- The floating offshore wind is expected to create a scope for relishing the projects in deepwater, where the high wind speed creates a much favorable environment for operation, thereby driving the offshore wind energy market.
- The emerging markets in Africa and South America offer a robust business opportunity for the wind power business, as countries, including Brazil, South Africa, and Chile, are on the cusp of development, and there is an increased demand for electricity, which is expected to provide market opportunities for wind power development in the coming years.
- Europe is expected to have a significant share in the market during the forecast period, as different European countries are exploring the offshore wind energy segment.
Floating Structure to Dominate the Market
- The decreasing prices are helping wind power to increase sales, but the highly competitive environment is causing a decrease in the number of wind turbine manufacturers. The global transition from FITs to more-competitive mechanisms, such as auctions and tenders, has further intensified the intense price competition.
- Moreover, through technological innovation, turbine equipment manufacturers have been able to limit the rise in turbine cost (USD/kilowatt) and manage the decrease in mass (kilogram/kilowatt), to allow the turbine growth to continue upward to at least 12 MW.
- The weight reduction has opened the prospects for the increase in the installation of floating-type offshore wind turbines. With the advancement in technologies and reduction in cost, the total installed capacity of offshore wind energy reached 28 GW in 2019, with the floating platform having a major share.
- The offshore wind resource with the highest potential is in deep waters, where the installation of a fixed structure is not feasible. The floating offshore foundations offer the potential for use of less foundation material, and, on the other side, greatly simplify the installation and decommissioning. The floating foundation can also be attractive for mid-depth projects for the countries where the onshore installation has reached saturation.
- Europe dominated the overall market share for the net offshore wind power installation in 2019. The region reported around 22 GW of offshore wind energy in 2019 in comparison to 11 GW in 2015.
- The United Kingdom is going to start construction on Dogger Bank Wind Farm in three phases in 2021. Each phase is going to have an installed generation capacity of up to 1.2GW. Such large-scale projects are expected to maintain the dominance of Europe.
- The countries are trying to reduce their dependence on fossil fuels for energy generation by increasing the share of renewable in the energy generation mix. Furthermore, the current fleet of wind power plants in Europe is aging, and decommissioning is anticipated to increase significantly from 2020, which, in turn, is anticipated to drive investments for bridging the gap created by decommissioned projects.
- Therefore, the aforementioned factors are expected to provide an opportunity for the growth of the wind energy market, and the limited availability of land, in turn, paves a path for the growth of the offshore wind energy market.
The offshore wind energy market is fragmented in nature. The major companies include Siemens Gamesa Renewable Energy SA, MHI Vestas Offshore Wind, and Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind), Ørsted A/S, E.ON SE, and others.
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1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Installed Capacity and Forecast in GW, till 2025
4.3 Major Installed Offshore Wind Farms Projects, till 2019
4.4 Major Upcoming Offshore Upstream Projects
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Fixed Structure
5.1.2 Floating Structure
5.2.1 North America
5.2.4 South America
5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Service Providers
22.214.171.124 Siemens Gamesa Renewable Energy SA
126.96.36.199 MHI Vestas Offshore Wind
188.8.131.52 Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind)
184.108.40.206 GE Renewable Energy
220.127.116.11 Suzlon Energy Limited
18.104.22.168 Nordex SE
22.214.171.124 Equinor ASA
126.96.36.199 Northland Power Inc.
188.8.131.52 Orsted AS
184.108.40.206 EDF SA
220.127.116.11 E.ON SE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- E.ON SE
- EDF SA
- Equinor ASA
- GE Renewable Energy
- MHI Vestas Offshore Wind
- Nordex SE
- Northland Power Inc.
- Orsted AS
- Siemens Gamesa Renewable Energy SA
- Suzlon Energy Limited
- Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind)