Press Release

Offshore Wind Energy Market Surpass USD 94,210 Million by 2028 | CAGR 19%

Date : Mar 09, 2023

According to Ameco Research, the global Offshore Wind Energy Market will rise with of 19% CAGR throughout the projected period, reaching a market value of more than USD 94,210 Million by 2028.

Offshore wind will be critical as the EU and the US work toward carbon neutrality by 2050. Despite COVID delays, 2020 was the second-biggest year for offshore wind projects, following a record year in 2019. Oil and gas companies have extensive offshore exploration, development, construction, and operation experience, and they have already begun investing in the US offshore wind sector to capitalize on this expertise. For example, in 2021, BP paid Equinor, a Norwegian global energy firm, a total cash payment of around US$ 1.1 billion for a 50% interest in two US offshore wind properties, Empire Wind and Beacon Wind.

According to WindEurope, the EU wants wind energy to be 50 percent of its electricity by 2050. This entails increasing onshore wind capacity from 173 GW to 1,000 GW and offshore wind capacity from 16 GW to 300 GW. The Commission estimates that another 30 GW of wind energy might be installed by the end of 2030, in addition to the 450 GW predicted in its decarbonization scenarios.

Offshore wind turbines are substantially larger (between 5 and 10 MW per turbine) than onshore wind turbines (between 2-3 MW). While the cost per MW for offshore turbines is higher because of the necessity for sturdier buildings and foundations in a marine environment, the desired tariffs can be attained after the ecosystem is developed due to the higher efficiency of these turbines.

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The increasing trend of renewable energy sources in power generation propels the global offshore wind energy industry

The surging trend of renewable energy has led to several foreign investments in the offshore wind energy industry. Foreign investment in US renewable, notably by sovereigns, has increased as a result of current trends. Indeed, foreign investors were involved in nearly half of the 86 greenfield and M&A agreements disclosed in the US renewable sector in 2020. A large number of offshore wind projects in the United States are already owned by foreign investors. Vineyard Wind, a recently permitted offshore wind farm off the coast of Massachusetts, is co-owned by Avangrid, a US affiliate of Spain's Iberdrola, and Copenhagen Infrastructure Partners, a Danish company.

Offshore wind provided a small percentage of global energy generation in 2018, according to the International Energy Agency, but it is predicted to develop fast in the coming decades to become a USD 1 trillion sector. Offshore wind has the highest development potential of any renewable energy technology, but the legislative environment for offshore wind to achieve global Net Zero ambitions must improve quickly.

Global Offshore Wind Energy Market Segmentation

The global energy storage as a service industry is split into installation, water depth, and geography. The floating wind project pipeline has nearly tripled in size, now totaling about 3,000 MW. Floating foundations are being developed in locations where the water is too deep to employ proven fixed-bottom commercial technology. In 2016, the global floating offshore wind pipeline grew to 2,905 MW, with 26 projects announced, including 21 demonstration/pilot projects and five commercial-scale projects in Hawaii, California, and France.

Based on the installation, the market is divided into fixed structures and floating structures. In 2020, the fixed structure held the maximum share. However, the floating structure segment is likely to attain a significant growth rate throughout the forecast period 2021 – 2028.

The water depth segment can be split into up to 30m and above 30m. Among them, up to 30m segments occupied a considerable amount of share in 2020. According to the most recent report from WindEurope, the European wind energy Association, Offshore wind in Europe (2019), European farms have an average depth of 27.1 meters and are 33 kilometers from the coast, down from 41 kilometers in the previous year. With 44 percent of all offshore wind energy installations, the United Kingdom is the country with the most installed capacity in Europe (in MW).

The regional segmentation includes North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2020, North America dominated the market with respect to shares. Given the market's increased hunger for renewable and the trend toward energy transition, the industry could be on the verge of seeing record investment flows. Investments will continue to come from a number of sources as the US market recovers, but the following groups are likely to be particularly active, owing to their extensive experience and expertise in the area. For instance, Chevron became the first US oil firm to enter the offshore wind sector in 2021. It struck an agreement with Norway's Moreld, an industrials business with offshore expertise, in April to develop technology for floating offshore wind turbines with Ocergy, a California-based firm that wants to race for gigawatt-scale projects all over the globe.

Furthermore, the Asia-Pacific region is likely to exhibit lucrative growth opportunities throughout the forecasted years. Because of the increased growth of the overall economy, developing countries in Asia-Pacific are expected to maintain a steady growth rate. Furthermore, an increase in key manufacturer investments is another important factor driving market expansion.

Major Players

The energy storage as a service market is highly consolidated, with numerous players. The prominent players offered in the report comprise Siemens Gamesa Renewable Energy, S.A., Prysmian Group, Enessere, Suzlon Energy Limited, Vestas, Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Southwire Company, LLC.,, WEG, NORDEX SE, RTS Wind AG, ENVISION GROUP, and smart dolphin Gmbh.

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