Robotics in Offshore Wind Power Generation Market Size (2023 - 2030)

According to estimates, Robotics in the offshore wind power generation market would be worth USD 881 bn in 2022 and USD 1679.62  bn in 2030, growing at an 8.4% CAGR.

Industry Overview:

Renewable energy is produced by using renewable natural resources like wind and sunlight. Some of the main renewable energy sources are solar, geothermal, wind, bioenergy, hydropower, and ocean power. Currently, the heating, power, cooling, and transportation sector all use renewable energy. Around 7% of the world's energy needs are met by renewable energy sources. Compared to fossil fuels, renewable energy is generally more expensive. The primary driver of the use of renewable energies is the belief that carbon dioxide (CO2) emissions from the burning of fossil fuels are to blame for global warming. During the forecast period, demand for wind power is anticipated to be driven by concerns over reducing greenhouse gas emissions, a rise in the hunt for energy security, resistance to traditional nuclear power, and stagnation in the usage of nuclear power. The increased output efficiency, decreased pollution, and low maintenance costs of renewable energy sources have drawn the attention of governments in both developed and developing nations. All of these elements work together to increase the demand for renewable energy, which fuels the expansion of the global wind power generation market.

COVID-19 Impact:

The new coronavirus is an unmatched worldwide virus that has affected over 180 nations and resulted in significant losses in both human life and economic output. The COVID-19 pandemic's aftermath has had a detrimental effect on the market for renewable energy. The pandemic had a remarkable influence on the production of wind turbines in countries like China and Germany. For instance, the German company Nordex SE reported a negative EBITDA of $86.5 million in 2020, compared to a positive EBITDA of $21 million the year before (2019). A significant issue that hinders the expansion of the business is the shortage of spare parts and labour for maintenance caused by the epidemic. Due to a shortage of workers and social distance norms, planned maintenance has become a significant problem for industry players during the high wind season. The primary markets for both the manufacture of blades and the installation of wind turbines have also been impacted by project delays and order cancellations. For example, during its third quarter in 2020, Siemens Gamesa Renewable Energy SA accounted a net loss of $577 million. However, a change in the trend toward domestic supply chains may lessen the reliance on imports from outside and promote domestic wind turbine production. Additionally, using digitization is anticipated to help with remote project execution monitoring, hence minimising the labour force as much as possible.

MARKET DRIVERS

Increasing demand for sustainable energy is driving growth in Robotics in offshore wind power generation Market

There are numerous renewable energy sources, including geothermal, hydropower, geothermal, wind, sun, and biofuels. According to estimates, renewable energy sources currently meet around 7% of the world's energy needs. In the forthcoming years, an enormous increase in this share is anticipated. The key drivers likely to support the growth of the global renewable energy market include growing consumer adoption of green energy, rising government initiatives to encourage the adoption of clean and green energy, rising public and private efforts to reduce carbon emissions, and rising environmental awareness regarding the negative environmental effects of fossil fuels. During the projection period, it is anticipated that the demand for various renewable energy sources including wind energy will increase due to the growing industrialization and urbanisation in developing nations around the world.

Reduction in cost of technology is driving growth in Robotics in offshore wind power generation Market

The costs of wind energy are falling as a consequence of rising technological advancements, and the market for wind power energy is expanding as a result of the rising competitiveness of battery storage systems. Huge investments are being made in the adoption of these energy sources along with technological advancements in the field as a result of increasing awareness regarding growing global concerns about climate change and ESG. In order to encourage sustainability and the preservation of the environment, governments in both developed and developing nations are providing subsidies to the corporate sector. These elements play a significant role in the global market expansion for robotics in offshore wind power generation.

MARKET RESTRAINTS

Unavailability of power is restraining growth in Robotics in offshore wind power generation Market

Power generation based on cumbersome natural resources is one of the major issues in the field of renewable energy resources. For instance, wind energy depends on the presence of wind; if the wind speed is very low, the turbine will not revolve, resulting in no power being produced and sent to the grid. On the contrary, an exhausting amount of wind might harm the generator, so it's crucial to maintain a fine balance in order to keep a steady flow of electricity.

Lack of space is restraining growth in Robotics in offshore wind power generation Market

The majority of renewable energy resources facilities that contribute to the grid need a considerable amount of space. The location-based nature of these energy sources is unappealing to users. First off, some renewable energy sources are just not accessible everywhere. In terms of cost and efficiency, the distance between the renewable energy source and the grid is a crucial factor. Additionally, because renewable energy depends on the weather, climate, and geographic location, only one type of energy generation is suitable for a given area.

ROBOTICS IN OFFSHORE WIND POWER GENERATION MARKET REPORT COVERAGE:

This research report on global Robotics in the offshore wind power generation Market has been segmented and sub-segmented based on End-User, Regions, and Companies.

Robotics in offshore wind power generation market segmentation – By End User

1. Residential

2. Commercial

3. Industrial

4. Others

During the forecast, the commercial segment is predicted to have the greatest CAGR. Rising government actions, including regulatory changes and subsidies, to encourage the use of renewable energy sources in commercial areas are anticipated to accelerate industry expansion. The demand for renewable energy such as wind power is increasing across the commercial sector as a result of technological developments in the field of renewable energy that are lowering the costs associated with its deployment. Given the increasing need for electricity and the growing urbanisation, wind power demand is anticipated to rise dramatically in the residential sector over the next several years. The adoption of these energy sources is anticipated to be fuelled by rising consumer awareness in both established and developing economies throughout the forecast period, which will lead to a domination of the residential segment during that time.

Robotics in offshore wind power generation market segmentation – By Region

1. North America

2. Europe

3. Asia-Pacific

4. South America

5. Middle East and Africa

In the future years, it is anticipated that the government's stated plans to develop smart cities in nations like China, India, and Saudi Arabia will increase demand for wind power energy. The global market for wind power energy is predicted to experience a spike in the adoption in the government sector. In 2021, the wind energy industry in Asia Pacific held a commanding 35% market share. According to estimates, the Asia Pacific region consumes more than half of all wind energy produced worldwide. The region's increasing industrialisation and urbanisation were to blame for the sharp rise in pollution levels. The need for electricity is also being fuelled by the region's rapidly growing population and residential development. During the projection period, North America is anticipated to have the quickest rate of growth. The main reasons propelling the growth of the North American market are the rising awareness of the deteriorating environmental circumstances, rising government measures to reduce carbon footprint, and expanding investments in renewable energy sources. The market is expanding quickly in emerging nations like China and India as a result of the high economic growth brought on by increased industrialization. The uptake of these energy sources across a variety of end-user applications is greatly influenced by government programs. In addition, the rising investments in the manufacturing and R&D sector, the incorporation of advanced automation technologies, and new entrants taking up new opportunities are driving up the demand for robotics in the offshore wind power generation market.

Robotics in offshore wind power generation market segmentation – By Company

1. Siemens Gamesa Renewable Energy S.A.

2. MHI Vestas Offshore Wind

3. Senvion S.A.

4. Adwen

5. ABB Ltd.

6. General Electric

7. Ming Yang Smart Energy Group Co.

8. Nordex SE

9. Goldwind

10. Envision Energy

11. Suzlon Energy Ltd.

12. Hitachi Ltd.

13. Other prominent players

Due to the presence of multiple major market competitors, the market for wind power energy is only moderately fragmented. To improve their positions and escalate their market shares, these market players are constantly engaged in a variety of developmental methods, including partnerships, mergers, collaborations, new product launches, and many others.