Offshore wind holds great potential in non-conventional electricity generation. The higher efficiency of the offshore wind farm is due to the steady offshore wind inputs as compared to land winds is resulting in the growth of offshore wind market. The main objective of offshore wind farm is to convert wind energy to electricity and propagate it as per requirement to the end user. These offshore wind farms are widely installed along continental shelves across oceans and seas.

Offshore wind market is classified based on their component as turbine, substructure, electrical infrastructure and others. The turbine component is expected to lead the offshore wind market. This is because it is comprised of the most vital components such as nacelle, rotor and blades, and tower, which support it to generate electricity. Also, the turbine accounts for the maximum share of capital investment needed to build an offshore farm.

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Industry Highlights

The shallow water offshore wind market is expected to hold a larger market size as compared to the other two prominent location segments of offshore wind market by. This is due to the proximity of the wind farm from the ground level to reach the site for daily maintenance and inspection. Also, the low capital cost of shallow water wind farm, as it costs less for infrastructure, low logistic charges and manpower charges is expected to grow the shallow water offshore wind market. All these factors will add to the growth of shallow water offshore wind market.

Key Players

The key players of global offshore wind market are Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries & Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group (Germany).

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Segmentation

The global offshore wind market has been segmented on the basis of component type and location.

Based on component type, the global offshore wind market has been segmented into turbine, substructure, electrical infrastructure, and others. Among these, the turbine segment commands for the major share of the global offshore wind market as it is the most important component of the offshore wind farm.

Based on location, the global offshore wind market has been segmented into shallow water (60m depth). Among these, the shallow water (