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. Adapting to the recent novel COVID-19
pandemic, the impact of the COVID-19
on Offshore Wind Market is
included in the present report.
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
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).
About Market Research Future:
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