The offshore wind energy market size is anticipated to record a valuation of USD 97 billion by 2027, according to the most recent study by Global Market Insights Inc. Global market growth is attributed to grow on account of increasing electricity demand along with rapidly escalating carbon emission levels from traditional power plants. Extensive untapped and unexplored energy potential across various deep-water sea locations together with growing adoption of green energy sources will influence the business potential. Furthermore, favorable regulatory framework coupled with the increasing focus toward enhancing the CUF for wind-based power generation technologies will complement the business landscape
Nearshore project deployments gained significant momentum over the past decade. The capability to offer higher potential along with competitive energy transition has enhanced the development of offshore wind projects at >0 ≤ 30 m depth levels. The developed projects in this water depth offers huge potential for grid connectivity and are economical as compared to the high-water depths projects developed, thereby augmenting the product penetration.
Ongoing technological upgradation have aligned the focus toward installation of sustainable support structures. Consequently, manufacturers are involved in the development of high-quality foundations capable to withstand the extreme environmental, water flow and harsh conditions. Growing installation of offshore energy projects for power generation at an economical & efficient manner and rising research & development initiatives toward maximizing capacity utilization.
The COVID- 19 hit the global economy in an unprecedented manner and affected the market operations drastically. This has delayed operations owing to labour shortages and ceased manufacturing & distribution companies, thereby affecting the market progression. However the wind sector witnessed an upsurge due to deployment of renewable projects across the developed and developing economies. Moreover, government efforts to deliver vaccination programmes and several other measures to effectively deal with the situation have further boosted the market expansion.
Europe offshore wind energy market is projected to observe growth led by the rising investments across floating offshore wind energy accompanied by increasing private and public mergers and agreements for the project deployment. The government has introduced Contracts for Difference (CfD) to enable stable long-term returns from electrical infrastructure projects. The reform also lays provisions to develop viable returns to investors along with encouraging funding through leveraging schemes.
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Eminent players operating across the offshore wind energy market include Prysmian Group, Siemens Gamesa, General Electric, Furukawa Electric, Nexans, Clipper, and Southwire, amongst others.