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Global offshore wind turbine market was valued at USD28.20 billion in 2021 and is anticipated to project robust growth in the forecast period with a CAGR of 13.75%
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2015 – 2025 2017 – 2027 GLOBAL OFFSHORE WIND TURBINE MARKET FORECAST AND OPPORTUNITIES www.techsciresearch.com 1 MARKET INTELLIGENCE . CONSULTING
Table of Contents S. No. Contents Page No. 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on Global Offshore Wind Turbine Market 5. Voice of Customer 5.1. Brand Awareness 5.2. Factors Considered For Choosing Offshore Wind Turbine 5.3. Factors Considered For Choosing Offshore Wind Turbine Vendor 5.4. Major Challenges Related to Offshore Wind Turbine 6. Global Offshore Wind Turbine Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value 6.2. Market Share & Forecast 6.2.1. By Installation Type (Fixed, Floating) 6.2.2. By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW) 6.2.3. By Region (Europe, Asia-Pacific and North America) 6.2.4. By Company (2021) 6.3. Market Map 2 2 © TechSci Research
Table of Contents S. No. Contents Page No. 7. Europe Offshore Wind Turbine Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1. By Installation Type 7.2.2. By Turbine Capacity 7.2.3. By Country 7.3. Europe: Country Analysis United Kingdom Offshore Wind Turbine Market Outlook 7.3.1. Market Size & Forecast 7.3.1.1. By Value 7.3.1.1.1. Market Share & Forecast 7.3.1.2. By Installation Type 7.3.1.2.1. By Turbine Capacity 7.3.1.2.2. Germany Offshore Wind Turbine Market Outlook 7.3.2. Market Size & Forecast 7.3.2.1. By Value 7.3.2.1.1. Market Share & Forecast 7.3.2.2. By Installation Type 7.3.2.2.1. By Turbine Capacity 7.3.2.2.2. 3 3 © TechSci Research
Table of Contents S. No. Contents Page No. Denmark Offshore Wind Turbine Market Outlook 7.3.3. Market Size & Forecast 7.3.3.1. By Value 7.3.3.1.1. Market Share & Forecast 7.3.3.2. 7.3.3.2.1. By Installation Type 7.3.3.2.2. By Turbine Capacity Netherlands Offshore Wind Turbine Market Outlook 7.3.4. Market Size & Forecast 7.3.4.1. By Value 7.3.4.1.1. Market Share & Forecast 7.3.4.2. 7.3.4.2.1. By Installation Type 7.3.4.2.2. By Turbine Capacity Belgium Offshore Wind Turbine Market Outlook 7.3.5. Market Size & Forecast 7.3.5.1. By Value 7.3.5.1.1. Market Share & Forecast 7.3.5.2. 7.3.5.2.1. By Installation Type 7.3.5.2.2. By Turbine Capacity 4 4 © TechSci Research
Table of Contents S. No. Contents Page No. Sweden Offshore Wind Turbine Market Outlook 7.3.6. Market Size & Forecast 7.3.6.1. By Value 7.3.6.1.1. Market Share & Forecast 7.3.6.2. 7.3.6.2.1. By Installation Type 7.3.6.2.2. By Turbine Capacity Finland Offshore Wind Turbine Market Outlook 7.3.7. Market Size & Forecast 7.3.7.1. By Value 7.3.7.1.1. Market Share & Forecast 7.3.7.2. 7.3.7.2.1. By Installation Type 7.3.7.2.2. By Turbine Capacity 8. Asia-Pacific Offshore Wind Turbine Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1. By Installation Type 8.2.2. By Turbine Capacity 8.2.3. By Country 8.3. Asia-Pacific: Country Analysis 5 5 © TechSci Research
Table of Contents S. No. Contents Page No. China Offshore Wind Turbine Market Outlook 8.3.1. Market Size & Forecast 8.3.1.1. By Value 8.3.1.1.1. Market Share & Forecast 8.3.1.2. By Installation Type 8.3.1.2.1. By Turbine Capacity 8.3.1.2.2. Taiwan Offshore Wind Turbine Market Outlook 8.3.2. Market Size & Forecast 8.3.2.1. By Value 8.3.2.1.1. Market Share & Forecast 8.3.2.2. By Installation Type 8.3.2.2.1. By Turbine Capacity 8.3.2.2.2. Japan Offshore Wind Turbine Market Outlook 8.3.3. Market Size & Forecast 8.3.3.1. By Value 8.3.3.1.1. Market Share & Forecast 8.3.3.2. 8.3.3.2.1. By Installation Type 8.3.3.2.2. By Turbine Capacity 6 6 © TechSci Research
Table of Contents S. No. Contents Page No. South Korea Offshore Wind Turbine Market Outlook 8.3.4. Market Size & Forecast 8.3.4.1. By Value 8.3.4.1.1. Market Share & Forecast 8.3.4.2. By Installation Type 8.3.4.2.1. By Turbine Capacity 8.3.4.2.2. India Offshore Wind Turbine Market Outlook 8.3.5. Market Size & Forecast 8.3.5.1. By Value 8.3.5.1.1. Market Share & Forecast 8.3.5.2. By Installation Type 8.3.5.2.1. By Turbine Capacity 8.3.5.2.2. Vietnam Offshore Wind Turbine Market Outlook 8.3.6. Market Size & Forecast 8.3.6.1. By Value 8.3.6.1.1. Market Share & Forecast 8.3.6.2. 8.3.6.2.1. By Installation Type 8.3.6.2.2. By Turbine Capacity 7 7 © TechSci Research
Table of Contents S. No. Contents Page No. Australia Offshore Wind Turbine Market Outlook 8.3.7. Market Size & Forecast 8.3.7.1. By Value 8.3.7.1.1. Market Share & Forecast 8.3.7.2. By Installation Type 8.3.7.2.1. By Turbine Capacity 8.3.7.2.2. 9. North America Offshore Wind Turbine Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value 9.2. Market Share & Forecast 9.2.1. By Installation Type 9.2.2. By Turbine Capacity 9.2.3. By Country 9.3. North America: Country Analysis United States Offshore Wind Turbine Market Outlook 9.3.1. Market Size & Forecast 9.3.1.1. By Value 9.3.1.1.1. Market Share & Forecast 9.3.1.2. By Installation Type 9.3.1.2.1. By Turbine Capacity 9.3.1.2.2. 8 8 © TechSci Research
Table of Contents S. No. Contents Page No. 9.3.2. Canada Offshore Wind Turbine Market Outlook Market Size & Forecast 9.3.2.1. By Value 9.3.2.1.1. Market Share & Forecast 9.3.2.2. By Installation Type 9.3.2.2.1. By Turbine Capacity 9.3.2.2.2. 9.3.3. Mexico Offshore Wind Turbine Market Outlook Market Size & Forecast 9.3.3.1. By Value 9.3.3.1.1. Market Share & Forecast 9.3.3.2. 9.3.3.2.1. By Installation Type 9.3.3.2.2. By Turbine Capacity 10. South America Offshore Wind Turbine Market Outlook 10.1. Market Size & Forecast 10.1.1. By Value 10.2. Market Share & Forecast 10.2.1. By Installation Type 10.2.2. By Turbine Capacity 10.2.3. By Country 9 9 © TechSci Research
Table of Contents S. No. Contents Page No. 10.3. South America: Country Analysis Brazil Offshore Wind Turbine Market Outlook 10.3.1. Market Size & Forecast 10.3.1.1. By Value 10.3.1.1.1. Market Share & Forecast 10.3.1.2. By Installation Type 10.3.1.2.1. By Turbine Capacity 10.3.1.2.2. Argentina Offshore Wind Turbine Market Outlook 10.3.2. Market Size & Forecast 10.3.2.1. By Value 10.3.2.1.1. Market Share & Forecast 10.3.2.2. By Installation Type 10.3.2.2.1. By Turbine Capacity 10.3.2.2.2. Colombia Offshore Wind Turbine Market Outlook 10.3.3. Market Size & Forecast 10.3.3.1. By Value 10.3.3.1.1. Market Share & Forecast 10.3.3.2. 10.3.3.2.1. By Installation Type 10.3.3.2.2. By Turbine Capacity 10 10 © TechSci Research
Table of Contents S. No. Contents Page No. 11. Middle East & Africa Offshore Wind Turbine Market Outlook 11.1. Market Size & Forecast 11.1.1. By Value 11.2. Market Share & Forecast 11.2.1. By Installation Type 11.2.2. By Turbine Capacity 11.2.3. By Country 11.3. Middle East & Africa: Country Analysis UAE Offshore Wind Turbine Market Outlook 11.3.1. Market Size & Forecast 11.3.1.1. By Value 11.3.1.1.1. Market Share & Forecast 11.3.1.2. By Installation Type 11.3.1.2.1. By Turbine Capacity 11.3.1.2.2. Saudi Arabia Offshore Wind Turbine Market Outlook 11.3.2. Market Size & Forecast 11.3.2.1. By Value 11.3.2.1.1. Market Share & Forecast 11.3.2.2. By Installation Type 11.3.2.2.1. By Turbine Capacity 11.3.2.2.2. 11 11 © TechSci Research
Table of Contents S. No. Contents Page No. South Africa Offshore Wind Turbine Market Outlook 11.3.3. Market Size & Forecast 11.3.3.1. By Value 11.3.3.1.1. Market Share & Forecast 11.3.3.2. 11.3.3.2.1. By Installation Type 11.3.3.2.2. By Turbine Capacity 12. Market Dynamics 12.1. Drivers 12.2. Challenges 13. Market Trends and Developments 14. Policy and Regulatory Landscape 15. Digital Solutions and Innovations For Wind Industry 16. Global Energy Consumption (By Region and By Segment) 17. Company Profiles 17.1. Ørsted A/S 17.2 GE Renewable Energy 17.3 ABB Ltd. 12 12 © TechSci Research
Table of Contents S. No. Contents Page No. 17.4. Vestas Wind Systems A/S 17.5. Siemens Gamesa 17.6. Schneider Electric SE 17.7. Nordex SE 17.8. Equinor ASA 17.9. Envision Group 17.10. Mingyang Smart Energy Group Co., Ltd 17.11. Xinjiang Goldwind Science & Technology Co., Ltd. 17.12. Rockwell Automation Inc. 17.13. Invenergy LLC 17.14. EDP Renewables North America LLC 18. Strategic Recommendations 19. About Us and Disclaimer 13 13 © TechSci Research
Product Overview Scope of Report: Offshore Wind Turbine A wind turbine is a power-generating device driven by the wind's kinetic energy. The blades of a wind turbine turn between 13 and 20 revolutions per minute, depending on their technology, at a constant or variable velocity. In order to reach greater efficiency, the velocity of the rotor varies depending on the speed of the wind. Wind turbines can be Horizontal Axis Wind Turbines or Vertical Axis Wind Turbines. Market Segmentation Year Range GLOBAL OFFSHORE WIND TURBINE MARKET BY INSTALLTION TYPE Fixed • BY REGION Review Period Floating • Europe • 2017 – 2020 North America • Base Year BY TURBINE CAPACITY Asia-Pacific • 2021 Up to 3 MW • Rest of the World • 3MW to 5MW • Estimated Year >5MW • 2022 Forecast Period 2023 – 2027 15 15 © TechSci Research
Research Methodology Data Analysis Market Profiling Developing List of Respondents Formulating Questionnaire Data Collection Data Validation In-depth secondary research was conducted to determine overall market size, segmental market size and top players in the Global Offshore Wind Turbine Market. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Global Offshore Wind Turbine Market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Desk Research Company Analysis Primary Research ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources ✓ ✓ ✓ ✓ ✓ ✓ LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Factiva Hoovers ✓ ✓ ✓ ✓ Source: XXXXX Note: These are dummy figures; please purchase our report for actual data 17 17 © TechSci Research
Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the global offshore wind turbine market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing investments in renewable energy, growing initiatives and supporting policies by the government and companies aim to reduce their carbon emissions. Based on the research, the market is expected to generate robust growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global offshore wind turbine market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. The team interviewed more than 10 companies, 15 industry experts and other value chain stakeholders in the global offshore wind turbine market to obtain the overall market size between 2017 and 2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for the historical period. 18 18 © TechSci Research
Research Methodology Respondents were asked about the current and future market growth rates, as well as market shares by installation type, by turbine capacity, by region and by company. Removing the outlier response, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the component. Methodology Followed for Calculation of Market Shares: Market shares by installation type, by turbine capacity, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading offshore wind turbine players. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating in the global offshore wind turbine market. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results. Source: XXXXX Note: These are dummy figures; please purchase our report for actual data 19 19 © TechSci Research
Research Methodology Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the global offshore wind turbine market, TechSci Research used various forecast techniques such as: Moving Average o Time Series Analysis o Regression Analysis o Econometric and Judgmental Analysis o TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario. Siemens Gamesa, Vestas Wind Systems A/S, GE Renewable Energy, Xinjiang Goldwind Science & Technology Co., Ltd., Ørsted A/S, ABB Ltd., Nordex SE, Schneider Electric SE, Partial List of Companies Interviewed Invenergy LLC, Equinor ASA, Envision Group, Mingyang Smart Energy Group Co., Ltd, Rockwell Automation Inc., among others The European Wind Energy Association, The American Clean Power Association, Asia Wind Energy Association, Company Annual Reports, Press Releases, Industry Magazines, Industry Partial List of Secondary Sources Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, etc. Note: (a): Sum of some shares may not be 100% due to round off till two decimal places. Source: XXXXX Note: These are dummy figures; please purchase our report for actual data 20 20 © TechSci Research
Industry Brief Higher energy consumption drives the growth of the global offshore wind turbine market in the upcoming five years. According to TechSci Research report, “Offshore Wind Turbine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017- 2027”. Global offshore wind turbine market is anticipated to register an impressive growth with a CAGR of 13.75% during the forecast period, to achieve a market value of USD62.79 Billion by 2027. The market growth can be attributed to a surge in the consumption of energy throughout the world. Various end-use industries demand for large quantities of electricity and the consumption of electricity from the residential and corporate sectors is also rapidly increasing, thereby driving the growth of the global offshore wind turbine market in the upcoming five years. Moreover, increasing use of smart devices, home appliances, and technologically advanced equipment drives the market’s growth. Corporates are actively invested in maintaining zero carbon emissions and proclaiming the green building status, which influences them to invest and function with the generation of electricity and use of it from the renewable sources like wind and water, thereby anticipated to fuel the growth of the global offshore wind turbine market in the next five years. Growing industrialization and an increasing number of manufacturing units, functioning of heavy-duty industries put forth higher electricity demands, also aiding the market growth. These industrialists and the manufacturers are investing in the implementation of the offshore wind turbines. The industries that are set up near a water body may benefit on a personal implanted offshore wind turbine thereby substantiating the growth of the global offshore wind turbine market in the future five years. Government further influences the adoption owing to concerns regarding depleting fuels, and power generating non-renewable resources like coal, oil and gas facilitates the growth of the global offshore wind turbine market in the forecast years through 2027. Technological advancements in enhancing the efficiency of offshore wind turbines further add to the growth of the global offshore wind turbine market in the forecast period. The global offshore wind turbine market is segmented by installation type, turbine capacity, regional distribution, and the competitive landscape. Based on installation type, the market is differentiated between fixed and floating. The fixed turbine segment is anticipated to hold the largest revenue share. This will aid in leading the market segment in the next five years as the demand for the longer period of power generation from each unit increases. Installing offshore wind turbines is a difficult task since it requires movement and, lifting & placing of big and heavy instruments and equipment that is a challenge. The use of advanced technology and cost-effective solutions further facilitate the growth of the segment along with the growth of the global offshore wind turbine market in the next five years. The floating installation type is also anticipated to register significant growth in the future due to increasing facilitation from the temporary solutions to the power generations from water sources. By turbine capacity, the market is bifurcated into up to 3 MW, 3 MW to 5 MW, and more than 5 MW. The market analysis also studies the regional segmentation divided among the Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Some of the market players, dominating the global offshore wind turbine market includes Ørsted A/S, GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S, Siemens Gamesa, Schneider Electric SE, Nordex SE, Equinor ASA, Envision Group, Mingyang Smart Energy Group Co., Ltd, Xinjiang Goldwind Science & Technology Co., Ltd., Rockwell Automation Inc., Invenergy LLC, EDP Renewables North America LLC “Europe is anticipated to hold the largest revenue shares of the market and dominate the regional segment of the market in the upcoming five years. Countries like France and Germany are world leaders in the power generation sector that generate power through offshore wind turbines, thereby facilitating the growth of the global offshore wind turbine market in Europe. Initiatives like the ‘European Wind Initiative’ collectively support market growth. Advancing electrical infrastructure and evolving power generation would probably fuel the growth of the global market in the region. New market players may focus on research and product development. Technological advancement in the offshore wind turbine to enhance their performance would allow the new market entrants to establish their brands in the market and support the market growth in future too,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 21 21 © TechSci Research
Sample Data - Snapshot Global Offshore Wind Turbine Market Size, By Value (USD Billion), 2017-2027F CAGR 2017-2021 By Value: XXX CAGR 2022E-2027F By Value: XXX 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Value (USD Billion) Europe Offshore Wind Turbine Market Share, By Installation Type, By Value, 2017-2027F 2017 60.00% 40.00% 2018 60.00% 40.00% 2019 60.00% 40.00% 2020 60.00% 40.00% 2021 60.00% 40.00% 2022E 60.00% 40.00% 2023F 60.00% 40.00% 2024F 60.00% 40.00% 2025F 60.00% 40.00% 2026F 60.00% 40.00% 2027F 60.00% 40.00% Fixed Floating United Kingdom Offshore Wind Turbine Market Share, By Turbine Capacity, By Value, 2017-2027F 2017 33.00% 33.00% 34.00% 2018 33.00% 33.00% 34.00% 2019 33.00% 33.00% 34.00% 2020 33.00% 33.00% 34.00% 2021 33.00% 33.00% 34.00% 2022E 33.00% 33.00% 34.00% 2023F 33.00% 33.00% 34.00% 2024F 33.00% 33.00% 34.00% 2025F 33.00% 33.00% 34.00% 2026F 33.00% 33.00% 34.00% 2027F 33.00% 33.00% 34.00% 3 MW to 5 MW Up to 3 MW > 5 MW 22 22 © TechSci Research
Report Ordering Report Name: GLOBAL OFFSHORE WIND TURBINE MARKET FORECAST AND OPPORTUNITIES 2017 – 2027 License Type Single User License Price $4900 Multi-User License Custom Research License $5900 $8900 4 To View Sample OR Purchase Report 23 23 © TechSci Research
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