Offshore Wind Market 2018 with Top 10 Countries Data, Pinpoint Growth Sectors, Growth Opportunities, Emerging Trends to 2023

“Offshore Wind Market is Predicted to Grow at Approximately 11.12% by 2023 :”
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.

In order to harvest wind energy and generate electricity, the Offshore Wind energy farms are constructed offshore on continental shelves. Market Research Future (MRFR) has published and released a research report about the Global Offshore Wind Market that anticipates enormous growth for this market with 11.12% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, the market is expected to be worth the US $ 49,741.0 mn.

The key factors driving the Global Offshore Wind Market growth include increasing demand for clean, eco-friendly and reliable energy so that the global carbon emissions can be reduced the  ecological balance can be maintained by generating electricity via renewable resources. Some people believe that industrial growth and progress is never possible without a little bit of pollution. However, the global offshore wind market has the potential to provide clean energy and prevent carbon emissions. Renewable energy resources are available in wide geographical areas. However, the high tidal winds and bad weather conditions can make access to farms, difficult during the event of preventive maintenance and problem rectification. This raises the concern of negative impact on market growth.

The Global Offshore Wind Market has been segmented on the basis of the component, location, and lastly region. The component-based segmentation of this market covers electrical infrastructure, substructure, turbine, and others. The location-based segmentation segments the market into deep water (above 60m depth), shallow water (above 30m depth), and transitional water (30m – 60m depth).

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The regional segmentation of the Global Offshore Wind Market segments the market into continent-based regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). Although, Europe is reading the global market. Currently, there is the possibility of North America overtaking Europe and rise as the biggest market for offshore wind. In Europe, the most important country-specific markets are Belgium, Denmark, Germany, Netherlands, Sweden, and the United Kingdom (UK), followed by the rest of Europe. In Europe Offshore wind market is seen as a reliable energy resource market. In 2015 wind power met 42% of electricity demand in Denmark, 23.2% in Portugal and 15.5% in Uruguay.  In North America, the biggest country-specific market is the United States of America (USA) where the use of renewable sources of energy is being encouraged. Asia-Pacific is a major revenue generating regional market due to demand for electricity, rapid urbanization and technological advancements to the Global Offshore Wind Market. Here, China, India, and Japan are considered the most crucial country-specific markets in this region.

Key Players

The key players in the Global Offshore Wind Market include Dong Energy A/S (Denmark), Doosan Heavy Industries & Construction Co. Ltd (South Korea), EEW Group (Germany), ENERCON GmbH (Germany), General Electric (USA), Goldwind Windenergy GmbH (China), Senvion SA (Luxembourg), Siemens (Germany), Suzlon Group (India), and Vestas Wind Systems A/S (Denmark). 

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Latest Industry News

  • Danish group NKT A/S confirmed the turnkey contract for manufacturing, delivery, and installation of export cable systems for the 950-MW Moray offshore wind farm in the UK. 5 NOV 2018
  • Despite being against a proposed offshore wind pilot program for electricity, Virginia state regulators have approved it. 3 NOV 2018
  • Iberdrola has officially launched the 350 megawatts (MW) Wikinger offshore wind farm. 30 OCT 2018
  • Avangird Inc. and Copenhagen Infrastructure Partners (CIP) are forging a partnership. This partnership aims to build the New England’s first large-scale offshore wind farm off the coast of Massachusetts. Projects are designed to inject a combined 2 GW of renewable energy into the New England power grid and create thousands of jobs. 2 NOV 2018


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