Global Offshore Wind Energy Market to Surpass US$ 70.38 Bn by 2031, Due to Increasing Global Investments in Renewable Energy - Coherent Market Insights
Offshore Wind Energy Market, By Foundation (Floating and Bottom Founded), By Component (Turbine, Substructure, and Others), By Location (Shallow Water, Transitional Water, and Deep Water), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 33.98 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 12.9% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Global Offshore Wind Energy Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
Global offshore wind energy market has been impacted by the COVID-19 pandemic, resulting in a slowdown of the growth of the market due to project delays and supply chain disruptions. Europe, one of the main markets for offshore wind energy, has been heavily impacted by COVID-19, which has slowed the continued expansion of the market. However, the wind industry is expected to serve as a cornerstone of economic recovery from the pandemic, and offshore wind energy is predicted to expand faster than onshore wind post-pandemic. The offshore wind turbines are increasingly being installed and showing robust growth and the industry is expected to contribute massively to a just and fair transition for all by creating and maintaining industrial jobs and generating clean energy. The COVID-19 pandemic has slowed the growth of the market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the market owing to less focus on development of market.
Recent Developments
- In May 2021, the renewable energy division of GE Renewable Energy confirmed to receive an order within the third phase of the Dogger Bank offshore wind farm. The company is set to deliver 87 units of their Haliade-X 14 MW offshore wind turbine along with a five-year full-service agreement for the project commencing installation in 2025 ahead of its completion in 2026. GE Renewable Energy is a division of General Electric that focuses on harnessing renewable resources such as wind, solar, and hydroelectric power to deliver green energy solutions. The division was created in 2015 and is headquartered in Boulogne-Billancourt, France. GE Renewable Energy's products include wind turbines, onshore and offshore wind power generating facilities, and hydroelectric power generation equipment.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Offshore Wind Energy Market”- Forecast to 2031, Global Offshore Wind Energy Market, By Foundation (Floating and Bottom Founded), By Component (Turbine, Substructure, and Others), By Location (Shallow Water, Transitional Water, and Deep Water), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/offshore-wind-energy-market-1417
Key Takeaways of the Market
- Global offshore wind energy market was valued at US$ 33.98 Bn in 2023 and is forecast to reach a value of US$ 38 Bn by 2031, exhibiting a CAGR of 12.9% between 2024 and 2031
- Major players operating in the global offshore wind energy market include MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Ming Yang Smart Energy Group Limited, Adwen Gmbh, General Electric Company, A2SEA A/S, and Nexans
- Key market players operating in the global offshore wind energy market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio
