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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.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 fuelling the growth of the global offshore wind market
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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 (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, favourable 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.
Global 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.
Increasing approval for the installation of wind farms in various emerging economies 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 fuelling the growth of the global offshore wind market in the Asia Pacific 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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