Offshore Wind Market

Offshore Wind Market by Component (Turbine, Substructure, Electrical Infrastructure, & Others), By Location (Shallow Water, Transitional Water, & Deep Water), And By Region (North America, Europe, & Asia-Pacific) – Global Trends & Forecasts to 2022

Report Code: EP 5275 May, 2017, by marketsandmarkets.com

[147 Pages Report] The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, registering a CAGR of 15.32% from 2017 to 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 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 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 winds 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 market has been analyzed with respect to three regions, namely, Europe, Asia-Pacific, and North America. Europe is expected to dominate the global market during the forecast period, owing to high amount of investments and government incentives in the offshore winds 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. offshore wind Industry. 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 market which might lead to decline in profit. Offshore winds 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.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Offshore Wind Market Introduction (Page No. - 14)
    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. - 19)
    2.1 Research Data
           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 Attractive Opportunities in the Offshore Wind Industry
    4.2 Offshore Wind, By Component
    4.3 Global Market, By Location
    4.4 Global Market, By Substructure
    4.5 North America to Foresee Investments in 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 Government Incentives to Reduce the Carbon Footprint
           5.3.2 Restraints
                    5.3.2.1 High Capital Cost and Maintenance and Logistics Issues
           5.3.3 Opportunities
                    5.3.3.1 Coal and 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 Global Market, By Component (Page No. - 43)
    6.1 Introduction
    6.2 Turbine
           6.2.1 Nacelle
           6.2.2 Rotors and 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 Global 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 Global 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 UK
                    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 APAC
           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 Us

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

10 Company Profiles (Page No. - 91)
     10.1 Introduction
(Overview, Company Scorecard, Products Offering, Business Strategy, Developments and MnM View) *
     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 Market Overview, Company Scorecard, Products Offering, Business Strategy, Developments and MnM View Might Not Be Captured in Case of Unlisted Companies.

11 Appendix (Page No. - 139)
     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 Energy Capacity Scenarios Per Country (Mw)
Table 4 Offshore Wind Energy Support Mechanisms in Key Countries
Table 5 Key Uses of Water for Power Generation & Potential Water Quality Impacts
Table 6 Global Market Size, By Component, 2015−2022 (USD Million)
Table 7 Turbine: Market Size, By Region, 2015−2022 (USD Million)
Table 8 Turbine: Market Size, By European Countries, 2015−2022 (USD Million)
Table 9 Turbine: Market Size, By APAC Countries, 2015−2022 (USD Million)
Table 10 Turbine: Market Size, By North American Country, 2015−2022 (USD Million)
Table 11 Turbine: Market Size, By Module, 2015−2022 (USD Million)
Table 12 Nacelle: Market Size, By Region, 2015−2022 (USD Million)
Table 13 Rotors and Blades: Market Size, By Region, 2015−2022 (USD Million)
Table 14 Tower: Market Size, By Region, 2015−2022 (USD Million)
Table 15 Substructure: Market Size, By Region, 2015−2022 (USD Million)
Table 16 Substructure: Market Size, By European Countries, 2015−2022 (USD Million)
Table 17 Substructure: Market Size, By APAC Countries, 2015−2022 (USD Million)
Table 18 Substructure: Market Size, By North American Country, 2015−2022 (USD Million)
Table 19 Substructure: Market Size, By Type, 2015−2022 (USD Million)
Table 20 Monopile: Market Size, By Region, 2015−2022 (USD Million)
Table 21 Jacket and Gravity Based: Market Size, By Region, 2015−2022 (USD Million)
Table 22 Other Types: Market Size, By Region, 2015−2022 (USD Million)
Table 23 Electrical Infrastructure: Market Size, By Region, 2015−2022 (USD Million)
Table 24 Electrical Infrastructure: Market Size, By European Countries, 2015−2022 (USD Million)
Table 25 Electrical Infrastructure: Market Size, By APAC Countries, 2015−2022 (USD Million)
Table 26 Electrical Infrastructure: Market Size, By North American Country, 2015−2022 (USD Million)
Table 27 Others: Market Size, By Region, 2015−2022 (USD Million)
Table 28 Others: Market Size, By European Countries, 2015−2022 (USD Million)
Table 29 Others: Market Size, By APAC Countries, 2015−2022 (USD Million)
Table 30 Others: Market Size, By North American Country, 2015−2022 (USD Million)
Table 31 Global Market Size, By Location, 2015−2022 (USD Million)
Table 32 Shallow Water: Market Size, By Region, 2015−2022 (USD Million)
Table 33 Transitional Water: Market Size, By Region, 2015–2022 (USD Million)
Table 34 Deep Water: Market Size, By Region, 2015−2022 (USD Million)
Table 35 Global Market Size, By Region, 2015−2022 (USD Million)
Table 36 Europe: Market Size, By Component, 2015–2022 (USD Million)
Table 37 Europe: Market Size, By Turbine Module, 2015−2022 (USD Million)
Table 38 Europe: Market Size, By Substructure Type, 2015−2022 (USD Million)
Table 39 Europe: Market Size, By Location, 2015−2022 (USD Million)
Table 40 Europe: Market Size, By Country, 2015−2022 (USD Million)
Table 41 UK: Market Size, By Component, 2015−2022 (USD Million)
Table 42 Germany: Market Size, By Component, 2015−2022 (USD Million)
Table 43 Denmark: Market Size, By Component, 2015−2022 (USD Million)
Table 44 Belgium: Market Size, By Component, 2015−2022 (USD Million)
Table 45 Netherlands: Market Size, By Component, 2015−2022 (USD Million)
Table 46 Sweden: Market Size, By Component, 2015–2022 (USD Million)
Table 47 Finland: Market Size, By Component, 2015–2022 (USD Million)
Table 48 The Rest of Europe: Market Size, By Component, 2015–2022 (USD Million)
Table 49 APAC: Market Size, By Component, 2015–2022 (USD Million)
Table 50 APAC: Market Size, By Turbine Module, 2015–2022 (USD Million)
Table 51 APAC: Market Size, By Substructure Type, 2015–2022 (USD Million)
Table 52 APAC: Market Size, By Location, 2015–2022 (USD Million)
Table 53 APAC: Market Size, By Country, 2015–2022 (USD Million)
Table 54 China: Market Size, By Component, 2015–2022 (USD Million)
Table 55 Japan: Market Size, By Component, 2015–2022 (USD Million)
Table 56 South Korea: Market Size, By Component, 2015–2022 (USD Million)
Table 57 Taiwan: Market Size, By Component, 2015–2022 (USD Million)
Table 58 North America: Market Size, By Component, 2015–2022 (USD Million)
Table 59 North America: Market Size, By Turbine Module, 2015–2022 (USD Million)
Table 60 North America: Market Size, By Substructure Type, 2015–2022 (USD Million)
Table 61 North America: Market Size, By Location, 2015–2022 (USD Million)
Table 62 North America: Market Size, By Country, 2015–2022 (USD Million)
Table 63 Market Size, By Top Countries of Each Region, 2015–2022 (USD Million)
Table 64 Market Size, By Fastest Growing Countries of Each Region, 2015–2022 (USD Million)
Table 65 Market Size, By All Countries, 2015–2022 (USD Million)


List of Figures (64 Figures)

Figure 1 Offshore Wind: 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 Turbine Segment to Lead Global Market, By Component, 2017-2022 (USD Million)
Figure 7 Monopile Substructure Segment to Hold Largest Share During the Forecast Period
Figure 8 Shallow Water Segment to Lead Global Market, By Location, 2017-2022 (USD Million)
Figure 9 Europe Held Largest Market Share in 2016
Figure 10 The Rising Demand for Renewable Energy Generation is Driving the Market During the Forecast Period
Figure 11 Turbine Market to Lead Market, By Component During the Forecast Period
Figure 12 Shallow Water Segment to Lead Market By 2022
Figure 13 Monopile Substructure Segment to Lead Market By 2022
Figure 14 North America to Record Highest CAGR, 2017-2022
Figure 15 Rising Energy Demand Coupled With Increasing Share of Renewable Energy in the Power Generation Mix is Driving the Offshore Wind Industry
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 to Lead Global Offshore Wind, 2017-2022 (USD Million)
Figure 22 Shallow Water Segment to Lead Global Market, By Location, 2017-2022
Figure 23 Global Market Segment, By Region, 2016
Figure 24 Regional Snapshot: Growth Rate of Offshore Wind Industry in Various Countries, 2017 to 2022
Figure 25 Regional Snapshot: Europe Was the Largest Market in 2016
Figure 26 Regional Snapshot: APAC 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 Nexans S.A.: Company Snapshot
Figure 63 Nexsans S.A.: Products Offering Scorecard
Figure 64 Nexsans S.A.: Business Strategy Scorecard

This study involved 4 major activities in estimating the current market size of the offshore wind market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. Thereafter, the market breakdown and data triangulation was done to estimate the market size of the segments and subsegments.

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 market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The market comprises several stakeholders such as wind turbine manufacturers, wind farm owners, operators, and developers, substructure manufacturers, electric utilities, electrical infrastructure providers, installation & logistics service providers, cable manufacturers, government agencies, investors and financial community professionals, and transmission & distribution system operators. The market is derived based on the following research methodology:

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

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 as follows:

Offshore Wind Market

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

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

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, the 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 of the market.

Report Objectives

  • To define, describe, and forecast the global market by component, location, and region
  • To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the market with respect to individual growth trends, prospects, and contribution of each segment to the market
  • To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
  • To forecast the growth of the market with respect to the major regions (North America, Europe, and Asia-Pacific)
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies
  • To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the market

Scope of the Report

Report Metric

Details

Market size available for years

2016–2022

Base year considered

2016

Forecast period

2017–2022

Forecast units

Value (USD)

Segments covered

Component, location, and region

Geographies covered

North America, Europe, and Asia-Pacific

Companies covered

Siemens AG (Germany), MHI Vestas (Denmark), ABB, Ltd (Switzerland), A2Sea (Denmark), EEW Group (Germany), Nexans (France)

This research report categorizes the market on the basis of component, location, and region.

On the basis of component, the market has been segmented as follows:

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

On the basis of location, the market has been segmented as follows:

  • Shallow water
  • Transitional water
  • Deep water

On the basis of region, the market has been segmented as follows:

  • 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:

Regional Analysis

  • Further breakdown of region or country-specific analysis

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
Report Code
EP 5275
Published ON
May, 2017
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