Technological advancements of offshore wind energy projects, rapid industrialization & urbanization, and the rising demand for electricity in the developing economies are driving the demand of the market.
Vancouver, BC -- (SBWIRE) -- 12/23/2020 -- Offshore Wind Energy Market
Offshore wind energy refers to the utilization of wind farms constructed on water bodies (usually oceans) to produce electricity through wind energy harvesting. It generates higher amounts of electricity than onshore wind power, owing to the availability of higher wind speeds offshore. The global offshore wind energy market is predicted to reach a whopping USD 106.10 billion by 2027, demonstrating a tremendous CAGRof 15.2%.
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Prominent Players Profiled in the Nerve Repair and Regeneration Market:
Vestas, General Electric Company, Adwen, Doosan Heavy Industries and Construction Co., Ltd, Siemens Gamesa Renewable Energy, S.A., Senvion SA, Sinovel Wind Group Co., ABB, Ltd., Nexans S.A., and Nordex SE, among others.
Market Drivers
The key driving forces for the global offshore wind energy market growth include the burgeoning demand for electricity, surging adoption of renewable energy sources, such as solar and wind energies, the introduction of technologically upgraded offshore wind turbines, the growing use of floating wind turbines, increasing utilization of the AI technology, robotics, IoT, machine learning, and data analytics in the wind energy sector to help mitigate system failure risks, higher R&D investments, the greater supply of wind resources than onshore wind energy, and accelerated industrialization are the factors triggering the growth of this market to a significant extent. Moreover, governments are coming up with favorable regulatory policies to foster the adoption of sustainable energy sources and, therefore, cut down on greenhouse gas emissions, which creates ample market growth prospects.
Installation Outlook (Revenue, USD Billion; 2017-2027)
Floating structure
Fixed Structure
Location Outlook (Revenue, USD Billion; 2017-2027)
Shallow Water (<30m depth)
Transitional Water (30m-60m Depth)
Deep Water (>60m Depth)
Component Outlook (Revenue, USD Billion; 2017-2027)
Substructure
Turbine
Electrical Infrastructure
Others
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Key Objectives of the Offshore Wind Energy Market Report:
Analysis and forecast of the Global Offshore Wind Energy Market by segmentation of the market
Analysis of various macro and micro-economic factors influencing the growth of the market
Extensive SWOT analysis and Porter's Five Forces analysis to offer a detailed view of the competitive landscape
Insights into drivers, restraints, opportunities, limitations, threats, and challenges
Analysis of the key players operating in the industry
Strategic recommendations to the new entrants pertaining to entry-level barriers and to established players for formulating fruitful business plans
Geographical Analysis
Europe stands out as the frontrunner in the global offshore wind energy. The regional market growth is reinforced by the fast-paced urbanization across the developing APAC countries, snowballing demand for electricity, rising government focus on sustainable energy generation, and the presence of several leading market players in the region, including Siemens Gamesa Renewable Energy, Vestas, and Nexans.
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