Offshore Wind Market
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Global Offshore Wind Market – Insights
Offshore wind provides the electrical energy on the continental shelf to harvest the wind energy.
Wind speed is generally stronger and steady at the offshores than on the land. Offshore wind
turbines are also located near to coastal areas eliminating the need for new overland transmission
lines. Slight increase in speed of wind can generate a significantly greater amount of electricity,
as the potential energy of wind is directly proportional to the cube of wind speed. For instance,
the turbine at a site with average wind speed 16 miles per hour (mph) would produce more than
around 50% electricity than 14 mph average speed of the same turbine.
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Key factors influencing growth in offshore wind market are high investments in renewable sources
of  energy  and  favorable  government  policies.  For  instance,  the  National  Ocean  Industries
Association was U.S’s first offshore wind farm in 2017. Moreover, increasing concern toward the
non-renewable  source  of  energy  such  as  fossil  fuel,  awareness  for  their  harmful  effects  of
greenhouse gases such as carbon dioxide, and rising demand for electricity will help in increasing
the growth of offshore wind market.
In 2016, Europe was the leading region in the offshore wind market with a market share of
56.99% and is expected to reach US$ 39.39 billion by 2025 with a CAGR of 12.9%. The main
reason for the expansion of offshore wind market in Europe is owing to its favorable weather for
the offshore wind market. According to Global Wind Energy Council (GWEC), 2016, out of all the
offshore wind installations, around 88% were located in costal waters of 10 European economies
and remaining installations (around 12%) was located in China, Japan, Taiwan, South Korea, and
the U.S.
Among the three location by the depth of offshore wind turbines, shallow water offshore wind 
turbines dominated the market, due to cost effectiveness and easy maintenance. Due to favorable 
weather conditions in Europe, shallow water wind turbines are majorly installed in the region. On
the basis of components, turbines components are the major contributor to the growth of offshore
wind market. Different components of turbines such as, tower, rotator, blade, and nacelle have 
the highest share of the capital cost. Larger the turbine, more energy it produces when it rotates.
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Europe led the offshore wind market, which is expected to lead the market and valued at US$ 
13.27 billion in 2016. The region is projected to witness a CAGR of 12.9% in terms of revenue 
during the forecast period 2017 - 2025.
Major Players in the Global Offshore Wind Market:
Some of the major players in the global offshore wind market are  MHI Vestas, Siemens AG,
General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S.
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