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The global offshore wind power market size installed capacity was more than 23 GW in 2018 and is projected to reach 94 GW by 2026 at a compound annual growth rate (CAGR) of 19.2% during the forecast period. Offshore wind power market plays a significant role in achieving the renewable target in most of the countries around the world. Countries around the world are formulating rules and regulations to make offshore wind power a much feasible option for the clean source of energy. Also, with the introduction of advanced technology, the efficiency of wind power has increased significantly and the installation cost is showing negative growth.
The Europe leads the offshore wind power industry, generating 25% of the continent's electricity from wind power.The rising demand for clean energy is likely to boost the offshore wind power growth during the forecast period. The demand for offshore wind installation is on the rise due to the availability of advanced technology and solution provided by various service providers.
Countries such as China, U.K., Germany, Belgium, and Denmark are one of the leading geographies in this arena. In terms of new offshore wind power installation, the U.K. and China have shown tremendous growth in the year 2018 and the trend is going to follow as per their latest renewable energy investment plan. The global offshore wind power installation was above 23 GW in 2018 with the U.K., Germany and China are the leading economies.
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"Fixed Offshore Structure Segment to Dominate the Market by Installation"
Countries around the world are focusing on increasing investment in offshore wind power projects to extract energy from natural wind resources available in the environment, thereby fueling the global market. Installing offshore wind power is a challenging task because it requires movement of heavy and big equipment to the project location which increases the overall cost per kW. But with the introduction of advanced technology and cost-effective solutions for offshore installation & wind turbines, the overall cost has become lower than earlier which makes the offshore wind a feasible option among the renewable energy category. In terms of installation type, the most preferred technology for offshore wind power is the fixed structure due to the ease of operation and cost-effectiveness. Currently, the fixed structure segment dominates the global offshore wind power market share with floating structure is at a very introductory stage, however, on the basis of planned and upcoming projects, floating structure type is going to see a significant growth rate during the forecast period.
"Increasing Focus Toward Deeper Installation to Augment the Global Offshore Wind Power Market Growth"
In terms of water depth, the majority of the market growth accounts for shallow water i.e. up to 30m segment, an increasingly popular offshore wind power type, as installing wind tower in lower depth is much easier and reduces capital expenditure at the same time. But, the trend in the global market potential is expected to shift toward deep-water installation where water depth is more than 30 meters. In 2018, the above 30m segment holds around 30 % of the market in terms of installed capacity, this share is likely to reach 50% mark in the forecast period owing to increasing investment in floating offshore wind power projects which mostly installed in a deeper location.
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"Higher Turbine Capacity to Gain Momentum in the Global Market"
On the basis of installed capacity, wind turbine having a power rating range in 3MW to 5MW is a widely accepted form of offshore wind power due to much-explored technology and cost-effectiveness. But as per the shifting trend toward deeper installation and floating type structure, the demand for a higher power rating turbine is most preferred to make offshore wind power generation energy-efficient and economically feasible. The demand for the above 5MW segment is expected to cross 50% of the global offshore wind power market share whereas below 3MW segment is expected to have a major decline during the forecast period.
"China is Going to Dominate the Market with a Significant Growth Rate"
At present, the U.K. accounted for a major share of the installed offshore wind power in the global market, followed by Germany and China respectively. The market trend is anticipated to witness a tremendous shift where China would become the market leader in offshore wind power followed by the U.K., Germany, France, and Spain. In 2018, China has installed approximately 40% of the world's offshore wind power paving the way for other countries. In addition to that, the country has lots of under-construction and upcoming projects lined up in the forecast period. Key emerging countries in offshore wind power are Taiwan, South Korea, Japan, India, Vietnam, and the U.S.
"Highly Fragmented Market Dominated by Major Market Players"
The market for offshore wind power is highly fragmented with the presence of lots of competitive players around the world. Some of the leading players are Siemens Gamesa, MHI Vestas Offshore Wind, Senvion, Adwen Offshore, ABB, GE Renewable Energy, Ming Yang Smart Energy, Nordex Group, Goldwind, Envision Energy, Suzlon Group, and Hitachi.
With the increasing focus toward a sustainable source of energy around the world, offshore wind power has emerged as a lucrative solution to various countries, which bodes well for the global market. International and local governments are focusing more on creating smooth policies and regulations to push offshore wind energy a much feasible option among other renewable energy sources. Companies are focusing on increasing energy production from a renewable source, such as offshore wind power, to fulfill the ever-increasing demand for electricity and at the same time adhere to the zero-emission mission. The technological advancement and energy-efficient solutions have made offshore wind energy a much preferred clean energy source for many countries around the world, increasing opportunities in the global offshore wind power market. Till 2017, European countries were the leader in offshore wind power installation but in 2018, China alone has installed 1.8 GW of offshore wind capacity which brings the country to the first place. By looking at the planned projects in the pipeline stage, China is likely to dominate the global market with a major focus on floating structure type wind power turbines.
The report provides qualitative and quantitative insights on the offshore wind power industry and detailed analysis of market size & growth rate for all possible segments in the market. The global market is segmented by installation, water depth, capacity, and geography. Based on the installation, the global market is segmented into Fixed structure and Floating structure.
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Based on the water depth, the global market is segmented into Up to 30m and Above 30m. On the basis of capacity, the global offshore wind power market is segmented into Up to 3MW, 3MW to 5MW and Above 5MW category. Geographically, the market is segmented into major countries, which are U.K., Germany, China, Denmark, Belgium, Netherlands, Sweden, Vietnam, South Korea, Japan, U.S., Ireland, Spain, France and Rest of the World.
Along with this, the report provides an elaborative analysis of the market trends, dynamics and competitive landscape for offshore wind power. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.
By Water Depth
Fortune Business Insights says that the offshore wind power market is projected to reach a cumulative installed capacity of 94GW by 2026.
In 2018, the offshore wind power market was valued at 23GW of cumulative installation globally.
Growing at a CAGR of 19.2%, the offshore wind power market will exhibit steady growth in the forecast period.
Offshore wind power installation in water depth below 30m holds the major share in the market and is expected to dominate in the coming years.
Increasing focus on renewable energy source and rise in energy demand are the key factor driving the growth of the global offshore wind power market.
Siemens Gamesa Renewable Energy S.A., MHI Vestas Offshore Wind, Senvion S.A., ABB, GE, Nordex SE, Goldwind, and Envision Energy are among the top players in the offshore wind power market.
The United Kingdom and Germany account for more than half of the global share in the offshore wind power market
China, United Kingdom, and Germany are the fastest growing countries in the global offshore wind power installations.
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