Seattle, WA -- (SBWIRE) -- 11/06/2019 -- Offshore wind energy is the technology used to produce electricity by using wind turbines constructed near the coastline of oceans and lakes. Offshore wind energy offers various advantages such as production of electricity from renewable sources. The electricity is generated at higher speed at offshore wind installments, compared to onshore installments.
Market Dynamics- Drivers
The global offshore wind energy market is driven by increasing demand for renewable sources in power generation. Growing concerns regarding environment and increasing energy consumption is expected to boost the demand for renewable energy source. According to the Electronic Industries Alliance (EIA) Organization, total energy consumption is expected to reach 736 quadrillion Btu in 2040, increasing from 575 quadrillion Btu in 2015, which is an increment of 18%. Hence, growing energy consumption is boosting the demand for renewable energy generation, which, in turn, is driving growth of the global offshore wind energy market during the forecast period.
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Furthermore, according to the Department for Business, Energy & Industrial Strategy, electricity generated in Q1 of 2018, in the U.K. accounted for 30.1% of renewable share, which was around 27% in Q1 2017. According to the same source, in Q1 2018, around 53.2% increase was observed in offshore wind electricity generation. Therefore, increasing offshore wind energy generation is expected to fuel the market growth in the near future.
Regional Insights
Among regions, North America is expected to register significant growth in the global offshore wind energy market during the forecast period. This is owing to growing demand for wind energy and rising investment in the wind energy sector in North America. In North America, the U.S. and Canada are major contributing economies in the wind energy sector. According to the U.S Department of Energy, around US$ 50 billion would be saved from the global damage of greenhouse gases by introducing offshore wind projects in the U.S.
Furthermore, high presence of key players in North America is propelling growth of the offshore wind energy market in the region. For instance, the turbine manufacturers such as Bergey Wind Power and Kelso Energy LTD are involved in updating its turbines with advanced technologies such as onboard sensors and advanced rotor with features of injection and compression molding.
Moreover, Asia Pacific is expected to account for the significant market share over the forecast period. In 2018, Asia Pacific region pegged for 2.12 GW.
Competitive Landscape
Key players in the market are involved in various business strategies such as collaborations and partnerships, in order to enhance their market presence. For instance, in April 2018, MHI Vestas Offshore Wind collaborated with Ramboll, a company that produced the industry's first encapsulated foundation load software tool. The collaboration helped the company to develop software tool allowing foundation designers to perform integrated load analyses independently in closed-system, version of the full turbine model used for detailed foundation load simulations.
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Key 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, Nexans, and others.
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