Offshore wind power is generated from wind farms constructed in the ocean on the continental shelf. These wind farms are installed in the ocean for energy harvesting purpose. Offshore medium offers greater wind speed as compared to offshore medium. As a result of greater wind speed, electricity generation capacity is higher for these farms as compared onshore setting. Under the scope of this study, offshore wind technology has been covered. The offshore wind market has been segmented on the basis of architecture, component, location, and region.
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On the basis of component, the offshore wind market has been segmented into turbine, substructure, electrical infrastructure, and others. Turbine is sub segmented into nacelle, rotors and blades, and tower. Substructure is further segmented into monopile, jacket and gravity based, and others. As compared to other components, cost of turbine is significantly high owing to high volume of raw material requirement for its production. In addition, manufacturing subcomponents of turbine such as components nacelle, rotors and blades, and tower require significant amount monetary investments. In order to recover manufacturing cost and retain margin, manufacturers of turbine also adopt premium pricing model for their offerings. Owing to these factors, turbine is expected to remain largest segment in the market during the forecast period.
The global offshore wind market is driven by factors such as growing demand for renewable energy across different industries, and government supports across different countries promoting the use renewable energy such as wind, hydro, and solar. For example, in September 2017, U.K government has created renewable support auction to provide monetary benefits to low-carbon power schemes. Such government support has decreased the per unit consumption cost of wind energy, which in turn fueling its demand among consumers. In order to fulfill this surplus demand, developers are expanding offshore wind infrastructure. This has acted as supply side growth driver for the offshore wind market.
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Based on geography, the global offshore wind market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). On the basis of both value and volume, Europe dominated the market in 2017. The offshore renewable energy development technology introduced early in Europe as compared to other parts of the world. In addition, wide penetration wind farms projects in different countries also fueled the penetration of this technology in Europe. Europe is expected to maintain its dominant position in the offshore wind market throughout the forecast period.
This post was originally published on Financial Sector