Global Offshore Wind Market Report by Component (Turbine, Tower, BladesElectrical Infrastructure and Nacelle), By Location (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth)) and By Region – Global Forecast to 2023.
The offshore wind market is expected to grow over the CAGR of around 11.12% during the period 2017 to 2023.
Offshore wind energy farms are constructed offshore on continental shelf to harvest wind energy to generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher amount of electricity can be generated through these installations.
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.
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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.
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
Shallow Water (< 30m Depth)
Transitional Water (30m – 60m Depth)
Deep Water (> 60m Depth)
Rest of the World
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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).
Offshore Wind energy farms are constructed offshore on continental shelves to harvest wind energy and generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher contribution of electricity generation can be obtained through these installations.
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.
Global offshore wind market has very broad market in coming recent years. MRFR analysts have predicted that offshore wind industry is about to grow at a rapid pace. Moreover, the economic growth with emissions reduction have given the growth, a momentum. 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.
Geographically, Asia-Pacific is a major revenue generator to the global offshore wind market, where China, Japan and India are considered as the prominent countries owing to the demand for electricity, rapid urbanization and technological advancements.
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