The offshore wind market is projected to reach US$55.11 billion by 2022, at a compound annual growth rate of 15.32 per cent from 2017 to 2022, according to a new report by global market research firm MarketsandMarkets.
The growth will be primarily driven by the European Union as it works towards its renewable energy targets for 2020.
Globally, the high capacity of offshore wind generation makes it an important renewable option for countries with coastline as the demand for electric power grows due to urbanization, increased industrialization and economic development that is mindful of the need to reduce CO2 emissions.
Additional highlights of the report—“Offshore Wind Market by Component, Turbine Module, Substructure Type, Location, and Region - Global Forecast to 2022”—include the following:
- Europe demand for offshore wind will be driven primarily by the U.K., Germany and Denmark.
- After Europe, Asia-Pacific and North America will see the strongest growth in offshore wind generation.
- The shallow-water monopile substructure segment of the industry is expected to be the largest market from 2017 to 2022.
- The electricity-generating “nacelle” (generator, gearbox, bearings, yaw system, converter, transformer, switchgear, etc.), is expected to represent the largest portion of the $55-billion total spend from 2017 to 2022.