Global
Offshore Wind Market: Synopsis
The detailed
report published by Market Research Future (MRFR) projects that the global
offshore wind market is marked to exhibit significant expansion at a CAGR of
11.12% during the forecast period from 2017 to 2023. The global offshore wind
market is also anticipated to reach the market valuation of USD 49,741 Mn by the end of the review period. 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 during the
assessment period. Other factors such as increasing approval for the
installation of wind farms in various region 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
Global
Offshore Wind Market: Segmental Analysis
The
global offshore wind market outlook 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.
Regional
Analysis
Geographically,
the Offshore
Wind Market Outlook 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.
Global
Offshore Wind Market: Key Players
The key market players
profiled by Market Research Future (MRFR) that are operating in the global
offshore wind market are General Electric (the U.S.), Siemens (Germany),
Doosan Heavy Industries & Construction Co., Ltd (Korea), Vestas Wind
Systems A/S (Denmark), Senvion SA (Luxembourg), ENERCON GmbH (Germany), Suzlon
Group (India), Dong Energy A/S (Denmark), EEW Group (Germany), and Goldwind
Windenergy GmbH (China).
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