A comprehensive overview of the global offshore wind market is recently added by UnivDatos to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the offshore wind market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global offshore wind market at regional and country levels. The Global Offshore Wind Market is expected to grow at a significant growth from 2021-2027 to expected reach around US$ 55-60 billion by 2027.
Market Overview
Offshore wind energy is the clean and renewable energy obtained by taking advantage of the force of the wind that is produced on the high seas. Offshore wind farms are generally located in shallow waters (up to 60 meters deep) and away from the coast, marine traffic routes, strategic naval installations and spaces of ecological interest. Moreover, the decrease in the cost of wind power technology had positively influence its usage of wind power worldwide. According to International Renewable Energy Agency, in 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets – who together installed nearly 75 per cent of the new installations in 2020 and account for over half of the world’s total wind power capacity. However, offshore wind power plants need to install at higher rate by 2050 in order to stay on a net zero pathway and avoid the worst impacts of climate change.
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COVID-19 Impact
In 2020, some major regions worldwide had seen positive growth of offshore wind power turbine. For instance: According to Global Wind Energy Council, 2020 was the best year in history for the global wind industry with 93 GW of new capacity installed – a 53 per cent year-on-year increase. In 2020, record growth was driven by a surge of installations in China and the US. Whereas in Latin America, Brazil continues to lead the way for wind power in the region with 2.3 GW of new capacity installed in 2020 followed by Argentina (1 GW) and Chile (684 MW). Similarly, Europe now has 220 GW of installed wind power capacity: 194 GW onshore and 25 GW offshore. In which Netherlands installed the most wind capacity in 2020, most of it offshore wind.
Global offshore wind market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
- Fixed Structure
- Floating Structure
Based on type, currently floating structure captured significant market share in the past few years. It is mainly owing to the rising scope for relishing the projects in deep-water, where the high wind speed creates a much favorable environment for operation, thereby driving the offshore wind energy market. Floating structure offshore wind expected to fully available by 2030 with at least 6 GW installed globally.
By Location, the market is mainly segmented into:
- Shallow Water
- Transitional Water
- Deep Water
Based on location, the market is segmented shallow water, transitional water and deep water. Shallow water holds significant share in the offshore wind market and expected to have influential growth rate in the forecasted period as well. As shallow water is comparatively easier in, the establishment of electrical infrastructure while setting up a wind turbine. Due to comparatively less wind speed available in shallow water, the turbines with less MW capacity are installed in this region.
Global Offshore Wind Market Geographical Segmentation Includes:
- North America (United States, Canada, Rest of North America)
- Europe (Germany, UK, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
- Rest of World
Based on the estimation, Europe constitutes the largest market for the industry predominantly because of surging offshore wind technology adoption and offshore wind farm development in the region.
The major players targeting the market includes:
- Siemens Gamesa Renewable Energy
- ABB
- Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind)
- Ørsted A/S
- E.ON SE
- General Electric,
- Vestas,
- Doosan Heavy Industries and Construction
- DEME
- Envision
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global offshore wind market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Global Offshore Wind Market?
- Which factors are influencing the global offshore wind market over the forecast period?
- What are the global challenges, threats, and risks in the global offshore wind market?
- Which factors are propelling and restraining the global offshore wind market?
- What are the demanding global regions of the global offshore wind market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
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