Market Highlights
Offshore
wind energy farms are constructed offshore on continental shelf to harvest wind
energy to generate electricity. As offshore winds are comparatively of higher
current as compared to land winds, a higher amount of electricity can be generated
through these installations.
Offshore
winds are steady and have faster speeds resulting in higher & reliable
energy generation. The growth in this sector can be attributed to the
increasing demand for clean and reliable energy in order to reduce the global
carbon emissions and to maintain ecological balance by generating electricity
through renewable resources. However, high initiating capital cost of the
projects with high maintenance cost and logistics issues, can hinder the
offshore wind market. Also, high tidal winds and bad weather conditions making
it difficult to access the offshore wind farms even for problem rectification
and preventive maintenance will restrain the global offshore wind market.
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Industry Overview
Offshore
wind holds great potential in non-conventional electricity generation. The
higher efficiency of the offshore wind farm is due to the steady offshore wind
inputs as compared to land winds is resulting in the growth of offshore wind
market. The main objective of offshore wind farm is to convert wind energy to
electricity and propagate it as per requirement to the end user. These offshore
wind farms are widely installed along continental shelves across oceans and
seas.
Offshore
wind market is classified based on their component as turbine, substructure,
electrical infrastructure and others. The turbine component is expected to lead
the offshore wind market. This is because it is comprised of the most vital
components such as nacelle, rotor and blades, and tower, which support it to
generate electricity. Also, the turbine accounts for the maximum share of
capital investment needed to build an offshore farm.
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Key Players
The
key players of global offshore wind market are Siemens AG (Germany), Vestas
Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA
(Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd.
(Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries
& Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group
(Germany).
Regional Outlook
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.
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