Offshore Wind Energy Market to exceed $97 Bn by 2027

Offshore Wind Energy Market size is expected to surpass USD 97 billion by 2027, as reported in the latest study by Global Market Insights Inc.
 

The ongoing shift toward adopting renewable energy technologies along with rising energy demand from industrial, commercial and residential sectors is likely to boost the offshore wind energy industry growth. Stringent regulations to reduce emissions from traditional resources coupled with government policies & norms for the deployment of clean energy sources will foster the business outlook. Additionally, the adoption of enhanced technologies accompanied by rising expenditure for the development of sustainable offshore wind energy projects will drive the market demand.

 

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Increasing technological advancements toward offshore energy infrastructure

Turbine offshore wind energy market accounted for over 14% of the revenue share in 2020. Cable & wire companies with the electrical system providers have shifted their focus toward the development of hybrid components to sustain the long-route electrical transmission and reduce the installation costs. Technology standardization and efficient product optimization processes have enhanced the product efficiency, environmental compatibility, and power output, thereby positively augmenting the industry statistics.
 

Offshore Wind Energy Market By Component

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Rising consumer inclination toward sustainable structures and foundations

Rapidly increasing project pipelines and ongoing technological enhancement have shifted the focus on sustainable support structures and foundation. Ongoing deployment of offshore wind projects is set to spur the demand for advanced infrastructure components utilized in the offshore wind energy. The rising share of electricity generation together with the integration of renewable energy network will fuel the business dynamics. Moreover, the growing requirement for a sustainable energy infrastructure across the emerging countries and flourishing industrial sector will further positively influence the industry trends.
 

Browse key industry insights spread across 500 pages with 1,039 market data tables & 42 figures & charts from the report, “Offshore Wind Energy Market Size, By Component (Turbine {Rating (≤ 2 MW, >2 to ≤ 5 MW, > 5 to ≤ 8 MW, > 8 to ≤ 10 MW, > 10 to ≤ 12 MW, > 12 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Component [Blades, Tower]}, Fixed {Axis [Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)], Component [Blades, Tower]}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), By Depth (> 0 ≤ 30 m, > 30 ≤ 50 m, > 50 m), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/offshore-wind-energy-market

 

Enhanced technical wind resource availability potential from > 50 m level depth

The offshore wind energy market from > 50 m depth level is anticipated to grow at nearly 15% CAGR through 2027. The developed projects at this depth have gained significant momentum on account of huge availability of wind resources located at more than 60 m depth in the seas and oceans. These locations are frequently established across deep waters and at a considerable distance from the shoreline. Greater capacity utilization factor and shifting focus from near-shore locations to far offshore sites possessing high technical wind energy potential will boost the product usage. However, shifting focus from conventional bottom-fixed platforms to advanced technological solutions will accelerate the market revenue.
 

Growing power demand coupled with ongoing exploration of unexploited energy potential in Asia Pacific

The APAC offshore wind energy market is poised to witness growth owing to surging energy demand by rising population and urbanization. Introduction of reforms and directives by the government authorities for the implementation of green energy infrastructure will support gain sustainability of the energy sector. Paradigm shift from conventional energy sources to renewables in the major economies including Japan and South Korea on account of ongoing investments will fuel the market growth.
 

The COVID- 19 pandemic has hit the global economy severely as the first & second waves have hindered the overall industry growth. Geographies including Europe, Asia Pacific, and North America are observing the third pandemic wave, impacting the overall business scenario. Introduction of vaccination drives on a large-scale and ongoing COVID protocols by the respective governments is set to foster the market share. In addition, the upliftment sanctions by respective governing authorities will focus on international movement thereby propelling the industry dynamics.
 

Eminent offshore wind energy market players include Siemens Gamesa, Prysmian Group, Nexans, Sumitomo Electric, Southwire LLC., LS Cable & System, IMPSA, Enessere Srl, Vestas, General Electric, Goldwind, Nordex, Suzlon Energy, WEG, Global Energy (Group), RTS Wind, Senvion, ENVISION Group, Ming Yang Wind Power Group, Bergey Windpower, Enercon, Clipper Windpower, JDR Cable Systems, NKT A/S, Northland Power, Vattenfall AB, and Ørsted, amongst others. Manufacturers are actively involved in strategic collaborations & partnerships to capture market share.
 

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