Market Research Future Insights
The global offshore wind market is expected to grow at a compound annual growth rate (CAGR) of over 21% during the forecast period 2023-2030. This growth is being driven by a number of factors, including:
· Favorable government policies: Governments around the world are increasingly supporting the development of offshore wind energy, through policies such as subsidies, tax breaks, and long-term contracts.
· Increased investment: The offshore wind industry is attracting significant investment from both the public and private sectors. This is helping to reduce the cost of offshore wind energy and make it more competitive with other forms of energy generation.
· Technological advancements: Offshore wind turbine technology is constantly improving, with turbines becoming larger and more efficient. This is helping to increase the output and reduce the cost of offshore wind energy.
Offshore wind refers to the process of generating electricity from wind turbines located in the ocean or sea. Offshore wind farms are usually situated in shallow waters near coastlines, where the wind speeds are higher and more consistent than on land. This type of renewable energy has become increasingly popular in recent years due to the availability of larger and more efficient wind turbines, as well as declining costs and increasing demand for clean energy.
The COVID-19 pandemic has had a mixed impact on the offshore wind energy sector. The pandemic has disrupted supply chains and caused delays in the construction of new offshore wind farms. The global lockdown measures and reduced economic activity have led to a decrease in energy demand, which has resulted in lower energy prices. Additionally, the economic downturn caused by the pandemic has resulted in reduced investment in the sector.
Key Players
· General Electric (US)
· Siemens Gamesa Renewable Energy SA ( Germany)
· MHI Vestas Offshore Wind (Denmark)
· Senvion SA (Luxembourg)
· Doosan Heavy Industries & Construction (South Korea)
· Suzlon Energy Limited (India)
· Dong Energy A/S (Denmark)
· EEW GROUP (Germany)
· ENERCON GmbH (Germany)
· Goldwind Wind Energy GmbH (China)
· ABB (Switzerland)
· Engie (France)
· Ørsted A/S (Denmark)
Regional Analysis
Europe is expected to play a major role in the growth of the offshore wind energy market, due to its favorable policy environment and its history of investment in renewable energy. Many countries in Europe have set ambitious targets for the deployment of offshore wind farms, and the region is home to some of the largest and most established offshore wind markets in the world, including the United Kingdom, Germany, and Denmark. Europe is also a leader in terms of innovation and technology development in the offshore wind energy sector and is expected to continue to play a major role in the growth of this market in the coming years.
Market Segmentation
The Global Offshore wind turbines market Size has been segmented into components and locations.
Based on the component, the market has been segmented into Turbine, Tower, Blades, Electrical Infrastructure, and Nacelle.
Based on the location, the market has been segmented into Shallow Water, Transitional Water, and Deep Water.
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