OFFSHORE WIND MARKET POISED TO SHOW GROWTH OVER USD 49,741.0 MILLION BY WORLDWIDE 2023 .

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.

Market Highlights

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.

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 Key Players

  • Siemens AG
  • Vestas Wind Systems A/S
  • General Electric Company
  • Senvion SA
  • Areva
  • Clipper Windpower, LLC

 Scope of the Report

This study provides an overview of the global offshore wind market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Offshore Wind market by its component type, by location and by region.

By Component Type

  • Turbine
  • Substructure
  • Electrical Infrastructure
  • Others

By Location

  • Shallow Water (< 30m Depth)
  • Transitional Water (30m – 60m Depth)
  • Deep Water (> 60m Depth)

By Regions

  • North America
  • Asia Pacific
  • Europe
  • Rest of the World

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Market Research Analysis

Currently, the offshore wind market is in the growth stage. This is due to the increase in demand for power, global initiatives to use more renewable and non-conventional energy sources and the global need to restrict carbon emission. European governments and the EU, as a whole, have supported wind projects with favorable incentives as part of their carbon emission reduction goals. The United Kingdom heads the field, with 46% of global installed capacity, in 2015, followed by Germany (30%) and Denmark (11.5%). The European region is currently the leading in offshore wind market, and is followed by North-America and Asia. Currently, China has the largest number of offshore wind energy projects under planning and construction phase, which is followed by Japan and South Korea.

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