Wind Turbine Operations and Maintenance: Rising Demand and Future Projections

The global Wind Turbine Operations and Maintenance Market Size is projected to grow from estimated USD 39.61 billion in 2025 to USD 59.67 billion by 2030, at a CAGR of 8.5% during the forecast period. The major factors driving the Wind Turbine Operations and Maintenance Market include the increased need for energy efficiency and the global trends toward carbon neutrality and sustainability. There is a significant increase in the number of wind energy installations around the world. As installations rise, there is a corresponding increase in demand for effective O&M services to ensure the performance and longevity of wind turbines. O&M practice is changing quickly due to the development of new technology such as predictive maintenance, remote monitoring, and artificial intelligence. Technologies allow owners/operators to have a proactive approach to detecting issues and minimizing downtime. The support for renewable energy projects from government incentives and policy is also a driver of the market. From an environmental perspective, there is a shift towards sustainability. This drives the O&M market as many operators are adopting more sustainable practices for maintenance and retaining or refurbishing used components rather than eliminating them altogether.

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The offshore segment of the wind turbine operations and maintenance (O&M) market is clearly changing due to the growth of offshore wind installations and the use of newer technologies. The offshore O&M sector is integrating predictive maintenance strategies, often integrated through AI and IoT deployment to provide real-time monitoring and detection of potential faults and current and/or anticipated failures to limit downtime as well as maintenance costs. The deployment of autonomous systems, like drones and remotely operated vehicles (ROVs), is increasing inspection and maintenance efficiencies. With these technological advancements, the offshore sector is starting to see a realized focus on sustainability, as companies and organizations begin to adapt and implement environmentally friendly maintenance strategies and equipment to minimize their overall environmental footprint.

The unscheduled maintenance of wind turbines is becoming more salient due to the complexity and size of wind energy projects. Unscheduled maintenance is defined as reactive maintenance because it is the result of unplanned equipment failure or breakdown. Unscheduled maintenance can also incur large amounts of downtime due to unplanned failures. Some of the factors creating the need for unscheduled maintenance are age of turbine fleet, harsh environmental conditions, and larger wind turbine sizes. To reduce unscheduled maintenance, the O&M market is increasingly using predictive analytics, remote monitoring, and drone inspections to identify faults before they happen. Along with the introduction of innovation in equipment, the wind turbine O&M market is looking to build supply chain continuity and reliability, as well as workforce training and preparedness. Predictive analytics, digital twins, and better monitoring are reducing surprise failures or unscheduled maintenance. There is a push towards proactive maintenance strategies to improve turbine uptime and reduce emergency interventions.

The North America wind turbine operations and maintenance market is projected to reach USD 10.45 billion by 2030, at a CAGR of 6.7% between 2025 and 2030. In the US, wind energy generation capacity grew to a total installed capacity of approximately 152 gigawatts (GW) in 2023, which is an increase of about 46% from 2019. Wind energy accounted for about 12% of the electricity provided in the country in 2023. The leading wind generation state in 2023 was Texas, with Iowa, Oklahoma, Kansas, and Illinois also leading in wind generation. Each of these leading states has wind resources that provide benefits for highly productive wind projects, along with infrastructure that allows wind generation projects to be constructed. Increased wind generation can also be attributed to improvements in technology that allow for greater turbine capacity and lower energy costs. Wind power has become one of the cheapest forms of power generation in the US.

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The global Wind Turbine Operations and Maintenance Market is dominated by major players that have a wide regional presence. Some of the key players in the Wind Turbine Operations and Maintenance Industry are Siemens Gamesa Renewable Energy, S.A.U. (Spain), Vestas (Denmark), GE Vernova (US), Nordex SE (Germany), Suzlon Energy Limited (India), Envision Group (China), SANY Renewable Energy Co., Ltd. (China), and Goldwind (China).

Siemens Gamesa Renewable Energy, S.A.U.

Siemens Gamesa Renewable Energy, S.A.U., a subsidiary of Siemens Energy AG, designs, manufactures, and sells both onshore and offshore wind turbines. The company also offers monitoring and maintenance of wind farms. Its services include diagnostic, energy thrust, multi-brand services, and offshore logistics services. The company operates under two segments: Wind Turbines and Service. It offers operation and maintenance services through its Service segment. The company uses digital tools to predict, detect, and fix problems remotely. Siemens Gamesa Renewable Energy, S.A.U. has installed over 130 GW of installed wind power capacity in the world, including over 130 installed capacity of onshore wind turbines, and it is one of the leaders in offshore wind with over 8 GW installed capacity.

GE Vernova

GE Vernova is a global leader in the electric power sector, with products and services that create, transfer, orchestrate, convert, and store electricity. The company’s goal is to design, manufacture, deliver, and service technologies to support a more reliable, secure, and sustainable electric power system, while permitting electrification and ultimately decarbonization. It has three business segments, namely, Power, Wind, and Electrification. The Wind segment provides operations and maintenance services. GE Vernova’s Onshore Wind division provides reliable and proven wind turbines: 2.8-127m, 3.6-154m, and 6.1-158m. To date, GE Vernova has created and installed approximately 57,000 wind turbines, totaling more than 120 GW of installed capacity, globally, in both onshore and offshore applications. The company has a geographical presence in the US, Europe, the Americas, Asia, and the Middle East & Africa.

Offshore Wind Market Showing Robust Growth

According to the new market research report "Offshore Wind Market by Component (Turbines (Nacelle, Rotors & Blades, Tower), Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, & Deepwater) and Region (North America, Asia Pacific, & Europe) - Global forecast to 2026", published by MarketsandMarkets™, the global offshore wind market size will grow to USD 56.8 billion by 2026 (forecast year) from USD 31.8 billion in 2021 (estimated year), at a CAGR of 12.3% during the forecast period. Offshore wind is one of the renewable energy sources and refers to electricity that is generated at offshore locations. Offshore wind farms comprise turbines, substructure, electrical infrastructure, logistics, assembly and installation. They can be installed in three locations in water bodies, i.e., shallow water, transitional water, and deepwater. Offshore wind is a crucial pillar in energy mix together with onshore wind for regions such as Europe, Asia Pacific, and North America to achieve their goals pertaining to climate neutrality.

The turbine segment is expected to dominate the offshore wind market, by component, during the forecast period.

The turbine segment accounted for the largest share of the offshore wind market, by component, in 2020. The turbine segment of Offshore Wind Market is further classified into three modules—nacelle, rotors and blades, and tower. Rotors and blades are most stressed part of the turbine and are responsible for catching the wind.

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The shallow water is expected to dominate the offshore wind market, by location, during the forecast period.

Shallow water covers more of market share in this segment as development of wind power in shallow water is generally cost effective, due to better weather conditions. But with the improvement in technologies and strong wind conditions present in transitional and deep sea water, more future projects are planned for deeper waters. However, offshore wind turbines are installed in all three water locations depending on the region, turbine capacity, and wind speed.

The nacelle is expected to dominate the offshore wind market, by turbine module, during the forecast period.

Nacelle is one of the important components of an offshore wind turbine and accounts for the maximum cost of the turbine, as it comprises all the main power generation equipment. The nacelle is the section of the turbine that houses the components that convert kinetic energy from the wind into mechanical energy, which is then used to turn a generator that generates electricity. It comprises the drivetrain, power take-off system elements, monitoring systems and other equipment, such as generator, gearbox, bearings, cooling system, yaw system, pitch system, transformer, converter, switchgear, brake, and sensors.

The substation is expected to show strong growth in offshore wind market, by electrical infrastructure, during the forecast period.

Substation and Wires & Cables are the sub-segments under electrical infrastructure. It consists of equipment necessary to transmit the electrical power generated from the offshore wind farms to the end users. Due to increasing demand for offshore wind power and connecting the power generated from these offshore wind to the main grid for distribution of energy to end users, substation market is witnessing a strong growth.

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Asia Pacific is expected to lead the offshore wind market

The Asia Pacific region includes China, Japan, Vietnam, Taiwan and South Korea. This region has shown strong demand for power owing to rapid urbanization and industrialization. With the shift towards decarbonization and sustainable development, there has been a strong demand for renewable power resources. Governments in this region are increasingly opening gates for development and installation of offshore wind. Technological advancements and clean energy consumption would further propel wind power deployment and open up opportunities in the emerging markets in APAC. Various countries are speeding up the installation of offshore wind in order to diversify their energy mix as well as to meet their goal of rection in carbon emission Moreover, favorable supportive schemes, huge investments in grid infrastructure to maximize wind power generation, and foreign direct investments would attract investors to the wind power industry.

The key players include General Electric (US), Vestas (Denmark), Siemens Gamesa (Spain), Goldwind (China), Shanghai Electric Wind Power Equipment Co. (China). The leading players are adopting various strategies to increase their share in the Offshore Wind Market.

Trends and Opportunities for the Industrial Gearbox Market

The global Industrial Gearbox Market is expected to grow from an estimated $25.91 billion in 2018 to $31.90 billion by 2023, at a CAGR of 4.25% from 2018 to 2023.  Increasing requirement for efficient energy gearbox and clean energy sources are driving the growth of the industrial gearbox market. The increasing automation in manufacturing technology is facilitating the growth of the industrial gearbox market. In addition, increasing investments in renewable power generation, with a skew towards wind power, is driving the industrial gearbox market.

The wind power segment is expected to grow at a high rate in the industrial gearbox market

The wind power segment is expected to grow at the fastest rate in the industrial gearbox market. The growth in the wind power segment is driven by the increasing investment in wind power installations in Asia Pacific, North America, and Europe. The Global Wind Energy Council has projected installation of more than 300 GW of wind power during the forecast period. A large number of installations are projected to be in Asia Pacific, North America and European regions. The growing installation of wind turbines will drive the growth of industrial gearboxes.

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Industrial Gearbox market has been segmented on the basis of end-user industries:

 

·         Wind Power

·         Cement & Aggregates

·         Chemical, Rubber & Plastics

·         Construction

·         Food & Beverage

·         Marine

·         Material Handling

·         Metals & Mining

·         Power Generation

·         Recreational Vehicle

·         Transportation Industry

·         Agriculture

·         Automotive

·         Others (Aerospace, Defence, Semiconductor, Robotics, Textile, Healthcare)

Asia Pacific is expected to be the largest industrial gearbox market

Asia Pacific region is estimated to lead the Industrial Gearbox market in the forecast period. The market in Asia Pacific is expected to hold the largest share and is forecast to grow at the fastest rate during the forecasted period.  The region holds the largest market share globally as the countries such as China and Japan are among the largest manufacturing countries in the world. In addition to this, the projected installation of wind power and the growing automation in the manufacturing industries in the region is driving the growth of the industrial gearbox market in Asia Pacific.

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Some of the top players in the Industrial Gearbox Market include Siemens AG (Germany), Bonfiglioli Italia S.P.A (Italy), Bondioli & Pavesi (Italy), Sew-Eurodrive (Germany), and Dana Brevini (Italy).

Electrical Digital Twin Market Growing at a CAGR of 15.4% by 2024

The global electrical digital twin market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4%. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.

The asset performance management is expected to hold the largest share of the electrical digital twin market, by application, during the forecast period.

The asset performance management segment is projected to be the largest market during the forecast period. This is mainly because the power utilities are constantly focusing on asset management to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, the power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.

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The cloud segment is expected to be the fastest growing electrical digital twin market, by deployment, during the forecast period.

The cloud segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the multiple benefits of cloud software installation such as easy accessibility, no upfront cost associated (instead regular payments are made which are an operating expense), maintenance of software or the hardware it resides on by cloud service providers, quick deployment, and lower energy consumption cost. All these factors are likely to increase the demand for cloud services in the electrical digital twin market during the forecast period.

North America: The leading electrical digital twin market.

In this report, the electrical digital twin market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to dominate the global electrical digital twin market during the forecast period. In recent years, the development of software and automation solutions deployed across the power generation utilities has created a positive impact on the growth of digital twins. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the electrical digital twin market. Some of the key players are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK). The leading players are adopting various strategies to increase their share in the electrical digital twin market.

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Offshore Wind Market to Grow with a Remarkable CAGR 15.32% by 2022

The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020.  The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market.

The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, at a CAGR of 15.32% from 2017 to 2022.

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North America is estimated to be the fastest growing market for the offshore wind from 2017 to 2022.

The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.The North America market is projected to grow at the highest CAGR from 2017 to 2022.

Asia Pacific: The second largest market for offshore wind.

Asia Pacificregion is expected to grow at second position followed by Europe due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and offshore wind forms an integral part of renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in emerging markets in Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for alternative source of energy to diversify their energy mix to reduce CO2 emission. The other major drivers include strict government regulations on energy efficiency.

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The electrical infrastructure segment is expected to be the fastest growing offshore wind market, by component, during the forecast period.

The electrical infrastructure segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the growth of offshore substation, land-based transmission infrastructure, and cables and accessories related to the offshore wind turbines. Offshore substation controls the electric system of the turbine and increases the voltage of electricity produced by the wind turbines to reduce electrical losses. Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect the wind farm project to the power grid. The last most important component of an electrical infrastructure is the cable and is primarily of two types, namely, inter-array cables and export cables. Inter-array cables connect the turbines to the offshore substation while the export cables are used to transmit the power from offshore substation to the onshore substation and power grid.

Offshore Wind Market Ecosystem:

The market ecosystem comprises of turbine manufacturers, electrical infrastructure manufacturers, installation providers, substructure providers, and logistics, transportation and assembly providers. Leading players in the market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.) among others. 

Offshore Wind Energy: A Potential Market to Invest by 2022

The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, registering a CAGR of 15.32% from 2017 to 2022. The global market is witnessing significant growth due to rising energy demand coupled with increasing share of renewables in the power generation mix, regulations on energy efficiency, growing trend of industrialization and increased urbanization, regulations to ensure efficiency and utilization of energy.

The shallow water segment is expected to hold the largest share of the offshore wind market, by location, during the forecast period.

Among the three-water depth location for offshore wind turbines, shallow water is expected to hold the largest share during the forecast period. The development of shallow water is generally cost effective due to better weather conditions, whereas, installing wind turbines in deep water becomes expensive due to high maintenance cost. However, offshore wind turbines are getting installed in all three water locations depending on the region, turbine capacity, and wind speed. Shallow water condition mostly prevails in the European countries due to favorable weather conditions. The major players that provide turbines which can be installed in shallow water includes Siemens AG (Germany) and MHI Vestas (Denmark), among others.

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The electrical infrastructure segment is expected to be the fastest growing offshore wind market, by component, during the forecast period.

The electrical infrastructure segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the growth of offshore substation, land-based transmission infrastructure, and cables and accessories related to the offshore wind turbines. Offshore substation controls the electric system of the turbine and increases the voltage of electricity produced by the wind turbines to reduce electrical losses. Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect the wind farm project to the power grid. The last most important component of an electrical infrastructure is the cable and are primarily of two types, namely, inter-array cables and export cables. Inter-array cables connect the turbines to the offshore substation while the export cables are used to transmit the power from offshore substation to the onshore substation and power grid.

Asia Pacific: The second largest market for offshore wind.

This region is expected to grow at second position followed by Europe due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and offshore wind forms an integral part of renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in emerging markets in Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for alternative source of energy to diversify their energy mix to reduce CO2 emission. The other major drivers include strict government regulations on energy efficiency.

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Some of the leading players in the offshore wind market includes Siemens AG (Germany), ABB Ltd. (Switzerland),  MHI Vestas (Denmark), General Electric (U.S.), EEW Group (Germany), A2Sea (Denmark), Nexans (France), among others.

Scope of the Report

This study estimates the global market for offshore wind, in terms of USD, till 2022. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market. These include an analysis of the supply chain, a competitive landscape, market dynamics, market estimates in terms of value, and future trends in the offshore wind market.

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Offshore Wind Market: Rising Energy Demand Coupled With Increasing Share of Renewable Energy in the Power Generation Mix

The offshore wind market has been rapidly growing, especially in Europe as it contributed to the European Union (EU) to meet its renewable energy targets for 2020.  The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The growth of the offshore wind market is driven by an increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market.

Offshore Wind Market is projected to grow from an estimated USD 27.02 Billion in 2017 to USD 55.11 Billion by 2022, at a CAGR of 15.32% from 2017 to 2022.

Browse 65 market data tables and 64 figures spread through 147 pages and in-depth TOC on "Offshore Wind Market”

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The North America market is projected to grow at the highest CAGR from 2017 to 2022. North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

Scope of the Offshore Wind Market Report:

By Component

·         Turbine

§  Nacelle

§  Tower

§  Rotor & Blades

·         Substructure

§  Monopile

§  Gravity based and Jacket

§  Other substructure (Suction Bucket, Tripods, Tripiles, and Floating)

·         Electrical Infrastructure

·         Others (Logistics and transportation, and Installation and assembly)

By Location

·         Shallow water (< 30 m depth)

·         Transitional water (30 m–60 m depth)

·         Deep water (> 60 m depth)

By Region

·         North America

·         Europe

·         Asia-Pacific

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Offshore Wind Market Ecosystem:

The market ecosystem comprises of turbine manufacturers, electrical infrastructure manufacturers, installation providers, substructure providers, and logistics, transportation and assembly providers. Leading players in the market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.) among others. 

The report segments the offshore wind market by location into three categories, namely, shallow water, transitional water, and deep water. Deep water location is expected to grow at the fastest rate during the forecast period. As the offshore wind market is progressing over the years, the offshore wind farms are getting built further from the coast and in deeper waters. The offshore wind sector is developing larger turbines as the trend is moving towards deep water where the wind speed is high. This would help in optimization of wind connections and generate power efficiently. Although, the market for offshore wind in deep water location accounts less share compared to shallow water and transitional water. It is still expected to grow at a faster rate from 2017 to 2022. Companies like MHI Vestas (Denmark), A2Sea (Denmark), and Siemens AG (Germany), among others supply turbine and related components that can operate in a depth of 60 meters.

Offshore Wind Market Revenue to hit $55.11 Billion by 2022

The offshore wind market is projected to reach USD 55.11 billion by 2022, at a CAGR of 15.32% from 2017 to 2022. The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its   renewable energy targets for 2020. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market. The offshore wind market is gaining acceptance due to its high capacity factor which makes it an important renewable resource to help in the reduction of CO2 emissions. Moreover, countries like China and the U.S. are also focusing on emission reduction.

North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

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With regard to the substructure segment, others segment which includes floating substructure, is expected to grow at the fastest pace during the forecast period from 2017 to 2022. These types of substructure allow the turbines to generate electricity in deep water location where bottom-mounted towers are not feasible. Countries like the U.S. and japan have favourable deep water location for the installation of turbines. Floating substructures would grow at a faster pace because they offer environmental benefits due to less construction activity required on the seabed and would be suitable for deep water locations.

The offshore wind market is dominated by a few key players such as Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others.

Offshore Wind Market Emerging Trends, Growth and Opportunities to 2022

The Offshore Wind Market is expected to grow from an estimated USD 27.02 Billion in 2017 to USD 55.11 Billion by 2022, at a CAGR of 15.32% from 2017 to 2022. The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The offshore wind is gaining acceptance due to its high capacity factor which makes it an important renewable resource to help in the reduction of CO2 emissions. Moreover, countries like China and the U.S. are also focusing on emission reduction.

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The report segments the offshore wind market on the basis of component such as turbine, substructure, and others (logistics and transportation, and assembly and installation). The turbine segment is projected to dominate the offshore wind market. This is mainly because it contains most important components such as nacelle, rotor and blades, and tower which helps to generate electricity. Moreover, turbine cost accounts for the maximum share in the overall cost of the offshore wind project. The market in Europe is the largest for turbines, where in, companies like MHI Vestas (Denmark) and Siemens AG (Germany) among others manufacture turbines with high capacity and cater the needs of wind farms all across the globe. The market in Europe is currently the largest market for offshore wind, followed by Asia-Pacific and North America. Growth in the region is primarily driven by the U.K., Germany, and Denmark. The U.K. is expected to dominate the offshore wind market.

The market in Asia-Pacific region is expected to grow at the second position followed by the market in Europe, due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and the offshore wind forms an integral part of the renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in the emerging markets of Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for an alternative source of energy to diversify their energy mix to reduce CO2 emissions. The other major drivers include strict government regulations on energy efficiency.

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North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

The leading players in the offshore wind market are Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others.