with industry trends, use cases, security standards, and Porter’s five forces
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze the opportunities in the market for stakeholders by identifying high-growth segments and detail the competitive landscape for market players
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies2
  • To analyze competitive developments, such as joint ventures, mergers and acquisitions, contracts, and agreements, and new product launches, in the offshore wind market
  • To benchmark players within the market using the proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio
  • This report covers the offshore wind market size in terms of value.

Available Customization

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Product Analysis

  • Product matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players
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Benchmarking the rapid strategy shifts of the Top 100 companies in the Offshore Wind Market

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