NEW YORK, August 9, 2022 /PRNewswire/ — The offshore wind power market size is set to grow by USD 20.06 billion from 2019 to 2024. The report projects the market to progress at a CAGR of 18%. 53% of the market’s growth will originate from Europe during the forecast period. Germany, Belgiumand the UK are the key markets for offshore wind power in Europe. Market growth in this region will be faster than the growth of the market in the North American, APAC, and South American regions. The increasing investments will facilitate the growth of the offshore wind power market Europe over the forecast period.
For more highlights on the regional segment – Request a FREE Report Now!
Offshore Wind Power Market: Segmentation Analysis
The market research report segments the offshore wind power market by Type (monopile, jacket, and others) and Geography (EuropeAPAC, North America, South Americaand MEA).
Revenue Generating Segment – The offshore wind power market share growth by the monopile segment will be significant for revenue generation. Owing to the advantages of monopile structures, technological advances, and the rapid deployment of monopile structures across the world due to the presence of prominent vendors with requisite technological expertise, the global offshore wind power market is expected to grow significantly during the forecast period.
To know about the market contribution of each segment – Grab a Free sample report
Offshore Wind Power Market: Major Driver
The key factor driving growth in the offshore wind power market is the rise in global energy demand.
This growth in electricity demand is being propelled by emerging economies such as India and China. The global population is expected to grow significantly during the forecast period. Hence, with the growth of the population and the resulting increase in economic activities, electricity demand is expected to grow significantly during the forecast period. Factors such as the electrification of the heat and transportation sectors, the growth in the number of electronically connected devices, and the digitalization of modern economies have been encouraging the electrification of global energy systems. The growth in energy demand, coupled with the government initiatives to increase the adoption of clean energy technologies, is expected to augment the growth of the global offshore wind power market during the forecast period
Offshore Wind Power Market: Major Challenges
The competition from alternative energy sources will be a major challenge for the offshore wind power market during the forecast period.
Despite the rapid growth in the adoption of renewable energy sources such as offshore wind power generation, the use of fossil fuels such as oil, coal, and natural gas still accounts for a substantial portion of the global energy mix. Many countries prefer using fossil fuels rather than renewable energy sources due to the abundance of fossil fuels. The cost of establishing a renewable energy farm for producing power is substantially high, and the power output from renewable energy sources is not on a par with that from fossil fuels. Hence, the preference for non-renewable energy sources is high in the market. Power generation using coal (conventional as well as clean coal technologies) and natural gas accounts for a significant portion of the global energy mix, which is expected to hinder the growth of the global offshore wind power market.
To know more about the market dynamics along with the latest trends – Request a FREE Sample Research Report
The competitive scenario provided in the Offshore Wind Power Market report analyses, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don’t wait, Make a strategic approach & boost your business goals with our Offshore Wind Power Market Forecast Report – Buy Now!
The marine battery market share is expected to increase to USD 604.14 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 18.19%.
The lead acid battery market in the US share is expected to increase to USD 939.46 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 2.82%.
Offshore Wind Power Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 18%
Market growth 2020-2024
USD 20.06 billion
YoY growth (%)
Europe, APAC, North America, South America, and MEA
Performing market contribution
Europe at 53%
Key consumer countries
UK, Germany, Belgium, US, and Japan
Leading companies, competitive strategies, consumer engagement scope
Doosan Heavy Industries & Construction Co. Ltd., Erndtebrücker Eisenwerk GmbH & Co. KG, General Electric Co., Hyundai Heavy Industries Co. Ltd., MHI Vestas Offshore Wind AS, Nexans SA, Nordex SE, Senvion SA, Siemens Gamesa Renewable Energy SA, and Sinovel Wind Group Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get customized segments.
Browse for Technavio “Utilities Market” Research Reports
Table of Contents
Value chain analysis
Five Forces Analysis
Market Segmentation by Type
Comparison by Type
Monopiles – Market size and forecast 2019-2024
Jacket – Market size and forecast 2019-2024
Others – Market size and forecast 2019-2024
Market opportunity by Type
Europe – Market size and forecast 2019-2024
APAC – Market size and forecast 2019-2024
North America – Market size and forecast 2019-2024
South America – Market size and forecast 2019-2024
MEA – Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market positioning of vendors
Doosan Heavy Industries & Construction Co. Ltd.
Erndtebrücker Eisenwerk GmbH & Co. KG
General Electric Co.
Hyundai Heavy Industries Co. Ltd.
MHI Vestas Offshore Wind AS
Siemens Gamesa Renewable Energy SA
Sinovel Wind Group Co. Ltd.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/offshore-wind-power-market-53-of-growth-to-originate-from-europe-monopile-segment-to-be -significant-for-revenue-generation—technavio-301601585.html