Global offshore wind market has very broad
market in coming recent years. MRFR analysts have predicted that offshore wind
industry is about to grow at a rapid pace. Moreover, the economic growth with
emissions reduction have given the growth, a momentum. The global offshore wind
market is poised to grow over USD 49,741.0 million by 2023 at an estimated CAGR
of 11.12% through the forecast period. Offshore Winds are steady and have
faster speeds resulting in higher & reliable energy generation.
The growth in this sector is due to the
increasing demand for clean and reliable energy to reduce the global carbon
emissions, and to maintain ecological balance by generating electricity through
renewable resources. However, high initial capital cost of projects with high
maintenance cost and logistics issues, can hinder the offshore wind market. The
high tidal winds & bad weather conditions making offshore wind farms
difficult for access in the event of problem rectification and preventive
maintenance, will restrain the global offshore wind market.
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Global
Offshore Wind Market: Segmental Analysis
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 (<30m
depth), transitional water (30m-60m depth), and deep water (>60m depth).
Among these, the shallow water (<30m depth) segment commands for the maximum
share of the global offshore wind market. The factors such as easy installation
and maintenance as compared to the other two locations, favorable surrounding
conditions and cost-effective nature are majorly contributing to the growth of
the shallow water (<30m depth) segment in the global offshore wind market
during the assessment period.
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Regional
Analysis
Geographically, the global offshore wind
market has been segmented into four major regions such as Asia Pacific (APAC),
Europe, North America, and the rest of the world. The Europe region commands
the maximum share of the global offshore wind market during the assessment
period. The factors such as growing investment for the development of
non-conventional electricity generation by utilizing renewable sources,
increasing preference towards renewable energy sources over non-renewable
sources as a result of rise in environmental concerns, and increased research
activities for the development of highly durable windmills that require low
maintenance cost are majorly propelling the growth of the global offshore wind
market in the Europe region. Increasing approval for the installation of wind
farms in various emerging economies in order to tackle the major issue of
energy crisis by developing alternative energy sources that can harvest energy
through natural elements and rise in concerns regarding the adverse effects
caused on the environment due to exploitation of non-renewable energy sources
such as fossil fuels are fueling the growth of the global offshore wind market
in the Asia Pacific region.
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