Visiongain has published a new report: Offshore Wind Power Market Report 2024-2034: Forecasts by Location (Shallow Water, Transitional Water, Deep Water), by Component (Turbines, Electrical Infrastructure, Substructure, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The offshore wind power market is expected to surpass US$46 billion in 2023. The market is projected to reach a market value of US$113.58 billion by 2034.

Favourable Policies to Open New Avenues for the Industry
According to projections made by the International Renewable Energy Agency (IREA), Asia will dominate the world of wind power by 2050 and account for more than 60% of all offshore wind capacity developed worldwide. By 2030, the Asian offshore wind market is expected to have deployed up to 100 gigawatts (GW) of offshore wind capacity, according to the Global Wind Energy Council.

Following the Fukushima accident in 2011, Japan, the Republic of Korea, and Taipei, China is continuing their shift away from nuclear power and are instead focusing on the offshore wind potential along their extensive Pacific coastlines. Japan has set a goal for itself to install 10 GWs of offshore wind power by 2030.

High Capital Cost Associated With Offshore Wind Power
The high capital cost associated with offshore wind power is a significant challenge that the industry faces. Building and installing offshore wind turbines involve complex engineering and construction processes. The infrastructure required, such as foundations, substructures, and transmission cables, is more expensive than their onshore counterparts. Working in a marine environment also adds complexity and cost to the installation process. Offshore wind turbines require robust foundations to withstand the harsh marine conditions. The design and installation of these foundations, often in deep water, can be expensive. Monopile, jacket, and floating foundations are among the options, each with its own associated costs.

How will this Report Benefit you?
Visiongain’s 271-page report provides 92 tables and 136 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global offshore wind power market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for offshore wind power. Get financial analysis of the overall market and different segments including location, component, leading nations, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing offshore wind power market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

Increasing Government Initiatives To Reduce Carbon Emissions
The United States introduced the Net-Zero Government Initiative at the United Nations Climate Change Conference of the Parties (COP27) in 2022, calling on other nations to follow suit and attain net-zero emissions from their national government activities by the year 2050 at the latest. 18 countries have joined the United States in this new initiative, according to a statement made by U.S. Special Presidential Envoy for Climate John Kerry and Chair of the Council on Environmental Quality Brenda Mallory during a COP27 session with partner governments.

Growing Renewable Energy Industry
Renewable energy technologies like solar, wind, hydro, geothermal, and bioenergy continue to evolve and improve, making them more efficient, affordable, and accessible. Technological advancements allow for better energy capture, storage, and distribution, making renewable sources increasingly competitive with fossil fuels. The costs of renewable energy generation have been decreasing steadily over the years. Solar and wind energy, in particular, have become more economically viable compared to traditional fossil fuels in many regions. As costs continue to fall, more consumers and industries are likely to adopt renewable energy solutions.

Competitive Landscape
Offshore wind power market is competitive in nature. Large number of well-established and small scale companies are operating in this industry. Some leading companies engaged in this industry are General Electric Company, Vestas, Siemens Gamesa Renewable Energy, ABB, Goldwind, Doosan Enerbility, Nordex SE, Nexans, Shanghai Electric, and RENOVA, Inc.. Companies are adopting different strategies such as advancement in turbines, merger & acquisitions, partnership, collaboration, and investment in order to stay competitive in the industry.
• In November 2023, Shanghai Electric Wind Power Group unveiled that the world’s first offshore renewable energy project, which combines floating wind power and deep-sea aquaculture, has been completed in China. The project is developed by Longyuan Power Group, with Shanghai Electric Wind Power Group, a subsidiary of Shanghai Electric, providing the power generation equipment and towers of the offshore wind turbines.

Notes for Editors
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