Offshore Wind Power Market Size to Reach 94 GW by the End of 2026, at a CAGR of 19.2%
- Jun 10, 2019 9:00 pm GMT
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Pune, India -- (SBWIRE) -- 06/10/2019 -- The global Offshore Wind Power Market is witnessing increasing installation of high power energy system. Recently a report is published by Fortune Business Insights, titled "Offshore Wind Power: Global Market Analysis, Insights, And Forecast, 2018-2026," which offers in-depth insights into the market. As stated in the report, the global market had an installed capacity of 23 GW in 2018. Between 2018 and 2026, the market is foreseen to progress at a CAGR of 19.2% and reach a capacity of 94 GW.
On the basis of capacity, the market is classified into up-to 3 MW, 3-5 MW, and 5MW and above. The 3-5 MW system offers cost-effectiveness and is very popular among end users. The segment held a considerable share in the market in 2018. Besides this, the 5 MW and above segment is gaining momentum with the expansion of economies and their growing demand.
The segment is also likely to hold more than 50% of the global market by the end of 2026. This in response is anticipated to fuel the demand for offshore wind power plant. However, the 3 MW and below segment is likely to witness decline owing to the rising demand for high power system.
In terms of water depth, the market is classified in 30m and above and 30m and below. The 30m and below holds a major share in the global market. The ease to install the wind power system in shallow water and reduced costing are factors responsible for the growth witnessed. However, the trend in the offshore wind power market is expected to shift towards deep-water installation. Owing to the huge investments made in floating wind power system, the market is anticipated to have major gains.
Decreasing Fossil Fuel to Push the Demand for Wind Power System
Constantly increasing consumption of energy and decreasing sources of energy and fossil fuel are a few factors anticipated to drive the global market during the forecast period. Moreover, growing awareness about renewable energy is expected to encourage the adoption of offshore wind power plant.
On the flip side, installing offshore wind power system is a challenging task as it involves movement of heavy and big equipment to the project location, and resulting in increased cost. This is a factor that may restrain the global offshore wind power market during the forecast period.
China Expected to Offer Lucrative Growth Potential to the Market
Europe holds a considerable share in the global market owing to certain countries. The U. K., Germany, Denmark, and Belgium are among the leading nations in the global offshore wind power market. The U. K. has also undertaken new projects to install more offshore wind power system. Owing to increasing projects the global market is likely to have major gains. In the Asia Pacific market, China holds a major share. China is anticipated to lead the global market during the forecast period. Moreover, China has other upcoming projects to install wind power plant. This in response is expected to enable growth in the global market.
The competition in the global offshore wind power market is increasing owing to the rising opportunities. Some of the key players operating in the global offshore wind power market are Siemens Gamesa Renewable Energy S.A., MHI Vestas Offshore Wind, Senvion S.A., Adwen, ABB Ltd., General Electric, Ming Yang Smart Energy Group Co., Nordex SE, Goldwind, Envision Energy, Suzlon Energy Limited, and Hitachi Ltd.
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