Pune, May 13, 2020 (GLOBE NEWSWIRE) -- The global offshore wind power market size is prophesied to gain impetus from the increasing availability of advanced technology and turnkey solution offered by different service providers. Offshore wind power has a prominent role to play in gaining renewable energy targets in most nations of the world. A recently published report by Fortune Business Insights titled, Offshore Wind Power Market Size, Share and Industry Analysis By Installation (Fixed Structure, Floating Structure), By Water Depth (Up to 30m, Above 30m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) and Regional Forecast, 2019-2026, predicts the market size to increase its installed capacity from more than 23GW in 2018 to reach 94GW by 2026, rising at a CAGR of 19.2% between 2019 to 2026.

What is the Scope of the Report?

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An Overview of the Impact of COVID-19 on this Market:

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Drivers & Restraints-

Stringent Regulations Imposed on Carbon Emissions by Government will Bode Well for Market

The increasing demand for energy stands as a major offshore wind power market growth driver. Besides this, the rise in the adoption of renewable energy and its increasing adoption in power generation mix is likely to add impetus to the market. In addition to this, governments of various nations all around the world are imposing stringent regulations on carbon emission and are promoting the use of green energy and green technology to reduce carbon footprint. This is further expected to aid in the expansion of the market in the coming years.

On the contrary, heavy investment and maintenance costs of installing offshore wind power systems may pose a major hindrance to the market in the coming years. Nevertheless, the increasing focus on water conservation and discontinuation of nuclear and coal using practices are likely to create lucrative growth opportunities for the market in the coming years.

Segment-

Above 30m Segment to Witness Substantial Growth Owing to Current Trend of Floating Offshore Wind Power Projects

Based on water depth, the market is bifurcated into up to 30m and above 30m. Among these, the up to 30m segment holds a majority of the share since installing wind towers is easier in shallow waters and deducts the overall capital expenditure. However, the forecast period may witness the significant growth of the above 30 m segment which is expected to rise to 50% from 30% earned in 2018. This is on account of the rise in investments on floating offshore wind power projects that requires installation in deep waters.

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Regional Analysis-

Increasing Number of Under-construction Projects Undertaken by China will Help Dominate Future Market

The market is widely segmented on the basis of nations, further attributed to their geographical placement and the speed of the wind. Currently, the United Kingdom is holding a majority of the offshore wind power market share, grappled by Germany and China. China is likely to overpower this dominance in the forecast period with the U.K., Germany, France, and Spain at a close competition. In 2018, an estimate of about 40% of the worlds offshore wind power was installed in China, thereby increasing its power generating capacity. This, coupled with the multiple numbers of under-construction projects that China has recently taken up is expected to help this nation emerge dominant during the forecast period.

Competitive Landscape-

Key Players Invest in New Offshore Farms for Multiplying Productivity

Vendors operating in this market are engaged in the installation of new offshore wind farms and are investing heavily in gaining momentum in the market. Besides this, they are also engaging in collaborative efforts such as mergers and acquisitions, joint ventures, contracts and agreements, and partnerships to expand their geographical presence in the market.

Some of the key Industry Developments of the Offshore Wind Power Market are listed below:

March 2019 Renexia and Senvion S.A. entered into a joint venture for the installation of 30 MW offshore wind farms in the Italian Mediterranean Sea.

July 2019 The setting up of a zero-subsidy offshore wind farm with a total capacity of 760 MW was bagged by Vattenfall. This offshore farm consists of farms with a rated capacity of 10MW offered by Siemens Gamesa Renewable Energy.

Fortune Business Insights lists out the names of some prominent companies in this market. This includes:

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Detailed Table of Content

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Offshore Wind Power Market to Exhibit 19.2% CAGR till 2026; Increasing Availability of Advanced Technology and Turnkey Solutions to Add Impetus to...