A new market study, titled “Global Offshore Wind Market Size, Status and Forecast 2020-2025” has been featured on Market Research Future.
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.
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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.
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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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