Technavio has been monitoring the global offshore wind power market since 2015, and the market is poised to grow by USD 17.8 billion during 2019-2023, progressing at a CAGR of nearly 18% during the forecast period. Request Free Sample Pages
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Technavio has announced its latest market research report on Global offshore wind power market during 2019-2023 (Graphic: Business Wire)
Read the 122-page research report with TOC on "Offshore Wind Power Market Analysis Report by Structure Type (monopile, jacket, and others), by Geography (Europe and ROW ), and Segment Forecasts, 2019 2023".
The market is driven by the declining LCOE of wind power generation. Also, technological developments in wind power industry are anticipated to boost the growth of the offshore wind power market.
The cost of electricity generated from offshore wind farms is reducing significantly due to the advances in wind farm development and the emergence of offshore wind turbine technologies. This technology has also made it an attractive proposition for several countries across the world to provide clean, low-cost electricity, which can compete with fossil fuels without explicit financial support. Also, the improvement in wind turbine technology has enabled a reduction in offshore wind power costs. Thus, a larger capacity factor and enhanced outputs will further reduce the LCOE for offshore wind farms, which will support the growth of the global offshore wind power market during the forecast period.
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Major Five Offshore Wind Power Market Companies:
Erndtebrücker Eisenwerk GmbH Co. KG
The offshore wind power products offered by the company are XL Monopiles, Transition pieces, Complete solutions. Through significant investments in special production halls and facilities at the Rostock plant, the company manufacturers XL monopiles with diameters of up to 32.81 feet and piece weights of up to 1,500 tons.
General Electric Co.
General Electric Co. operates its business under eight segments, which include power, renewable energy, oil gas, aviation, healthcare, transportation, lighting, and capital. The company's key offerings include Haliade-X 12 MW and Haliade 150-6 MW.
MHI Vestas Offshore Wind AS
The offshore wind power products offered by the MHI Vestas Offshore Wind AS are V174-9.5 MW turbine, V164-10.0 MW turbine, V 164-9.5 MW turbine, V117-4.2 MW turbine, MVOW SMART solution, MVOW MAX Performance, and service packages.
Nexans SA operates the business under five segments, which include building and territories, high voltage and projects, telecom and data, industry and solutions, and other activities. The company's key offerings include power cables and accessories and subsea systems.
Siemens Gamesa Renewable Energy SA
Siemens Gamesa Renewable Energy SAoperates itsbusinesses under the following segments: wind turbines and operation and maintenance. The company's key offerings in the offshore wind power include SG 8.0-167 DD, SG 10.0-193 DD, SWT-6.0-154, and SWT-7.0-154.
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Offshore Wind Power Substructure Type Outlook (Revenue, USD Million, 2019 2023)
Offshore Wind Power Regional Outlook (Revenue, USD Million, 2019 2023)
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