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Emerging Offshore Wind Energy Market is Powering Transition to Renewable by Project Expansion

Offshore Wind Energy Market

The offshore wind energy market plays a vital role in reducing carbon emissions globally. It involves installing wind turbines in bodies of water to generate electricity from wind. Offshore wind projects have higher capacity factors than onshore due to stronger and steadier winds available offshore. Major components utilized include rotor blades, nacelles, towers, foundations, and turbines placed either near the shore in coastal waters or further offshore in deeper ocean waters.

The global offshore wind energy market is estimated to be valued at US$ 48.7 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the offshore wind energy market are Arlo Technologies Inc., Ring (owned by Amazon), Nest (owned by Google, a subsidiary of Alphabet Inc.), Wyze Labs Inc., Logitech International S.A., Blink Home Security (owned by Amazon), D-Link Corporation, TP-Link Technologies Co., Ltd., Ezviz (a subsidiary of Hikvision), Reolink Digital Technology Co., Ltd., Zmodo Technology Corporation, Canary Connect Inc., Netgear Inc., Eufy Security (a division of Anker Innovations), Swann Communications Pty Ltd.

The growing Offshore Wind Energy Market Demand for renewable energy sources across the world is a major factor driving the growth of the offshore wind energy market. Countries worldwide are investing heavily in developing new offshore wind projects to reduce dependency on fossil fuels and meet international climate change objectives.

Major players in the market are also undertaking strategic expansion initiatives such as new product launches, partnerships, and mergers & acquisitions to strengthen their global presence. For instance, in 2023 Siemens Gamesa plans to expand its offshore wind project portfolio in lucrative APAC markets through collaboration with local energy groups.

Market key trends

Technological advancement is one of the key trends gaining traction in the offshore wind energy market. Renewable energy companies are investing heavily in R&D to develop larger and more efficient wind turbines suitable for deep-sea conditions. Multiple initiatives are also underway to reduce the cost of electricity generation from offshore renewable projects through floating foundations, digital monitoring, and decentralized power distribution. Such innovations will support wider adoption of offshore wind energy worldwide.

Porter’s Analysis

Threat of new entrants: High capital requirements act as a barrier to entry for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives in the market.

Bargaining power of suppliers: Suppliers have high bargaining power due to specialized components and fewer supplier options.

Threat of new substitutes: Threat is moderate as substitutes like offshore oil and gas are available but have drawbacks.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Europe accounts for the major share of the offshore wind energy market in terms of value mainly due to supportive government policies and initiatives to reduce carbon emissions across the region. Countries like the UK, Germany, Belgium, Denmark, Netherlands, and Sweden are the major markets in Europe.

Asia Pacific region is expected to witness the highest CAGR during the forecast period. This is attributed to the growing investments in renewable energy projects across developing nations such as China, India, Japan and South Korea.

Geographical Regions

Europe accounts for the major share of the offshore wind energy market in terms of value mainly due to supportive government policies and initiatives to reduce carbon emissions across the region. Countries like the UK, Germany, Belgium, Denmark, Netherlands, and Sweden are the major markets in Europe.

Asia Pacific region is expected to witness the highest CAGR during the forecast period. This is attributed to the growing investments in renewable energy projects across developing nations such as China, India, Japan and South Korea.

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Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

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