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Offshore Wind Global Market Report 2022


Major players in the offshore wind market are General Electric, Siemens Gamesa, MHI Vestas, Goldwind, Shanghai Electric Wind Power Equipment Co, Doosan Heavy Industries and Construction, ABB, Nordex SE, EEW, Nexans, DEME, Ming Yang Smart Energy Group Co, Envision, Sinovel, Orsted, Hitachi, Rockwell Automation, Senvion, Enercon, Prysmian Group, Suzlon Group, and Zhejiang Windey Co.

New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Offshore Wind Global Market Report 2022" -

The global offshore wind market is expected to grow from $27.72 billion in 2021 to $29.44 billion in 2022 at a compound annual growth rate (CAGR) of 6.2%. The offshore wind market is expected to grow to $43.91 billion in 2026 at a compound annual growth rate (CAGR) of 10.5%.

The offshore wind market consists of sales of offshore wind solutions by entities (organizations, sole traders, and partnerships) that are used for the generation of electricity from wind farms in water bodies, usually at sea.Offshore wind energy is a clean and renewable energy source generated by utilizing the wind’s force on the open seas, where it reaches a higher and more consistent speed than on land due to the lack of boundaries.

Mega-structures situated on the seabed and equipped with the newest technological advancements are being installed to make the most of this resource.

The main components of the offshore wind market are turbines, electrical infrastructure, substructure, and other components.A turbine refers to a machine or engine which uses a stream of air, gas, water, or steam to turn a wheel and produce power.

The locations of wind power include shallow water, transitional water, and deep water.The capacity ranges of offshore wind include up to 3MW,3MW, and above 5MW.

The various applications of wind power include electric power, oil and gas, aviation and transport, and other applications.

Western Europe was the largest region in the offshore wind market in 2021.North America is expected to be the fastest-growing region in the forecast period.

The regions covered in the offshore wind market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The offshore wind market research report is one of a series of new reports that provides offshore wind market statistics, including offshore wind industry global market size, regional shares, competitors with an offshore wind market share, detailed offshore wind market segments, market trends and opportunities, and any further data you may need to thrive in the offshore wind industry. This offshore wind market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Increasing global investments in renewable energy are expected to propel the growth of the offshore wind market going forward.Renewable energy is energy generated from naturally replenished sources such as the sun and wind.

The government is investing in renewable energy to strengthen its position in the offshore wind generation sector. For instance, in June 2021, according to International Energy Source, a Paris-based autonomous intergovernmental organization, Renewable energy has been estimated to attract 70% of global energy investment 2021, Global energy investment is expected to rebound this year and increase 10 % year-on-year to around $1.9 trillion/ Therefore, increasing global investments in renewable energy are expected to propel demand for offshore wind solutions during the forecast period.

Product innovation is a key trend gaining popularity in the offshore wind market.Major companies operating in the offshore sector are focused on developing new product innovations to strengthen their position.

For instance, in January 2019, Siemens Gamesa Renewable Energy, a Spain-based company specializing in the renewable energy industry launched the SG 10.0-193 DD, the company’s first 10+ MW offshore wind turbine. The 10-MW rating is enabled by a bigger generator diameter, which is built on the proven SGRE direct-drive generator technology. Direct-drive technology is the foundation for direct-drive wind turbines, and the generator is powered directly by the rotor. The SG 10.0-193 DD provides the same dependability while increasing profitability and lowering client risk.

In December 2020, VINCI Energies, a France-based provider of a wide range of services in the energy and information technologies sector acquired EWE Offshore Services & Solutions GmbH for an undisclosed amount.Through this acquisition, VINCI Energies is focused on expanding its business presence in the renewable energy sector, and enhancing its presence across the globe.

EWE Offshore Service & Solutions is a Netherlands-based provider of offshore wind solutions and maintenance services.

The countries covered in the offshore wind market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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