Offshore Wind Market - Increasing the Utilization of Renewable Energy for Power Generation Has Contributed to the Growth of Global Market Showing a CAGR of 15.41%


Boonton, NJ -- (SBWIRE) -- 10/22/2018 -- Market Analysis:

According to Verified Market Intelligence, The Global Offshore Wind Market was valued at USD 22.42 billion in 2016 and is projected to reach USD 81.44 billion by 2025, growing at a CAGR of 15.41% from 2017 to 2025.

Offshore wind power is a method of producing electricity from wind energy by using the wind farms constructed in water bodies usually in the ocean. The wind speed available at the offshore is higher as compared to on land. Therefore, electricity generated by offshore wind power is higher per amount of capacity installed. Offshore wind power comprises of many inshore water areas such as fjords, lakes, deeper-water areas, and sheltered coastal areas. It mainly utilizes traditional fixed-bottom wind turbine technologies along with floating wind turbines in order to generate electricity. Increasing the utilization of renewable energy for power generation has contributed to the growth of the offshore wind market.

PDF Sample Analysing current Industry Scenario with Trends -

Increasing focus on water conversation, energy-efficiency permissions and government incentives and growing energy demand along with increasing share of renewable energy in the power generation mix have been driving the global offshore wind market. While high investment cost and concerns associated with maintenance & logistics might hinder the overall growth at a global level.

The "Global Offshore Wind Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as MHI Vestas, Siemens Gamesa, GE Renewable Energy, Adwen Offshore Inc., Statoil, Orsted, ABB ltd., Senvion, Sinovel, and Petrofac Inc. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.