Offshore wind energy is also known as offshore wind power. It utilizes wind farms constructed offshore or on continental shelves to harvest the energy generated by the wind. The offshore wind systems are constructed in places such as coastal water areas, lakes, fjords, and other types of coastal areas. They utilize conventional wind turbines with fixed bottom technologies. Deep-water areas utilize various types of floating wind turbines.
Increasing focus towards the replacement of traditional power sources such as fossil fuels, petroleum sources, etc., in order to reduce greenhouse gas (GHG) emissions across the globe will significantly drive the offshore wind energy market. Moreover, the potential of offshore energy is increasing. According to a study by GWEC, global offshore wind power capacity was nearly 18,814 megawatts (MW), by the end of 2017, and will continue to rise over the coming years. Additionally, favorable regulatory policies towards the optimum extraction of energy from renewable sources will positively sway the market in further.
Increasing focus of the governing bodies to reduce the GHG emissions will open some significant opportunities for the offshore wind energy market to grow over the coming years. According to an announcement by the Chinese government in 2016, they started an action plan to reduce emission level to nearly 18% by 2020.
Escalating prices of electricity, coupled with space constraints for the generation of solar electricity will boost the offshore wind energy market additionally over the coming years. Moreover, increasing positive outlook regarding the integration and development of huge wind turbines, coupled with the technology advancements regarding the blade sizes, and turbine efficiencies will further augment the additional market growth prospects till the end of 2025.
Huge capital costs involved in the setting up of wind turbines for the generation of offshore wind energy market is one of the major factors, which restrains the offshore wind energy market growth over the coming years.
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By component, the offshore wind energy market has been segmented into turbine, electrical infrastructure, and structure. Offshore wind energy turbine is expected to hold the large share of the overall revenue, as the turbines play a pivotal role towards the performance and feasibility of overall wind turbine. Moreover, technological developments such as high turbine sizes, innovative blade designs, etc. to generate an optimum energy through offshore installations are the key factors enhancing the product demand over the projected period.
North America offshore wind energy market is expected to dominate the global market over the entire projected period, majorly dominated by the U.S. The offshore wind energy generated in the U.S. reached to 1 MW by the end of 2017. Key players in the offshore wind energy market are continuously discovering new potential sites, to increase the electricity generation and are also investing to increase the offshore electricity, which will significantly drive the North America offshore wind energy market. For instance, in April 2018, U.S. Business Network for Offshore Wind, in collaboration with Société Générale, held a workshop in coordination with offshore energy experts to improve the investments in the U.S. offshore energy sector.
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Europe offshore wind energy market will grow at a high CAGR, on account of favorable government regulations, along with reforms to improve decarbonization and also due to various energy security initiatives. Growing investments by key players in order to explore the potential of offshore wind energy will further boost the market over the projected period. According to stats by Wind Europe, the investments in this sector till 2017 was over US$ 59.0 billion. The investments are increasing with growing interests from public transactions, and mergers.
Some of the notable players in the global offshore wind energy market include Vestas, Enercon, Nordex Acciona, GE, Senvion, Siemens Gamesa, Goldwind, MHI-Vestas, Envision Energy, United Power, Mingyang, Suzlon, WEG SA, Wobben, Clipper, Impsa, LM, Bergey, Northern Power Systems, Enessere, Global Energy Services, RTS, Prysmian, Availon, Furukawa Electric, General Cable, Nexans, Southwire, Sumitomo, and LS Cable among several others.
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