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 fuelling the Offshore
Wind Market Growth.
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.
Offshore Wind Market: 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.
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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