19 May 2022
Visiongain has published a new report entitled the Offshore Wind Power Market Report 2022-2032: Forecasts by Location (Shallow Water Installation, Transitional Water Installation, Deep Water Installation), by Technology (Horizontal-Axis Wind Turbines (HAWTs), Vertical-Axis Wind Turbine (VAWT), Diffuser-Augmented Wind Turbine (DAWT), Vortex Bladeless Technology, Other), by Components (Turbines, Electrical Infrastructure, Substructure, Other), by Type (Floating, Bottom Fixed) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact Analysis and Recovery Pattern Analysis.
The global offshore wind power market was valued at US$30.54 billion in 2021 and is projected to grow at a CAGR of 14.7% during the forecast period 2022-2032.
Stable Revenue is an Added Advantage
One of the advantages of a well-designed and strong offshore wind power assistance programme is revenue stabilisation and risk minimization. This is due to offshore wind power's relatively higher time and capital investment requirements compared to other renewable energy technologies, which puts a greater emphasis on bankability conditions, as well as significant reliance on enabling infrastructure like grids, ports, manufacturing, and workforce capacity. Because emerging markets usually rely on the cost and availability of international funding to support the first batch of offshore wind power projects, certainty and transparency of payment improves bankability for foreign investors.
Offshore Wind Energy Has Low Impact on the Environment
Offshore wind farms, like onshore wind farms, have a modest global warming potential per unit of power generated. In comparison to land-based projects, offshore installations have a lower impact on noise and the environment. Furthermore, evidence exists that offshore wind power facilities have assisted to the regeneration of damaged ecosystems by acting as artificial reefs in a few particular situations. While the offshore wind power business has developed significantly in recent decades, there is still a lot of ambiguity about how the building and management of these wind farms may affect marine species and the environment.
How has COVID-19 Had a Significant Negative Impact on the Offshore Wind Power Market?
The Industry Recovered in spite of the Worldwide COVID Outbreak
Despite the impact of COVID-19, the worldwide offshore wind power sector flourished its second-best year ever in 2020. For the third year in a row, China dominated the globe in new installations, with more than 3 GW of offshore wind power grid installed in 2020. The majority of the remaining new capacity was erected in Europe, with the Netherlands leading the way with approximately 1.5 GW of new offshore wind power installed in 2020, followed by Belgium (706 MW). While COVID-19 limitations caused auctions to be postponed or cancelled in the first half of 2020, the industry rebounded significantly in the second half of the year as important mature and growing wind markets began to overcome COVID-19's effects.
How this Report Will Benefit You?
Visiongain’s 264-page report provides 131 tables and 129 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 the financial analysis of the overall market and different segments including market value, cumulative installations, location, technology, components, type and capture higher market share. We believe that high opportunity remains 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 would 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.
What Are the Current Market Drivers?
The Offshore Wind Power Energy Industry Has Long-Term Viability
Given the immeasurable implications of the climate crisis, every stakeholder must adapt to a more sustainable route. Non-state actors, such as wind energy businesses of all sizes, must be held responsible to decarbonisation imperatives, especially as the sector advocates for significant expansion of wind projects and accompanying industrial activities. The commercial case for decarbonisation is becoming increasingly compelling, as evidenced by a shift in retail and institutional investor sentiment toward corporate sustainability. The market for socially responsible impact investment funds, or ESG ETFs, had a record inflow of US$89 billion in 2020, about nine times the amount in 2018. Governments are also taking steps to decarbonize industrial value chains, from green electricity procurement to zero-emissions construction regulations.
Eversource is Collaborating with Orsted of Denmark on the South Fork Wind Farm
Eversource, a New England utility that is a 50-50 partner in two proposed offshore wind power farms for Long Island, has recruited advisors to look into selling its stake in the projects, according to the firm. Eversource is collaborating with Orsted of Denmark on the South Fork Wind Farm, which is expected to provide up to 130 megawatts of power to the South Fork by late 2023, and Sunrise Wind, which is expected to provide 924 megawatts to the Long Island grid by 2025. It's also a partner in Revolution Wind, a third project that will supply 704 megawatts of electricity to Rhode Island and Connecticut. Eversource announced Thursday that it has recruited two investment companies to look into selling part or all of its 50 percent stake in the ventures, a move that had already been approved by Eversource's board of trustees.
Where are the market opportunities?
Continuous Innovations Are Required in Order to Deal with Unprecedented Incidents
To capture offshore wind power from a larger range of geographies, continued innovation is required, including enhancing turbine robustness in areas prone to tropical storms, typhoons, or hurricanes, as well as pushing towards the commercialization of floating wind before 2030. As the sector continues to grow into new areas, these variables represent a regulatory challenge in terms of ensuring uniform recognition and certification of project and component design aspects. Modvion's modular wind turbine tower built of laminated wood, envisioned for potential deployment in offshore conditions, is one example of new technologies to overcome the steel dilemma.
With Rising Demands, Collaboration with Other Sectors Will Required in Future
The need for structural materials like concrete and steel, key minerals like copper, nickel, chromium, and manganese, and rare earths like neodymium and boron magnets in wind turbines will rise as the offshore wind power industry grows. This not only exacerbates existing dependencies in the mining of minerals and rare earths – China, for example, is the world's largest exporter of rare earth metals – but also shines light on the carbon intensity of upstream activities in the offshore wind power supply chain. However, reducing the carbon footprint of the offshore wind power sector would need collaboration with heavy sectors such as steel and concrete.
The major players operating in the offshore wind power market are General Electric Company, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co Ltd, Shanghai Electric Wind Power Equipment Co., ABB Ltd., Doosan Heavy Industries & Construction Co Ltd, Hitachi, Ltd., Nexans SA, DEME Group, Ming Yang Smart Energy Group Limited, Envision, Rockwell Automation, Inc., Nordex SE, Sinovel Wind Group Co., Ltd These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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