The global offshore wind market is poised to grow over
USD 49,741.0 million by 2023 at an estimated CAGR of 11.12% through the
forecast period. 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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Offshore Winds are steady and have faster speeds
resulting in higher & reliable energy generation. The growth in this sector
is due to the increasing demand for clean and reliable energy to reduce the
global carbon emissions, and to maintain ecological balance by generating
electricity through renewable resources. However, high initial capital cost of
projects with high maintenance cost and logistics issues, can hinder the
offshore wind market. The high tidal winds & bad weather conditions making
offshore wind farms difficult for access in the event of problem rectification
and preventive maintenance, will restrain the global 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.
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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
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.
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