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Offshore Wind industry analysis research and trends
report for 2017-2024: Global Market Insights Inc.
Offshore Wind industry analysis is covered in this latest research report that aims to
help those taking daily business decisions by providing market trends information,
competitive landscape scenario, forecasts and more.
The recent launch of two offshore wind farms by Dong Energy is an instance
demonstrating the expansion of global Offshore Wind Market. This Denmark based
energy company has announced the inauguration of Gode Wind 1 and 2 offshore wind
farms, located 45 km off the German coast, with a combined capacity of 582 MW. With
most of the regional governments & regulatory organizations undertaking numerous
initiatives to adopting renewable energy, offshore wind industry is estimated to surpass
a capacity of 60 GW by 2024, having held a valuation of USD 60 billion in in 2016.

Europe has been one of the most outgoing participants of global offshore wind market.
The numerous efforts taken by the regional government bodies have a key role to play
in the development of this market. In addition, the continent is home to numerous
energy companies that have been increasingly investing in R&D activities to come up
high grade technology for developing sustainable energy. The European Union had
funded a project in 2014, called the Horizon 2020, for a valuation of almost USD 80
billion. The funding is slated to last until 2020, and recently in 2017, the EU provided
the annual budget of USD 17.83 million to reduce maintenance costs & offshore
operations by integrating monitoring and control technologies. This program is EU’s
flagship, and is anticipated to propel Europe offshore wind industry over the years to
An urgent need to curb GHG emissions is also one of key factors fueling the growth
of offshore wind market. To fulfill this requirement coupled with the need to provide
uninterrupted electricity, the member countries of the EU, in 2016, declared their plan
to achieve 21% of sustainable energy targets by 2020. Simultaneously, the continent
aims to reduce GHG emissions by 26% from what it was in 1990, thereby impelling
the regional offshore wind industry.
The Asian Development Bank, World Bank, and the International Finance Corporation
are some of the key financial institutions that are actively partaking in global offshore
wind market. In Europe, the Offshore Wind Investment established by the UK
Government to encourage investments in sustainable energy will promote the
deployment of clean energy projects, thereby impelling the regional offshore wind
industry. Pertaining to favorable government support, UK offshore wind market is

anticipated to witness a steady CAGR over 2017-2024. A strict regulatory framework
has facilitated the deployment of the Contracts for Difference for ensuring long term
revenues from power projects in the nation. Recently, in 2017, a decline of 32% in
offshore prices was also observed in UK. This is another factor that is expected to
push UK offshore wind industry over the years to come.
Turbines, one of most vital components of offshore wind market, held more than 30%
of the overall revenue share in 2016. Increasing investments toward the development
of high grade wind based technologies will augment the demand for large capacity
turbines across various geographies, thereby contributing toward the growth of
offshore wind industry. Similarly, floating turbines have been gaining precedence,
especially across the APAC and European belts. This is essentially due to the need to
simultaneously accommodate shipping and fishing activities and reduce visual
pollution. The first floating turbine encompassed a capacity of 30 MW and was
developed by the Norwegian offshore oil and gas group in 2016. A total of USD 199
million was spent on this plant, which is located across the Aberdeenshire coast of
Scotland. A significant rise in such investments will suitably augment Europe offshore
wind market.
Germany is another region is Europe that has been contributing significantly to
offshore wind industry, in addition to numerous other renewable energy initiatives. The
German government has mandated stringent targets for increasing turbine capacities
to generate renewable energy on a large scale. In addition, recently, the German
government, in tandem with the governments of Belgium and Denmark, has planned
to cumulatively add an offshore capacity of 60 GW by 2027.
Global Offshore Wind Market, By Region, 2016 (Cumulative Capex, USD Billion)


Browse key industry insights spread across 240 pages with 168 market data tables &
9 figures & charts from the report, “Offshore Wind Market Size By Component
(Turbine (Floating (Tower, Rotor Blade), Grounded (Tower, Rotor Blade), Support
Structure (Substructure{Steel}, Foundation (Monopile, Jacket)), Electrical
Infrastructure (Wires & Cables, Substation)), Industry Analysis Report, Regional
Outlook (UK, Germany, Denmark, Netherlands, Belgium, China, Japan, South
Korea, Taiwan), Price Trends, Competitive Market Share & Forecast, 2017 – 2024”
in detail along with the table of contents:
The regulatory bodies in Netherlands have been increasingly striving toward
promoting clean and affordable energy. On these grounds, the nation has come up
with the National Energy Agreement, under which an additional 4.5 GW of offshore
capacity is slated to be added by 2023. Recently in 2017, the nation integrated its
largest offshore farm in the North Sea that is designed to manufacture 2.6 TWh of
clean energy on an annual basis. Pertaining to the aforementioned facts, it has been
estimated that Netherlands offshore wind market will grow at a rate of 12% over 20172024.
Offshore wind industry from electrical infrastructure is expected to observe
tremendous gains, subject to the rising number of investments by key component
manufacturers across the globe. For instance, in 2016, renowned French cable
manufacturer, Nexans had been appointed by VBMS, the Netherland based subsea
power cable manufacturer, to establish a subsea connection between offshore
turbines and onshore transmission grids for its Blyth offshore wind project in UK. This
venture is considered to be the first offshore wind farm of 66 kV capacity, developed
by VBMS and EDF Energy Renewables and VBMS.
Wires and cables, a key sub-component electrical infrastructure, is also slated to
depict steady gains over 2017-2024, after having held more than 2% of the overall
offshore wind market share in 2016. Pertaining to the rising number of microgrid
networks – courtesy, advanced distribution generation technologies, offshore wind
industry from wires and cables will grow sharply over the coming years.
Research and development activities are being prioritized by companies in order to
innovate high grade wind based technologies and impel offshore wind market. For
instance, in 2017, an offshore wind tender of 1.5 GW capacity was launched by the
German Federal Network Agency with an aim to reduce the generation tariff. The
Netherlands government also aims to reduce the generation costs by 40% over the
next ten years. In fact, recently in 2017, Statoil and Siemens had collaborated under
the ‘Hywind Scotland’ project to come up with a floating wind farm in Norway. The farm
encompasses a capacity of 30 MW and is expected to heavily influence the overall
offshore wind industry.
The past decade has witnessed a bifold growth rate for global offshore wind market.
The deployment of stringent government norms to curb carbon emissions and

implement clean energy schemes will impel this market over the years to come.
Reputed biggies such as Senvion, MHI Vestas, Sinovel Wind, Siemens, Doosan
Heavy Industries & Construction, and Adwen have been adopting organic strategies
to sustain their position in the escalating offshore wind industry.

Report Content of Offshore Wind Market:
Report Content
Chapter 1.

Methodology and Scope

1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definitions and forecast parameters
1.2. Data sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2.

Executive Summary

2.1. Offshore wind industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Component trends
2.1.3. Regional trends
Chapter 3. Offshore Wind Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis


3.3.1. Vendor matrix
3.4. Innovation & sustainability
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. Europe
3.5.3. UK
3.5.4. Germany
3.5.5. China
3.6. Cost structure analysis
3.6.1. Capital Cost (CAPEX)
3.6.2. Operational Cost (OPEX)
3.7. Global offshore capacity addition targets
3.8. Wind energy industry trends and outlook
3.9. Industry impact forces
3.9.1. Growth drivers

Increasing electricity demand

Rising investments across clean energy sector

Declining component prices

Growing adoption of clean energy over conventional fuel

3.9.2. Industry pitfalls & challenges

High Capital Cost

Growth potential analysis


Porter's analysis


Competitive landscape, 2016


3.12.1. Strategy dashboard
3.12.2. Company market share


Wind turbine manufacturers

Wind farm developers/owners

Inter-array cable suppliers

Export cable suppliers

PESTEL analysis

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
reports are designed via a proprietary research methodology and are available for key
industries such as chemicals, advanced materials, technology, renewable energy and
Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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