Global Offshore Wind Energy Market

Global Offshore Wind Energy Market: Focus on Components (Turbine, Electrical Infrastructure, and Substrate) & Focus on Location (Shallow, Transitional, and Deep Water) by Revenue ($Million) and by Regional Installed Capacity (MW) - Analysis and Forecast, 2018-2023

The offshore wind energy market is projected to grow from $XX million in the year 2018 to $50,450.9 million by 2023, at a CAGR of XX% from 2018 to 2023.

SKU: SE029A
Published Year: 2018
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Increasing utilization of renewable energy for power generation mix continues to have a positive impact on the global offshore wind energy market. Today, the offshore wind energy sector has evolved to generate electricity, with the introduction of wind turbines taking off a major load from conventional sources of energy. Offshore wind energy forms an integral part of these clean energy resources and has a higher capacity factor as compared to the onshore wind energy. Wind turbines use the power of natural wind to generate electricity. This process of generating electricity is growing rapidly across the globe. Several developing countries have opened up huge opportunities for the global offshore wind turbines market since the pressure of keeping the carbon emissions low is increasing day-by-day.

The growth of the offshore wind energy market is attributed to the increasing demand for clean energy to reduce carbon emissions and the increasing demand for electricity generation with the help of renewable energy resources. The offshore wind energy market research study offers a wide perspective on where the industry is heading toward. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.

The report answers the following questions about the global offshore wind energy market:

•    What is the global offshore wind energy market size in terms of revenue from 2017-2023, and what will be with the growth rate during the forecast period 2018-2023?
•    What is the dominant component used in the offshore wind turbine for power generation?
•    What is the revenue generated from the different components, such as turbine, substructure, electrical infrastructure, and others? 
•    What is the market size of offshore wind turbines for different locations, such as shallow water, transitional water, and deep water? 
•    What is the offshore wind energy market size for different regions on the basis of various locations and components?
•    What are the key trends and opportunities in the market pertaining to countries included in different geographical regions?
•    How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of offshore wind energy?
•    What are the major driving forces that are expected to increase the demand for offshore wind turbines during the forecast period?
•    What are the major challenges inhibiting the growth of the global offshore wind energy market?
•    What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
•    What is the competitive strength of the key players in the offshore wind energy market by analyzing their recent developments, product offerings, and regional presence?

The report further includes a thorough analysis of the impact of the Porter’s five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the offshore wind energy market by the players, research organizations, and governmental bodies.

Further, the report includes an exhaustive analysis of the regional split into North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Each region details the individual push and pull forces in addition to the key players from that region. Some of the prominent players in the offshore wind energy market are GE Renewable Energy, Siemens Gamesa Renewable Energy, MHI Vestas, Adwen, Statoil, Senvion, Nexans, and EEW Group.

Executive Summary
1   Market Dynamics
     1.1   Drivers
             1.1.1   Growing Demand for Renewable Energy for Power Generation
             1.1.2   Government Initiatives to Reduce Carbon Footprint
     1.2   Restraints
             1.2.1   High Capital Expenditure and Cost of Energy
     1.3   Opportunities
             1.3.1   Innovative Technology Advancement in Offshore Wind Components
             1.3.2   Increased R&D Expenditure
 
2   Competitive Insights
     2.1   Key Market Developments and Strategies
             2.1.1   Business Expansion
             2.1.2   Partnerships, Agreements, Collaborations, and Joint Ventures
             2.1.3   New Product Launch and Development
             2.1.4   Others (Merger and Acquisition, Investment and Awards)
     2.2   Market Share Analysis
             2.2.1   Market Share Analysis of Global Offshore Wind Energy Market
             2.2.2   Market Share Analysis of European Offshore Wind Energy Market
                        2.2.2.1   Europe Offshore Wind Energy Market Share, by Wind Turbine Manufacturers
                        2.2.2.2   Europe Offshore Wind Farms Owners Market Share, 2017
 
3   Industry Analysis
     3.1   Industry Attractiveness
             3.1.1   Threat of New Entrants
             3.1.2   Bargaining Power of Buyers
             3.1.3   Bargaining Power of Suppliers
             3.1.4   Threat from Substitutes
             3.1.5   Intensity of Competitive Rivalry
     3.2   Opportunity Matrix
     3.3   Target of Offshore Wind Energy Capacity Installation (by Country)
     3.4   Cost Analysis
 
4   Global Offshore Wind Energy Market by Installed Capacity
     4.1   Assumptions for Analysis and Forecast of the Global Offshore Wind Energy Market
     4.2   Limitations for Analysis and Forecast of the Global Offshore Wind Energy Market
     4.3   Market Overview
     4.4   Europe
             4.4.1   Installed Capacity of Europe Offshore Wind Energy Market (by Country)
      4.5  North America
             4.5.1   Installed Capacity of North America Offshore Wind Energy Market (by Country)
      4.6   Asia-Pacific
              4.6.1   Installed Capacity of Asia Pacific Offshore Wind Energy Market (by Country)
      4.7   Rest-of-the-World (RoW)
              4.7.1   Installed Capacity of RoW Offshore Wind Energy Market (by Country)
 
5   Global Offshore Wind Energy Market (by Component)
     5.1   Turbine
     5.2   Electrical Infrastructure
     5.3   Substructure
     5.4   Others
 
6   Global Offshore Wind Energy Market (by Location)
     6.1 Shallow Water
     6.2 Transitional Water
     6.3 Deep Water
 
7   Global Offshore Wind Energy Market (by Region)
     7.1   Europe
             7.1.1   Europe Offshore Wind Energy Market (by Components)
             7.1.2   Europe Offshore Wind Energy Market (by Country)
                        7.1.2.1   Germany
                        7.1.2.2   The U.K.
                        7.1.2.3   The Netherlands
                        7.1.2.4   Denmark
                        7.1.2.5   Belgium
                         7.1.2.6  Rest-of-Europe
     7.2   North America
             7.2.1   North America Offshore Wind Energy Market (by Components)
             7.2.2   North America Offshore Wind Energy Market (by Country)
                        7.2.2.1   The U.S.
                        7.2.2.2   Canada
                        7.2.2.3   Mexico
     7.3   Asia-Pacific (APAC)
             7.3.1   Asia-Pacific Offshore Wind Energy Market (by Components)
             7.3.2   Asia Pacific Offshore Wind Energy Market, by Country
                        7.3.2.1   China
                        7.3.2.2   India
                        7.3.2.3   South Korea
                        7.3.2.4   Japan
                        7.3.2.5   Taiwan
                        7.3.2.6   Rest-of-Asia Pacific
     7.4   Rest-of-the-World (RoW)
             7.4.1   RoW Offshore Wind Energy Market (by Components)
             7.4.2   RoW Offshore Wind Energy Market (by Country)
                        7.4.2.1   Saudi Arabia
                        7.4.2.2   Brazil
                        7.4.2.3   South Africa
                        7.4.2.4   Others
 
8   Company Profiles
     Offshore Wind Turbine Component Manufacturers
     8.1   China Ming Yang Wind Power Group Limited
           8.1.1   Company Overview
           8.1.2   Product Portfolio
           8.1.3   Corporate Summary
           8.1.4   SWOT Analysis
     8.2   EEW Group
             8.2.1   Company Overview
             8.2.2   Product Portfolio
             8.2.3   Corporate Summary
             8.2.4   SWOT Analysis
     8.3   GE Renewable Energy
             8.3.1   Company Overview
             8.3.2   Product Portfolio
             8.3.3   Financials
                        8.3.3.1   Financial Summary
             8.3.4   SWOT Analysis
     8.4   Goldwind Science & Technology Co. Ltd.
             8.4.1   Company Overview
             8.4.2   Product Portfolio
             8.4.3   Financials
                        8.4.3.1  Financial Summary
             8.4.4  SWOT Analysis
     8.5   MHI Vestas Offshore Wind A/S
            8.5.1   Company Overview
            8.5.2   Product Portfolio
            8.5.3   Corporate Summary
            8.5.4   SWOT Analysis
     8.6   Nordex SE
             8.6.1   Company Overview
             8.6.2   Product Portfolio
             8.6.3   Financials
                        8.6.3.1   Financial Summary
             8.6.4   SWOT Analysis
     8.7   Senvion S.A.
             8.7.1   Company Overview
             8.7.2   Product Portfolio
             8.7.3   Financials
                        8.7.3.1   Financial Summary
             8.7.4   SWOT Analysis
     8.8   Siemens Gamesa Renewable Energy S.A.
             8.8.1   Company Overview
             8.8.2   Product Portfolio
             8.8.3   Financials
                        8.8.3.1   Financial Summary
             8.8.4   SWOT Analysis
     8.9   Sinovel Wind Group Co.ltd.
             8.9.1   Company Overview
             8.9.2   Product Portfolio
             8.9.3   Corporate Summary
             8.9.4   SWOT Analysis
     8.1   XEMC DARWIND
             8.10.1   Company Overview
             8.10.2   Product Portfolio
             8.10.3   Corporate Summary
             8.10.4   SWOT Analysis
Offshore Wind Farm Owners
    8.11   ADWEN
              8.11.1   Company Overview
              8.11.2   Product Portfolio
              8.11.3   Corporate Summary
              8.11.4   SWOT Analysis
   8.12   Northland Power Inc.
             8.12.1   Company Overview
             8.12.2   Product Portfolio
             8.12.3   Financials
                          8.12.3.1   Financial Summary
             8.12.4   SWOT Analysis
  8.13   Orsted
            8.13.1   Company Overview
            8.13.2   Product Portfolio
            8.13.3   Financials
                         8.13.3.1   Financial Summary
            8.13.4   SWOT Analysis
  8.14   Statoil
            8.14.1   Company Overview
            8.14.2   Product Portfolio
            8.14.3   Financials
                         8.14.3.1   Financial Summary
            8.14.4   SWOT Analysis
Other (Service and Support Providers)
  8.15   Clipper Windpower LLC
            8.15.1   Company Overview
            8.15.2   Product Portfolio
            8.15.3   Corporate Summary
            8.15.4   SWOT Analysis
 
9   Research Scope and Methodology
     9.1   Report Scope
     9.2   Global Offshore Wind Energy Market Research Methodology
             9.2.1   Assumptions
             9.2.2   Limitations
             9.2.3   Primary Data Sources
             9.2.4   Secondary Data Sources
             9.2.5   Data Triangulation
             9.2.6   Market Estimation and Forecast
 
List of Tables
 
Table 1   Market Snapshot: Global Offshore Wind Energy Market
Table 3.1    Analyzing Threat of New Entrants
Table 3.2    Analyzing the Bargaining Power of Buyers
Table 3.3   Analyzing the Bargaining Power of Suppliers
Table 3.4   Analyzing the Threat from Substitutes
Table 3.5   Analyzing the Intensity of Competitive Rivalry
Table 3.6   Target of Offshore Wind Energy Capacity Installation (by Country)
Table 4.1   Global Offshore Wind Energy Market (by Installed Capacity), MW, 2017–2023
Table 4.2   Installed Capacity of Europe Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 4.3   Installed Capacity of Asia Pacific Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 4.4   Installed Capacity of Asia Pacific Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 4.5   Installed Capacity of RoW Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 5.1   Characteristics of the Commonly Used Offshore Turbine
Table 5.2   Global Offshore Wind Energy Market (by Components), 2017-2023
Table 5.3   Subparts of Turbines
Table 5.4   Products for Wind Turbines by Leading Market Players
Table 5.5   Recent Developments pertaining to the Wind Turbine Segment
Table 5.6   Recent Developments pertaining to the Electrical Infrastructure Segment
Table 5.7   Developments pertaining to the Substructure Segment
Table 6.1   Global Offshore Wind Energy Market (by Location), 2017-2023
Table 6.2   Recent Developments pertaining to the Shallow Water Offshore
Table 6.3   Recent Developments in the Deep Water Offshore Segment
Table 7.1   Global Offshore Wind Energy Market (by Region), 2017–2023
Table 7.2   List of Operational Offshore Wind Farms in Europe
Table 7.3   Largest Under-Construction Offshore Wind Energy Projects in Europe
Table 7.4   Number of Cumulative Wind Farms in Europe (by Country)
Table 7.5   Europe Offshore Wind Energy Market (by Components), 2017-2023
Table 7.6   Europe Offshore Wind Energy Market Market (by Country), $Million, 2017–2023
Table 7.7   Germany Offshore Wind Energy Facts: 2017
Table 7.8   U.K. Offshore Wind Energy Facts: 2017
Table 7.9   Upcoming Offshore Projects in the Netherlands
Table 7.10   Recent Developments pertaining to the Netherlands Offshore Wind Energy Sector
Table 7.11   Upcoming Offshore Wind Energy Projects in Denmark
Table 7.12   Recent Developments pertaining to Belgium Offshore Wind Energy Segment
Table 7.13   North America Offshore Wind Energy Market (by Components), $Million, 2017-2023
Table 7.14   North America Offshore Wind Energy Market Market (by Country), $Million, 2017–2023
Table 7.15   Largest Offshore Wind Farms in the U.S.
Table 7.16   Wind Farms Installed Capacity in Canada
Table 7.17   Recent Developments pertaining to the Mexican Offshore Wind Energy Market
Table 7.18   Asia-Pacific Offshore Wind Energy Market (by Components), $Million, 2017-2023
Table 7.19   Asia-Pacific Offshore Wind Energy Market (by Country), $Million, 2017–2023
Table 7.20   Leading Offshore Wind Farm Developers in China
Table 7.21   Recent Developments pertaining to the Offshore Wind Industry in India
Table 7.22   Recent Developments pertaining to the Offshore Wind Industry in South Korea
Table 7.23   Overview of the Offshore Projects in Japan, 2017
Table 7.24   RoW Offshore Wind Energy Market (by Components), $Million, 2017-2023
Table 7.25   RoW Offshore Wind Energy Market Market (by Country), $Million, 2017–2023
Table 8.1   China Ming Yang Wind Power Group Limited: Project Details
Table 8.2   EEW Group: Product Portfolio
Table 8.3   GE  Renewable Energy: Product Portfolio
Table 8.4   Goldwind Science & Technology Co.Ltd.: Product Portfolio
Table 8.5   MHI Vestas Offshore Wind A/S: Product Details
Table 8.6   Nordex SE: Product Portfolio
Table 8.7   Senvion S.A.: Product Portfolio
Table 8.8   Siemens Gamesa Renewable Energy S.A.: Product Portfolio
Table 8.9   Sinovel Wind Group Pvt.ltd.: Product Portfolio
Table 8.10   XEMC DARWIND: Product Portfolio
Table 8.11   ADWEN: Project Details
Table 8.12   Northland Power Inc.: Project Details
Table 8.13   Orsted: Project Details
Table 8.14   Statoil: Offshore Wind Projects
 
List of Figures
 
Figure 1   Global Offshore Wind Energy Market Snapshot ($Million) and (MW)
Figure 2   Global Offshore Wind Energy Market by Component ($Million)
Figure 3   Global Offshore Wind Energy Market by Location ($Million)
Figure 4   Global Offshore Wind Energy Market by Installed Capacity (MW)
Figure 5   Global Offshore Wind Energy Market by Region
Figure 6   Global Offshore Wind Energy Market by Country, 2017 ($Million)
Figure 1.1   Market Dynamics
Figure 1.2   Impact Analysis of Drivers
Figure 1.3   Global Electricity Generation Mix
Figure 1.4   Impact Analysis of Restraints
Figure 1.5   Cost Breakdown of an Offshore Wind Farm
Figure 1.6   Impact Analysis of Opportunities
Figure 2.1   Strategies Adopted by the Key Players
Figure 2.2   Share of Key Market Strategies and Developments, July 2015 - May 2018
Figure 2.3   Business Expansion Share of Key Companies, April 2015-April 2018
Figure 2.4   Partnerships, Agreements, Collaborations, and Joint Ventures Share of Key Companies, April 2015-April 2018
Figure 2.5   New Product Launch and Development Share of Companies, April 2015-April 2018
Figure 2.6   Others Development Share by Companies, April 2015-April 2018
Figure 2.7   Market Share Analysis of Leading Companies in Global Offshore Wind Energy Market, 2017 (%)
Figure 2.8   Market Share Analysis of Wind Turbine Manufacturers, 2017 (%)
Figure 2.9   Europe Offshore Wind Farms Owners Market Share, 2017
Figure 3.1   Porter's Five Forces Analysis
Figure 3.2   Global Offshore Wind Energy Market Opportunity Matrix by Region ($Million), 2018-2023
Figure 3.3   Offshore Wind Farms Cost Breakdown
Figure 3.4   Cost Comparisons between Onshore and Offshore
Figure 4.1   Global Offshore Wind Energy Market by Installed Capacity 2018 and 2023
Figure 4.2   Installed Capacity of Europe Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 4.3   Installed Capacity of North America Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 4.4   Installed Capacity of Asia-Pacific Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 4.5   Installed Capacity of RoW Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 5.1   Global Offshore Wind Energy Market (by Component), $Million, 2018 and 2023
Figure 5.2   Turbine Module in Offshore Wind Energy Market, $Million, 2017-2023
Figure 5.3   Electrical Infrastructure in Offshore Wind Energy Market, $Million, 2017-2023
Figure 5.4   Substructure Types
Figure 5.5   Substructure in Offshore Wind Energy Market, $Million, 2017-2023
Figure 5.6   Other Components Used in the Offshore Wind Turbines
Figure 5.7   Others in Offshore Wind Energy Market, $Million, 2017-2023
Figure 6.1   Global Offshore Wind Energy Market (by Location)
Figure 6.2   Global Offshore Wind Energy Market (by Location), $Million
Figure 6.3   Cost Breakdown for an Offshore Wind Plant in Shallow Water
Figure 6.4   Shallow Water in Offshore Wind Energy Market, $Million, 2017-2023
Figure 6.5   Transitional Water in Offshore Wind Energy Market, $Million, 2017-2023
Figure 6.6   Location of Deepwater Wind Energy (Based on Number of Projects), 2017
Figure 6.7   Deepwater in Offshore Wind Energy Market, $ Million, 2017-2023
Figure 7.1   Offshore Wind Energy Market- Regional Segmentation
Figure 7.2   Offshore Wind Energy Market Regional Market Share and Growth Rate, 2018-2023
Figure 7.3   Europe Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.4   Offshore Market: Projects Online, Under Construction, and Consented (GW)
Figure 7.5   Europe Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.6   Europe Geographical Concentration of Offshore Wind Investments, 2017
Figure 7.7   Europe Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.8   Percentage of Power Generation Mix in Germany, 2017
Figure 7.9   Germany Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.10   Upcoming Offshore Wind Farms in the U.K.
Figure 7.11   U.K. Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.12   Netherlands Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.13   Offshore Wind Farms in Denmark
Figure 7.14   Denmark Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.15   Belgium Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.16   Rest-of-Europe Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.17   North America Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.18   North America Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.19   North America Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.20   U.S. Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.21   Canada Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.22   Mexico Offshore Wind Energy Market, 2017-2023
Figure 7.23   Asia-Pacific Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.24   Asia-Pacific Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.25   Asia-Pacific Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.26   Renewable Energy Plan of China: 2010, 2015, and 2020
Figure 7.27   Offshore Wind Projects - Pipeline and Targeted, 2015 and 2020
Figure 7.28   Upcoming Offshore Wind Energy Projects in China
Figure 7.29   China Offshore Wind Energy Market, 2017-2023
Figure 7.30   India Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.31   South Korea Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.32   Japan Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.33   Taiwan Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.34   Rest-of-APAC Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.35   RoW Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.36   RoW Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.37   RoW Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.38   Saudi Arabia Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.39   Brazil Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.40   South Africa Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.41   Others Offshore Wind Energy Market, $Million, 2017-2023
Figure 8.1   Share of Key Companies
Figure 8.2   China Ming Yang Wind Power Group Limited: SWOT Analysis
Figure 8.3   EEW Group: SWOT Analysis
Figure 8.4   GE Renewable Energy: Overall Financials, 2015-2017
Figure 8.5   GE Renewable Energy: Net Revenue by Business Segment, 2015
Figure 8.6   GE Renewable Energy: Net Revenue by Business Segment, 2016-2017
Figure 8.7   GE Renewable Energy: Net Revenue by Regional Segment, 2015
Figure 8.8   GE Renewable Energy: Net Revenue by Regional Segment, 2016-2017
Figure 8.9   GE Renewable Energy: SWOT Analysis
Figure 8.10   Goldwind Science & Technology Co.Ltd.: Overall Financials, 2015-2017
Figure 8.11   Goldwind Science & Technology Co.ltd.: Net Revenue by Business Segment, 2015-2017
Figure 8.12   Goldwind Science & Technology Co.ltd.: SWOT Analysis
Figure 8.13   MHI Vestas Offshore Wind A/S: SWOT Analysis
Figure 8.14   Nordex SE: Overall Financials, 2015-2017
Figure 8.15   Nordex SE: Net Revenue by Regional Segment, 2015-2017
Figure 8.16   Nordex SE: Net Revenue by Business Segment, 2015-2017
Figure 8.17   Nordex SE: SWOT Analysis
Figure 8.18   Senvion S.A.: Overall Financials, 2015-2017
Figure 8.19   Senvion S.A.: Net Revenue by Business Segment, 2015-2017
Figure 8.20   Senvion S.A.: Net Revenue by Region Segment, 2015
Figure 8.21   Senvion S.A.: Net Revenue by Region Segment, 2016-2017
Figure 8.22   Senvion S.A.: SWOT Analysis
Figure 8.23   Siemens Gamesa Renewable Energy S.A.: Overall Financials, 2015-2017
Figure 8.24   Siemens Gamesa Renewable Energy S.A.: Net Revenue by Business Segment, 2016
Figure 8.25   Siemens Gamesa Renewable Energy S.A.: Net Revenue by Region Segment, 2016
Figure 8.26   Siemens Gamesa Renewable Energy S.A.: SWOT Analysis
Figure 8.27   Sinovel Wind Group Pvt.ltd.: SWOT Analysis
Figure 8.28   XEMC DARWIND: SWOT Analysis
Figure 8.29   ADWEN: SWOT Analysis
Figure 8.30   Northland Power Inc.: Overall Financials, 2015-2017
Figure 8.31   Northland Power Inc.: Net Revenue by Business Segment, 2015
Figure 8.32   Northland Power Inc.: Net Revenue by Business Segment, 2016-2017
Figure 8.33   Northland Power Inc.: Net Revenue by Regional Segment, 2015-2017
Figure 8.34   Northland Power Inc.: SWOT Analysis
Figure 8.35   Orsted: Overall Financials, 2015-2017
Figure 8.36   Orsted: Net Revenue by Business Segment, 2017
Figure 8.37   Orsted: Net Revenue by Region Segment, 2015-2016
Figure 8.38   Orsted: SWOT Analysis
Figure 8.39   Statoil: Overall Financials, 2015-2017
Figure 8.40   Statoil: Net Revenue by Business Segment, 2015-2017
Figure 8.41   Statoil: SWOT Analysis
Figure 8.42   Clipper Windpower LLC: SWOT Analysis
Figure 9.1   Offshore Wind Energy Market Scope
Figure 9.2   Report Design
Figure 9.3   Primary Interviews Breakdown by Player, Designation, and Region
Figure 9.4   Sources of Secondary Research
Figure 9.5   Data Triangulation
Figure 9.6   Top Down-Bottom-Up Approach for Market Estimation

Several industries across the globe such as oil and gas, chemical, and transportation, among others, are dependent on fossil fuels for electricity/power generation. Although these fuels are very effective, they are subjected to depletion in the long run. Moreover, these fossil fuels are the origin of greenhouse gases which further lead to global warming. Thus, the shift from fossil fuels to the renewable sources of energy and the development of clean energy are of utmost importance for effectively dealing with climate change and its effects. This shift would also address the growing electricity demand across the globe. As per the data by International Energy Agency (IEA), the world electricity demand will increase by 70% by 2040 due to the emerging economies of India, China, Africa, the Middle East, and South-East Asia. Moreover, more than 17% of the global population does not have access to electricity, and the majority of the population uses conventional sources for heating and lighting purposes.

Wind energy is considered as the most efficient energy of all the renewable energies available globally. This is because it does not emit toxic substances and wastes and do not contaminate air or water. Wind farms can be based onshore (on land) or offshore (sea or freshwater). As per the data by the World Wind Energy Association (WWEA), 80 countries across the globe are already using wind power on a commercial basis, wherein prominent countries, such as the U.S., Canada, and the U.K. are ranked first, second and eighth, respectively in terms of installed capacity (both onshore and offshore).

Offshore wind power, i.e. the kinetic energy of the wind, is one of the sources of clean and renewable electricity/power for countries across the globe. The offshore wind power involves using energy from wind turbine to generate electricity. Wind farms are constructed off the coasts, usually on the continental shelf to produce the wind energy for electricity generation. The offshore wind energy technology has attained considerable growth in a very short span of time, but there is clearly much development expected in terms of technological advancement.  Increase in investments by governments, especially in the developing countries, such as China and India, rapid urbanization, and rising demand for clean and renewable energy, are expected to support the market growth of offshore wind energy.

Offshore wind turbines prove to be more competent than onshore wind turbines due to the more consistent wind speed and direction. Due to this, less number of turbines are required to be installed to generate the same amount of electricity as compared to onshore turbines. Moreover, offshore wind turbines do not interfere with regular land use. These prove to be advantageous with high energy potentials associated with the large areas and the stronger winds. Offshore wind infers better power generation; however, they have higher initial investment, operation, and maintenance costs. Although the fundamentals of technology are the same in both onshore and offshore, the offshore wind technology is expected to witness more advancements than the onshore technology.

Figure 1
Global Offshore Wind Energy Market Snapshot

Global Offshore Wind Energy Market Snapshot

Source: Secondary Research, Expert Views, and BIS Research Analysis

The offshore wind energy market is projected to grow from $XX million in the year 2018 to $50,450.9 million by 2023, at a CAGR of XX% from 2018 to 2023. This growth is attributed to the rising demand for renewable energy sources for power generation, increasing investments in the offshore wind energy sector by several companies and government of different countries, and the government initiatives to reduce the carbon footprint. Each region has varied installed capacity of wind power generated on offshore setups. The global offshore wind energy market in terms of installed capacity is projected to grow from XX MW in the year 2018 to 55,835MW by 2023, growing at a CAGR of XX% from 2018 to 2023.

The offshore wind energy turbines require various components to perform the operations efficiently. Some of these components are electrical infrastructure, substructure, and others. Also, sea depth is an important factor while checking for the feasibility of the offshore wind farms because the cost of foundations significantly increases with the increase in depth. The most commonly preferred types of sea depth for installing wind turbines are shallow water (0-30m), transitional water (30-50m), and deep water (50-200m).

The trends of the offshore wind energy market vary across different geographical regions. The offshore wind energy market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Presently, North America and Europe are at the forefront of the offshore wind energy market, with high market penetration in countries such as the U.S., the Netherlands, the U.K., Spain, Italy, and France, among others. However, during the forecast period, the Asia-Pacific region is expected to display the highest growth rate. Increased awareness about the use of renewable energy mix for power generation is supporting the growth of the offshore wind energy market in the region.
 
Competitive Landscape

The competitive landscape for the offshore wind energy market demonstrates an inclination toward companies adopting strategies such as business expansion, product launch and development, partnerships, joint ventures, and collaboration, and others.  The growing market for offshore wind energy is further expected to increase the involvement of companies across different segments of the value chain. MHI Vestas, Siemens Gamesa, GE Renewable Energy, Adwen Offshore Inc., Statoil, Orsted, ABB ltd., Senvion, Sinovel, and Petrofac Inc., among others, are some of the prominent players in the offshore wind energy market.

The market has presence of a large number of small-sized to medium-sized companies that compete with each other and the large enterprises. The key players operating in this market have increased their business expansion over the recent years to enhance their geographical presence, enter into new ventures, and increase their customer base. Business expansion has been the most widely adopted strategy by the players in this market. New product launch has also been a significantly adopted strategy in the offshore wind energy market. With the increasing growth in the global market, companies operating in this industry are coming up with new turbines to generate public awareness about their existing and new products, technologies, and components, and compete with the competitors’ product portfolio.

The need for more R&D activities and appropriate regulatory environments is a prerequisite for sustained growth of this market. Various government and private research institutes and regulatory bodies and associations are putting in substantial efforts to identify how offshore wind energy can be better utilized for meeting the growing demand for power generation. The technology advancements in various components can provide good growth opportunities to the players in the offshore wind energy market. Moreover, the emergence of wind/solar hybrids, more sophisticated grid management, and increasingly affordable storage are expected to define the future of this commercial fossil-free power sector. The wind power technology is the most competitively priced technology in majority of the markets across the globe.

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Increasing utilization of renewable energy for power generation mix continues to have a positive impact on the global offshore wind energy market. Today, the offshore wind energy sector has evolved to generate electricity, with the introduction of wind turbines taking off a major load from conventional sources of energy. Offshore wind energy forms an integral part of these clean energy resources and has a higher capacity factor as compared to the onshore wind energy. Wind turbines use the power of natural wind to generate electricity. This process of generating electricity is growing rapidly across the globe. Several developing countries have opened up huge opportunities for the global offshore wind turbines market since the pressure of keeping the carbon emissions low is increasing day-by-day.

The growth of the offshore wind energy market is attributed to the increasing demand for clean energy to reduce carbon emissions and the increasing demand for electricity generation with the help of renewable energy resources. The offshore wind energy market research study offers a wide perspective on where the industry is heading toward. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.

The report answers the following questions about the global offshore wind energy market:

•    What is the global offshore wind energy market size in terms of revenue from 2017-2023, and what will be with the growth rate during the forecast period 2018-2023?
•    What is the dominant component used in the offshore wind turbine for power generation?
•    What is the revenue generated from the different components, such as turbine, substructure, electrical infrastructure, and others? 
•    What is the market size of offshore wind turbines for different locations, such as shallow water, transitional water, and deep water? 
•    What is the offshore wind energy market size for different regions on the basis of various locations and components?
•    What are the key trends and opportunities in the market pertaining to countries included in different geographical regions?
•    How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of offshore wind energy?
•    What are the major driving forces that are expected to increase the demand for offshore wind turbines during the forecast period?
•    What are the major challenges inhibiting the growth of the global offshore wind energy market?
•    What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
•    What is the competitive strength of the key players in the offshore wind energy market by analyzing their recent developments, product offerings, and regional presence?

The report further includes a thorough analysis of the impact of the Porter’s five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the offshore wind energy market by the players, research organizations, and governmental bodies.

Further, the report includes an exhaustive analysis of the regional split into North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Each region details the individual push and pull forces in addition to the key players from that region. Some of the prominent players in the offshore wind energy market are GE Renewable Energy, Siemens Gamesa Renewable Energy, MHI Vestas, Adwen, Statoil, Senvion, Nexans, and EEW Group.

Executive Summary
1   Market Dynamics
     1.1   Drivers
             1.1.1   Growing Demand for Renewable Energy for Power Generation
             1.1.2   Government Initiatives to Reduce Carbon Footprint
     1.2   Restraints
             1.2.1   High Capital Expenditure and Cost of Energy
     1.3   Opportunities
             1.3.1   Innovative Technology Advancement in Offshore Wind Components
             1.3.2   Increased R&D Expenditure
 
2   Competitive Insights
     2.1   Key Market Developments and Strategies
             2.1.1   Business Expansion
             2.1.2   Partnerships, Agreements, Collaborations, and Joint Ventures
             2.1.3   New Product Launch and Development
             2.1.4   Others (Merger and Acquisition, Investment and Awards)
     2.2   Market Share Analysis
             2.2.1   Market Share Analysis of Global Offshore Wind Energy Market
             2.2.2   Market Share Analysis of European Offshore Wind Energy Market
                        2.2.2.1   Europe Offshore Wind Energy Market Share, by Wind Turbine Manufacturers
                        2.2.2.2   Europe Offshore Wind Farms Owners Market Share, 2017
 
3   Industry Analysis
     3.1   Industry Attractiveness
             3.1.1   Threat of New Entrants
             3.1.2   Bargaining Power of Buyers
             3.1.3   Bargaining Power of Suppliers
             3.1.4   Threat from Substitutes
             3.1.5   Intensity of Competitive Rivalry
     3.2   Opportunity Matrix
     3.3   Target of Offshore Wind Energy Capacity Installation (by Country)
     3.4   Cost Analysis
 
4   Global Offshore Wind Energy Market by Installed Capacity
     4.1   Assumptions for Analysis and Forecast of the Global Offshore Wind Energy Market
     4.2   Limitations for Analysis and Forecast of the Global Offshore Wind Energy Market
     4.3   Market Overview
     4.4   Europe
             4.4.1   Installed Capacity of Europe Offshore Wind Energy Market (by Country)
      4.5  North America
             4.5.1   Installed Capacity of North America Offshore Wind Energy Market (by Country)
      4.6   Asia-Pacific
              4.6.1   Installed Capacity of Asia Pacific Offshore Wind Energy Market (by Country)
      4.7   Rest-of-the-World (RoW)
              4.7.1   Installed Capacity of RoW Offshore Wind Energy Market (by Country)
 
5   Global Offshore Wind Energy Market (by Component)
     5.1   Turbine
     5.2   Electrical Infrastructure
     5.3   Substructure
     5.4   Others
 
6   Global Offshore Wind Energy Market (by Location)
     6.1 Shallow Water
     6.2 Transitional Water
     6.3 Deep Water
 
7   Global Offshore Wind Energy Market (by Region)
     7.1   Europe
             7.1.1   Europe Offshore Wind Energy Market (by Components)
             7.1.2   Europe Offshore Wind Energy Market (by Country)
                        7.1.2.1   Germany
                        7.1.2.2   The U.K.
                        7.1.2.3   The Netherlands
                        7.1.2.4   Denmark
                        7.1.2.5   Belgium
                         7.1.2.6  Rest-of-Europe
     7.2   North America
             7.2.1   North America Offshore Wind Energy Market (by Components)
             7.2.2   North America Offshore Wind Energy Market (by Country)
                        7.2.2.1   The U.S.
                        7.2.2.2   Canada
                        7.2.2.3   Mexico
     7.3   Asia-Pacific (APAC)
             7.3.1   Asia-Pacific Offshore Wind Energy Market (by Components)
             7.3.2   Asia Pacific Offshore Wind Energy Market, by Country
                        7.3.2.1   China
                        7.3.2.2   India
                        7.3.2.3   South Korea
                        7.3.2.4   Japan
                        7.3.2.5   Taiwan
                        7.3.2.6   Rest-of-Asia Pacific
     7.4   Rest-of-the-World (RoW)
             7.4.1   RoW Offshore Wind Energy Market (by Components)
             7.4.2   RoW Offshore Wind Energy Market (by Country)
                        7.4.2.1   Saudi Arabia
                        7.4.2.2   Brazil
                        7.4.2.3   South Africa
                        7.4.2.4   Others
 
8   Company Profiles
     Offshore Wind Turbine Component Manufacturers
     8.1   China Ming Yang Wind Power Group Limited
           8.1.1   Company Overview
           8.1.2   Product Portfolio
           8.1.3   Corporate Summary
           8.1.4   SWOT Analysis
     8.2   EEW Group
             8.2.1   Company Overview
             8.2.2   Product Portfolio
             8.2.3   Corporate Summary
             8.2.4   SWOT Analysis
     8.3   GE Renewable Energy
             8.3.1   Company Overview
             8.3.2   Product Portfolio
             8.3.3   Financials
                        8.3.3.1   Financial Summary
             8.3.4   SWOT Analysis
     8.4   Goldwind Science & Technology Co. Ltd.
             8.4.1   Company Overview
             8.4.2   Product Portfolio
             8.4.3   Financials
                        8.4.3.1  Financial Summary
             8.4.4  SWOT Analysis
     8.5   MHI Vestas Offshore Wind A/S
            8.5.1   Company Overview
            8.5.2   Product Portfolio
            8.5.3   Corporate Summary
            8.5.4   SWOT Analysis
     8.6   Nordex SE
             8.6.1   Company Overview
             8.6.2   Product Portfolio
             8.6.3   Financials
                        8.6.3.1   Financial Summary
             8.6.4   SWOT Analysis
     8.7   Senvion S.A.
             8.7.1   Company Overview
             8.7.2   Product Portfolio
             8.7.3   Financials
                        8.7.3.1   Financial Summary
             8.7.4   SWOT Analysis
     8.8   Siemens Gamesa Renewable Energy S.A.
             8.8.1   Company Overview
             8.8.2   Product Portfolio
             8.8.3   Financials
                        8.8.3.1   Financial Summary
             8.8.4   SWOT Analysis
     8.9   Sinovel Wind Group Co.ltd.
             8.9.1   Company Overview
             8.9.2   Product Portfolio
             8.9.3   Corporate Summary
             8.9.4   SWOT Analysis
     8.1   XEMC DARWIND
             8.10.1   Company Overview
             8.10.2   Product Portfolio
             8.10.3   Corporate Summary
             8.10.4   SWOT Analysis
Offshore Wind Farm Owners
    8.11   ADWEN
              8.11.1   Company Overview
              8.11.2   Product Portfolio
              8.11.3   Corporate Summary
              8.11.4   SWOT Analysis
   8.12   Northland Power Inc.
             8.12.1   Company Overview
             8.12.2   Product Portfolio
             8.12.3   Financials
                          8.12.3.1   Financial Summary
             8.12.4   SWOT Analysis
  8.13   Orsted
            8.13.1   Company Overview
            8.13.2   Product Portfolio
            8.13.3   Financials
                         8.13.3.1   Financial Summary
            8.13.4   SWOT Analysis
  8.14   Statoil
            8.14.1   Company Overview
            8.14.2   Product Portfolio
            8.14.3   Financials
                         8.14.3.1   Financial Summary
            8.14.4   SWOT Analysis
Other (Service and Support Providers)
  8.15   Clipper Windpower LLC
            8.15.1   Company Overview
            8.15.2   Product Portfolio
            8.15.3   Corporate Summary
            8.15.4   SWOT Analysis
 
9   Research Scope and Methodology
     9.1   Report Scope
     9.2   Global Offshore Wind Energy Market Research Methodology
             9.2.1   Assumptions
             9.2.2   Limitations
             9.2.3   Primary Data Sources
             9.2.4   Secondary Data Sources
             9.2.5   Data Triangulation
             9.2.6   Market Estimation and Forecast
 
List of Tables
 
Table 1   Market Snapshot: Global Offshore Wind Energy Market
Table 3.1    Analyzing Threat of New Entrants
Table 3.2    Analyzing the Bargaining Power of Buyers
Table 3.3   Analyzing the Bargaining Power of Suppliers
Table 3.4   Analyzing the Threat from Substitutes
Table 3.5   Analyzing the Intensity of Competitive Rivalry
Table 3.6   Target of Offshore Wind Energy Capacity Installation (by Country)
Table 4.1   Global Offshore Wind Energy Market (by Installed Capacity), MW, 2017–2023
Table 4.2   Installed Capacity of Europe Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 4.3   Installed Capacity of Asia Pacific Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 4.4   Installed Capacity of Asia Pacific Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 4.5   Installed Capacity of RoW Offshore Wind Energy Market (by Country), MW, 2017–2023
Table 5.1   Characteristics of the Commonly Used Offshore Turbine
Table 5.2   Global Offshore Wind Energy Market (by Components), 2017-2023
Table 5.3   Subparts of Turbines
Table 5.4   Products for Wind Turbines by Leading Market Players
Table 5.5   Recent Developments pertaining to the Wind Turbine Segment
Table 5.6   Recent Developments pertaining to the Electrical Infrastructure Segment
Table 5.7   Developments pertaining to the Substructure Segment
Table 6.1   Global Offshore Wind Energy Market (by Location), 2017-2023
Table 6.2   Recent Developments pertaining to the Shallow Water Offshore
Table 6.3   Recent Developments in the Deep Water Offshore Segment
Table 7.1   Global Offshore Wind Energy Market (by Region), 2017–2023
Table 7.2   List of Operational Offshore Wind Farms in Europe
Table 7.3   Largest Under-Construction Offshore Wind Energy Projects in Europe
Table 7.4   Number of Cumulative Wind Farms in Europe (by Country)
Table 7.5   Europe Offshore Wind Energy Market (by Components), 2017-2023
Table 7.6   Europe Offshore Wind Energy Market Market (by Country), $Million, 2017–2023
Table 7.7   Germany Offshore Wind Energy Facts: 2017
Table 7.8   U.K. Offshore Wind Energy Facts: 2017
Table 7.9   Upcoming Offshore Projects in the Netherlands
Table 7.10   Recent Developments pertaining to the Netherlands Offshore Wind Energy Sector
Table 7.11   Upcoming Offshore Wind Energy Projects in Denmark
Table 7.12   Recent Developments pertaining to Belgium Offshore Wind Energy Segment
Table 7.13   North America Offshore Wind Energy Market (by Components), $Million, 2017-2023
Table 7.14   North America Offshore Wind Energy Market Market (by Country), $Million, 2017–2023
Table 7.15   Largest Offshore Wind Farms in the U.S.
Table 7.16   Wind Farms Installed Capacity in Canada
Table 7.17   Recent Developments pertaining to the Mexican Offshore Wind Energy Market
Table 7.18   Asia-Pacific Offshore Wind Energy Market (by Components), $Million, 2017-2023
Table 7.19   Asia-Pacific Offshore Wind Energy Market (by Country), $Million, 2017–2023
Table 7.20   Leading Offshore Wind Farm Developers in China
Table 7.21   Recent Developments pertaining to the Offshore Wind Industry in India
Table 7.22   Recent Developments pertaining to the Offshore Wind Industry in South Korea
Table 7.23   Overview of the Offshore Projects in Japan, 2017
Table 7.24   RoW Offshore Wind Energy Market (by Components), $Million, 2017-2023
Table 7.25   RoW Offshore Wind Energy Market Market (by Country), $Million, 2017–2023
Table 8.1   China Ming Yang Wind Power Group Limited: Project Details
Table 8.2   EEW Group: Product Portfolio
Table 8.3   GE  Renewable Energy: Product Portfolio
Table 8.4   Goldwind Science & Technology Co.Ltd.: Product Portfolio
Table 8.5   MHI Vestas Offshore Wind A/S: Product Details
Table 8.6   Nordex SE: Product Portfolio
Table 8.7   Senvion S.A.: Product Portfolio
Table 8.8   Siemens Gamesa Renewable Energy S.A.: Product Portfolio
Table 8.9   Sinovel Wind Group Pvt.ltd.: Product Portfolio
Table 8.10   XEMC DARWIND: Product Portfolio
Table 8.11   ADWEN: Project Details
Table 8.12   Northland Power Inc.: Project Details
Table 8.13   Orsted: Project Details
Table 8.14   Statoil: Offshore Wind Projects
 
List of Figures
 
Figure 1   Global Offshore Wind Energy Market Snapshot ($Million) and (MW)
Figure 2   Global Offshore Wind Energy Market by Component ($Million)
Figure 3   Global Offshore Wind Energy Market by Location ($Million)
Figure 4   Global Offshore Wind Energy Market by Installed Capacity (MW)
Figure 5   Global Offshore Wind Energy Market by Region
Figure 6   Global Offshore Wind Energy Market by Country, 2017 ($Million)
Figure 1.1   Market Dynamics
Figure 1.2   Impact Analysis of Drivers
Figure 1.3   Global Electricity Generation Mix
Figure 1.4   Impact Analysis of Restraints
Figure 1.5   Cost Breakdown of an Offshore Wind Farm
Figure 1.6   Impact Analysis of Opportunities
Figure 2.1   Strategies Adopted by the Key Players
Figure 2.2   Share of Key Market Strategies and Developments, July 2015 - May 2018
Figure 2.3   Business Expansion Share of Key Companies, April 2015-April 2018
Figure 2.4   Partnerships, Agreements, Collaborations, and Joint Ventures Share of Key Companies, April 2015-April 2018
Figure 2.5   New Product Launch and Development Share of Companies, April 2015-April 2018
Figure 2.6   Others Development Share by Companies, April 2015-April 2018
Figure 2.7   Market Share Analysis of Leading Companies in Global Offshore Wind Energy Market, 2017 (%)
Figure 2.8   Market Share Analysis of Wind Turbine Manufacturers, 2017 (%)
Figure 2.9   Europe Offshore Wind Farms Owners Market Share, 2017
Figure 3.1   Porter's Five Forces Analysis
Figure 3.2   Global Offshore Wind Energy Market Opportunity Matrix by Region ($Million), 2018-2023
Figure 3.3   Offshore Wind Farms Cost Breakdown
Figure 3.4   Cost Comparisons between Onshore and Offshore
Figure 4.1   Global Offshore Wind Energy Market by Installed Capacity 2018 and 2023
Figure 4.2   Installed Capacity of Europe Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 4.3   Installed Capacity of North America Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 4.4   Installed Capacity of Asia-Pacific Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 4.5   Installed Capacity of RoW Offshore Wind Energy Market (by Country), MW, 2018 and 2023
Figure 5.1   Global Offshore Wind Energy Market (by Component), $Million, 2018 and 2023
Figure 5.2   Turbine Module in Offshore Wind Energy Market, $Million, 2017-2023
Figure 5.3   Electrical Infrastructure in Offshore Wind Energy Market, $Million, 2017-2023
Figure 5.4   Substructure Types
Figure 5.5   Substructure in Offshore Wind Energy Market, $Million, 2017-2023
Figure 5.6   Other Components Used in the Offshore Wind Turbines
Figure 5.7   Others in Offshore Wind Energy Market, $Million, 2017-2023
Figure 6.1   Global Offshore Wind Energy Market (by Location)
Figure 6.2   Global Offshore Wind Energy Market (by Location), $Million
Figure 6.3   Cost Breakdown for an Offshore Wind Plant in Shallow Water
Figure 6.4   Shallow Water in Offshore Wind Energy Market, $Million, 2017-2023
Figure 6.5   Transitional Water in Offshore Wind Energy Market, $Million, 2017-2023
Figure 6.6   Location of Deepwater Wind Energy (Based on Number of Projects), 2017
Figure 6.7   Deepwater in Offshore Wind Energy Market, $ Million, 2017-2023
Figure 7.1   Offshore Wind Energy Market- Regional Segmentation
Figure 7.2   Offshore Wind Energy Market Regional Market Share and Growth Rate, 2018-2023
Figure 7.3   Europe Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.4   Offshore Market: Projects Online, Under Construction, and Consented (GW)
Figure 7.5   Europe Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.6   Europe Geographical Concentration of Offshore Wind Investments, 2017
Figure 7.7   Europe Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.8   Percentage of Power Generation Mix in Germany, 2017
Figure 7.9   Germany Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.10   Upcoming Offshore Wind Farms in the U.K.
Figure 7.11   U.K. Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.12   Netherlands Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.13   Offshore Wind Farms in Denmark
Figure 7.14   Denmark Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.15   Belgium Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.16   Rest-of-Europe Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.17   North America Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.18   North America Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.19   North America Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.20   U.S. Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.21   Canada Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.22   Mexico Offshore Wind Energy Market, 2017-2023
Figure 7.23   Asia-Pacific Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.24   Asia-Pacific Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.25   Asia-Pacific Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.26   Renewable Energy Plan of China: 2010, 2015, and 2020
Figure 7.27   Offshore Wind Projects - Pipeline and Targeted, 2015 and 2020
Figure 7.28   Upcoming Offshore Wind Energy Projects in China
Figure 7.29   China Offshore Wind Energy Market, 2017-2023
Figure 7.30   India Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.31   South Korea Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.32   Japan Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.33   Taiwan Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.34   Rest-of-APAC Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.35   RoW Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.36   RoW Offshore Wind Energy Market (by Components), 2018 and 2023
Figure 7.37   RoW Offshore Wind Energy Market (by Country), 2017, 2018, and 2023
Figure 7.38   Saudi Arabia Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.39   Brazil Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.40   South Africa Offshore Wind Energy Market, $Million, 2017-2023
Figure 7.41   Others Offshore Wind Energy Market, $Million, 2017-2023
Figure 8.1   Share of Key Companies
Figure 8.2   China Ming Yang Wind Power Group Limited: SWOT Analysis
Figure 8.3   EEW Group: SWOT Analysis
Figure 8.4   GE Renewable Energy: Overall Financials, 2015-2017
Figure 8.5   GE Renewable Energy: Net Revenue by Business Segment, 2015
Figure 8.6   GE Renewable Energy: Net Revenue by Business Segment, 2016-2017
Figure 8.7   GE Renewable Energy: Net Revenue by Regional Segment, 2015
Figure 8.8   GE Renewable Energy: Net Revenue by Regional Segment, 2016-2017
Figure 8.9   GE Renewable Energy: SWOT Analysis
Figure 8.10   Goldwind Science & Technology Co.Ltd.: Overall Financials, 2015-2017
Figure 8.11   Goldwind Science & Technology Co.ltd.: Net Revenue by Business Segment, 2015-2017
Figure 8.12   Goldwind Science & Technology Co.ltd.: SWOT Analysis
Figure 8.13   MHI Vestas Offshore Wind A/S: SWOT Analysis
Figure 8.14   Nordex SE: Overall Financials, 2015-2017
Figure 8.15   Nordex SE: Net Revenue by Regional Segment, 2015-2017
Figure 8.16   Nordex SE: Net Revenue by Business Segment, 2015-2017
Figure 8.17   Nordex SE: SWOT Analysis
Figure 8.18   Senvion S.A.: Overall Financials, 2015-2017
Figure 8.19   Senvion S.A.: Net Revenue by Business Segment, 2015-2017
Figure 8.20   Senvion S.A.: Net Revenue by Region Segment, 2015
Figure 8.21   Senvion S.A.: Net Revenue by Region Segment, 2016-2017
Figure 8.22   Senvion S.A.: SWOT Analysis
Figure 8.23   Siemens Gamesa Renewable Energy S.A.: Overall Financials, 2015-2017
Figure 8.24   Siemens Gamesa Renewable Energy S.A.: Net Revenue by Business Segment, 2016
Figure 8.25   Siemens Gamesa Renewable Energy S.A.: Net Revenue by Region Segment, 2016
Figure 8.26   Siemens Gamesa Renewable Energy S.A.: SWOT Analysis
Figure 8.27   Sinovel Wind Group Pvt.ltd.: SWOT Analysis
Figure 8.28   XEMC DARWIND: SWOT Analysis
Figure 8.29   ADWEN: SWOT Analysis
Figure 8.30   Northland Power Inc.: Overall Financials, 2015-2017
Figure 8.31   Northland Power Inc.: Net Revenue by Business Segment, 2015
Figure 8.32   Northland Power Inc.: Net Revenue by Business Segment, 2016-2017
Figure 8.33   Northland Power Inc.: Net Revenue by Regional Segment, 2015-2017
Figure 8.34   Northland Power Inc.: SWOT Analysis
Figure 8.35   Orsted: Overall Financials, 2015-2017
Figure 8.36   Orsted: Net Revenue by Business Segment, 2017
Figure 8.37   Orsted: Net Revenue by Region Segment, 2015-2016
Figure 8.38   Orsted: SWOT Analysis
Figure 8.39   Statoil: Overall Financials, 2015-2017
Figure 8.40   Statoil: Net Revenue by Business Segment, 2015-2017
Figure 8.41   Statoil: SWOT Analysis
Figure 8.42   Clipper Windpower LLC: SWOT Analysis
Figure 9.1   Offshore Wind Energy Market Scope
Figure 9.2   Report Design
Figure 9.3   Primary Interviews Breakdown by Player, Designation, and Region
Figure 9.4   Sources of Secondary Research
Figure 9.5   Data Triangulation
Figure 9.6   Top Down-Bottom-Up Approach for Market Estimation

Several industries across the globe such as oil and gas, chemical, and transportation, among others, are dependent on fossil fuels for electricity/power generation. Although these fuels are very effective, they are subjected to depletion in the long run. Moreover, these fossil fuels are the origin of greenhouse gases which further lead to global warming. Thus, the shift from fossil fuels to the renewable sources of energy and the development of clean energy are of utmost importance for effectively dealing with climate change and its effects. This shift would also address the growing electricity demand across the globe. As per the data by International Energy Agency (IEA), the world electricity demand will increase by 70% by 2040 due to the emerging economies of India, China, Africa, the Middle East, and South-East Asia. Moreover, more than 17% of the global population does not have access to electricity, and the majority of the population uses conventional sources for heating and lighting purposes.

Wind energy is considered as the most efficient energy of all the renewable energies available globally. This is because it does not emit toxic substances and wastes and do not contaminate air or water. Wind farms can be based onshore (on land) or offshore (sea or freshwater). As per the data by the World Wind Energy Association (WWEA), 80 countries across the globe are already using wind power on a commercial basis, wherein prominent countries, such as the U.S., Canada, and the U.K. are ranked first, second and eighth, respectively in terms of installed capacity (both onshore and offshore).

Offshore wind power, i.e. the kinetic energy of the wind, is one of the sources of clean and renewable electricity/power for countries across the globe. The offshore wind power involves using energy from wind turbine to generate electricity. Wind farms are constructed off the coasts, usually on the continental shelf to produce the wind energy for electricity generation. The offshore wind energy technology has attained considerable growth in a very short span of time, but there is clearly much development expected in terms of technological advancement.  Increase in investments by governments, especially in the developing countries, such as China and India, rapid urbanization, and rising demand for clean and renewable energy, are expected to support the market growth of offshore wind energy.

Offshore wind turbines prove to be more competent than onshore wind turbines due to the more consistent wind speed and direction. Due to this, less number of turbines are required to be installed to generate the same amount of electricity as compared to onshore turbines. Moreover, offshore wind turbines do not interfere with regular land use. These prove to be advantageous with high energy potentials associated with the large areas and the stronger winds. Offshore wind infers better power generation; however, they have higher initial investment, operation, and maintenance costs. Although the fundamentals of technology are the same in both onshore and offshore, the offshore wind technology is expected to witness more advancements than the onshore technology.

Figure 1
Global Offshore Wind Energy Market Snapshot

Global Offshore Wind Energy Market Snapshot

Source: Secondary Research, Expert Views, and BIS Research Analysis

The offshore wind energy market is projected to grow from $XX million in the year 2018 to $50,450.9 million by 2023, at a CAGR of XX% from 2018 to 2023. This growth is attributed to the rising demand for renewable energy sources for power generation, increasing investments in the offshore wind energy sector by several companies and government of different countries, and the government initiatives to reduce the carbon footprint. Each region has varied installed capacity of wind power generated on offshore setups. The global offshore wind energy market in terms of installed capacity is projected to grow from XX MW in the year 2018 to 55,835MW by 2023, growing at a CAGR of XX% from 2018 to 2023.

The offshore wind energy turbines require various components to perform the operations efficiently. Some of these components are electrical infrastructure, substructure, and others. Also, sea depth is an important factor while checking for the feasibility of the offshore wind farms because the cost of foundations significantly increases with the increase in depth. The most commonly preferred types of sea depth for installing wind turbines are shallow water (0-30m), transitional water (30-50m), and deep water (50-200m).

The trends of the offshore wind energy market vary across different geographical regions. The offshore wind energy market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). Presently, North America and Europe are at the forefront of the offshore wind energy market, with high market penetration in countries such as the U.S., the Netherlands, the U.K., Spain, Italy, and France, among others. However, during the forecast period, the Asia-Pacific region is expected to display the highest growth rate. Increased awareness about the use of renewable energy mix for power generation is supporting the growth of the offshore wind energy market in the region.
 
Competitive Landscape

The competitive landscape for the offshore wind energy market demonstrates an inclination toward companies adopting strategies such as business expansion, product launch and development, partnerships, joint ventures, and collaboration, and others.  The growing market for offshore wind energy is further expected to increase the involvement of companies across different segments of the value chain. MHI Vestas, Siemens Gamesa, GE Renewable Energy, Adwen Offshore Inc., Statoil, Orsted, ABB ltd., Senvion, Sinovel, and Petrofac Inc., among others, are some of the prominent players in the offshore wind energy market.

The market has presence of a large number of small-sized to medium-sized companies that compete with each other and the large enterprises. The key players operating in this market have increased their business expansion over the recent years to enhance their geographical presence, enter into new ventures, and increase their customer base. Business expansion has been the most widely adopted strategy by the players in this market. New product launch has also been a significantly adopted strategy in the offshore wind energy market. With the increasing growth in the global market, companies operating in this industry are coming up with new turbines to generate public awareness about their existing and new products, technologies, and components, and compete with the competitors’ product portfolio.

The need for more R&D activities and appropriate regulatory environments is a prerequisite for sustained growth of this market. Various government and private research institutes and regulatory bodies and associations are putting in substantial efforts to identify how offshore wind energy can be better utilized for meeting the growing demand for power generation. The technology advancements in various components can provide good growth opportunities to the players in the offshore wind energy market. Moreover, the emergence of wind/solar hybrids, more sophisticated grid management, and increasingly affordable storage are expected to define the future of this commercial fossil-free power sector. The wind power technology is the most competitively priced technology in majority of the markets across the globe.

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