“Off Shore Wind Turbine Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on off shore wind turbine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- Measure the impact of high global inflation on market growth.
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Where is the largest and fastest growing market for off shore wind turbine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The off shore wind turbine market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
- 1) By Foundation Type: Monopile; Jacket; Tripod; Floating
- 2) By Capacity: Up To 3 Megawatt (MW); 3 MW To 5 MW; Above 5MW
- 3) By Depth: Shallow Water; Transitional Water; Deep Water
- 4) By Application: Industrial; Commercial; Residential
- Companies Mentioned: Ørsted A/S; GE Renewable Energy; ABB Ltd.; Vestas Wind Systems A/S; Siemens Gamesa Renewable Energy SA
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the off shore wind turbine market are: Ørsted A/S, GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Nordex SE, Envision Group, Mingyang Smart Energy Group Co Ltd., Xinjiang Goldwind Science & Technology Co Ltd., Suzlon Energy Ltd., Sinovel Wind Group Co., Schneider Electric SE, Equinor ASA, Rockwell Automation Inc., Invenergy LLC, and EDP Renewables North America LLC.
The global offshore wind turbine market is expected to grow from $23.26 billion in 2022 to $27.07 billion in 2023 at a compound annual growth rate (CAGR) of 16.37%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The offshore wind turbine market is expected to grow to $49.90 billion in 2027 at a CAGR of 16.52%.
The offshore wind turbines market consists of sales of fixed foundation and floating foundation offshore wind turbines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Offshore wind turbines refer to tall structures with huge rotating blades that are installed in ocean waters to generate electricity using wind. The offshore wind turbine are used to generate electricity by transforming the kinetic energy of wind across the ocean into electricity.
Western Europe was the largest region in the global offshore wind turbine in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global offshore wind turbine report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main offshore wind turbine foundation types include monopile, jacket, tripod, and floating. Monopile refers to the foundations of offshore wind turbines made of huge steel tubes. The different offshore wind turbine capacities include up to 3 MW, 3 MW to 5 MW and above 5 MW. The offshore wind turbine depths include shallow water, transitional water, and deep water. The applications of offshore wind turbines are in industrial, commercial, and residential settings.
The increase in demand for renewable and sustainable energy is expected to propel the offshore wind turbine market. Renewable and sustainable energy is referred to as clean energy, which is derived from renewable natural resources or processes such as solar and wind. The demand for renewable and sustainable energy is increasing as other energy sources, such as the combustion of fossil fuels and nuclear power reactors, emit dangerous pollutants into the air and water. Renewable energy, such as solar and wind, does not contaminate nature. Producing electricity through offshore wind turbines is an efficient use of sustainable development. For instance, according to the University of Michigan, in 2020, more than 60,000 unity-scale wind turbines with a combined capacity of 122.5 GW were installed in the US alone. In 2019, the average turbine size in the US was 2.55 MW. The average annual growth rate of the world's wind capacity was 14%, reaching 743 GW in 2020. Therefore, the increase in demand for renewable and sustainable energy is driving the growth of the offshore wind turbine market.
Increasing partnerships and collaborations is a key trend gaining popularity in the offshore wind turbine market. Major companies operating in the market collaborate with industry stakeholders to advance technology development and market presence. For instance, in May 2021, GE Renewable Energy, a US-based manufacturer of wind turbines, partnered with Toshiba Energy Systems and Solutions Corporation. The partnership aims to promote the localization of the Haliade-X offshore wind turbine's commercialisation in the nation and to localize key manufacturing stages. Toshiba Energy Systems and Solutions Corporation is a Japan-based manufacturer of large-scale power generation systems.
In January 2020, Siemens Gamesa, a Germany-based manufacturer operating in the offshore wind turbine market, acquired the shares of Ria Blades SA, a business unit of Senvion, for a deal amount of $199.42 million (€200 million). Through this acquisition, Siemens Gamesa aims to strengthen onshore competitiveness by absorbing expected expansion in production from external suppliers, primarily from Asia, and also serve as an export hub for foreign markets. Senvion is a German-based manufacturing company operating in the offshore wind turbine market.
The countries covered in the Off Shore Wind Turbine market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The off shore wind turbine market research report is one of a series of new reports from The Business Research Company that provides off shore wind turbine market statistics, including off shore wind turbine industry global market size, regional shares, competitors with an off shore wind turbine market share, detailed offshore wind turbine market segments, market trends and opportunities, and any further data you may need to thrive in the off shore wind turbine industry. This off-shore wind turbine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. Off Shore Wind Turbine Market Characteristics
3. Off Shore Wind Turbine Market Trends And Strategies
4. Off Shore Wind Turbine Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Off Shore Wind Turbine Market
- 4.2. Ukraine-Russia War Impact On Off Shore Wind Turbine Market
- 4.3. Impact Of High Inflation On Off Shore Wind Turbine Market
5. Off Shore Wind Turbine Market Size And Growth
- 5.1. Global Off Shore Wind Turbine Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Off Shore Wind Turbine Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Off Shore Wind Turbine Market Segmentation
- 6.1. Global Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Monopile
- Jacket
- Tripod
- Floating
- 6.2. Global Off Shore Wind Turbine Market, Segmentation By Capacity, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Up To 3 Megawatt (MW)
3 MW To 5 MW
- Above 5MW
- 6.3. Global Off Shore Wind Turbine Market, Segmentation By Depth, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Shallow Water
- Transitional Water
- Deep Water
- 6.4. Global Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Industrial
- Commercial
- Residential
7. Off Shore Wind Turbine Market Regional And Country Analysis
- 7.1. Global Off Shore Wind Turbine Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Off Shore Wind Turbine Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Off Shore Wind Turbine Market
- 8.1. Asia-Pacific Off Shore Wind Turbine Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Off Shore Wind Turbine Market
- 9.1. China Off Shore Wind Turbine Market Overview
- 9.2. China Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Off Shore Wind Turbine Market
- 10.1. India Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Off Shore Wind Turbine Market
- 11.1. Japan Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Off Shore Wind Turbine Market
- 12.1. Australia Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Off Shore Wind Turbine Market
- 13.1. Indonesia Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Off Shore Wind Turbine Market
- 14.1. South Korea Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Off Shore Wind Turbine Market
- 15.1. Western Europe Off Shore Wind Turbine Market Overview
- 15.2. Western Europe Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Off Shore Wind Turbine Market
- 16.1. UK Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Off Shore Wind Turbine Market
- 17.1. Germany Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Off Shore Wind Turbine Market
- 18.1. France Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Off Shore Wind Turbine Market
- 19.1. Eastern Europe Off Shore Wind Turbine Market Overview
- 19.2. Eastern Europe Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Off Shore Wind Turbine Market
- 20.1. Russia Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Off Shore Wind Turbine Market
- 21.1. North America Off Shore Wind Turbine Market Overview
- 21.2. North America Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Off Shore Wind Turbine Market
- 22.1. USA Off Shore Wind Turbine Market Overview
- 22.2. USA Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Off Shore Wind Turbine Market
- 23.1. South America Off Shore Wind Turbine Market Overview
- 23.2. South America Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Off Shore Wind Turbine Market
- 24.1. Brazil Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Off Shore Wind Turbine Market
- 25.1. Middle East Off Shore Wind Turbine Market Overview
- 25.2. Middle East Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Off Shore Wind Turbine Market
- 26.1. Africa Off Shore Wind Turbine Market Overview
- 26.2. Africa Off Shore Wind Turbine Market, Segmentation By Foundation Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Off Shore Wind Turbine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Off Shore Wind Turbine Market Competitive Landscape And Company Profiles
- 27.1. Off Shore Wind Turbine Market Competitive Landscape
- 27.2. Off Shore Wind Turbine Market Company Profiles
- 27.2.1. Ørsted A/S
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. GE Renewable Energy
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. ABB Ltd.
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Vestas Wind Systems A/S
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Siemens Gamesa Renewable Energy SA
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Off Shore Wind Turbine Market
29. Off Shore Wind Turbine Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer