The 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 turbine are increasingly being installed in Asia pacific and European region and is showing robust growth.
A few major players that have a wide regional as well global presence and dominate the offshore wind market. The leading players in the offshore wind market include Vestas (Denmark), Siemens Gamesa (Spain), GE (US), and Goldwind (China).
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The major strategies adopted by these players include new product launches, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contract and agreements was the most commonly adopted strategy from January 2017 to February 2021.
Siemens Gamesa is a joint venture between Siemens (Germany) and Gamesa (Spain). The company is a supplier of wind power solutions to customers across the globe. Its operations in the entire value chain range from power generation, transmission, and distribution to smart grid solutions. Siemens Gamesa offers a wide range of offshore wind turbines for various weather conditions and power requirements. It also offers various services, such as offshore logistics, blade services, and diagnostic services for offshore wind power. The company has an install base of 15 GW of offshore power.
Vestas (formerly known as MHI Vestas) is a global company that offers solutions for sustainable energy. The company designs, manufactures, and installs wind turbines, as well as offers related services across the globe. The company offers a range of products and services for the offshore wind market through its Offshore segment (which is now incorporated into Vestas. The company provides a wide range of services for maintenance, repair, installation, and optimization of wind turbines. The company leverages its wide presence to provide digital and smart data analytics for wind solutions. Vestas has offices in 24 countries and four regional sales business units in Northern Central Europe, the Americas, Mediterranean, and Asia Pacific. The company has a global presence with manufacturing units located in countries of Europe, Africa, North America, Latin America, Asia, and Oceania.
Goldwind is a global company that specializes in businesses of wind power, the Internet of Energy, and environmental protection. The company provides products and services for the offshore wind power market through its WTG Manufacturing and Wind Power Services segments, which collectively accounted for 91% share of the company’s revenue in 2020. The company offers a wide range of turbines for the offshore wind power market. Besides, it provides solutions for offshore wind farms such as customized engineering design and iGO (intelligent Goldwind Offshore Platform).
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
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