Offshore Wind Market: CAGR of 16% from 2017 to 2023: Industry Trends, Business Revenue Forecast and Statistics
Global Offshore Wind Market Report by Component (Turbine, Tower, BladesElectrical Infrastructure and Nacelle), By Location (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth)) and By Region - Global Forecast to 2023.
Pune, India -- (SBWire) -- 01/10/2018 --Market research future published a half cooked research report on Global Offshore Wind Market. The Offshore Wind Market is expected to grow at the CAGR of around 16% during the period 2017 to 2023
Offshore wind energy farms are constructed offshore on continental shelf to harvest wind energy to generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher amount of electricity can be generated through these installations.
Offshore Winds are steady and have faster speeds resulting in higher & reliable energy generation. The growth in this sector is due to the increasing demand for clean and reliable energy to reduce the global carbon emissions, and to maintain ecological balance by generating electricity through renewable resources. However, high initial capital cost of projects with high maintenance cost and logistics issues, can hinder the offshore wind market. The high tidal winds & bad weather conditions making offshore wind farms difficult for access in the event of problem rectification and preventive maintenance, will restrain the global offshore wind market.
Shallow water offshore wind market is expected to grow at the highest rate.
The shallow water offshore wind market is expected to hold a larger market size as compared to the other two prominent location segments of offshore wind market by. This is due to the proximity of the wind farm from the ground level to reach the site for daily maintenance and inspection. Also, the low capital cost of shallow water wind farm, as it costs less for infrastructure, low logistic charges and manpower charges is expected to grow the shallow water offshore wind market. All these factors will add to the growth of shallow water offshore wind market.
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The key players of global offshore wind market are
- Siemens AG (Germany),
- Vestas Wind Systems A/S (Denmark),
- General Electric Company (U.S),
- Senvion SA (Germany),
- Areva (France),
- Clipper Windpower, LLC (U.S),
- ABB Ltd. (Switzerland),
- Sinovel Wind (Group) Co., Ltd. (China),
- Doosan Heavy Industries & Construction (South Korea),
- Suzlon (India),
- A2SEA (Denmark)
- EEW-Group (Germany).
Offshore wind holds great potential in non-conventional electricity generation. The higher efficiency of the offshore wind farm is due to the steady offshore wind inputs as compared to land winds is resulting in the growth of offshore wind market. The main objective of offshore wind farm is to convert wind energy to electricity and propagate it as per requirement to the end user. These offshore wind farms are widely installed along continental shelves across oceans and seas.
Offshore wind market is classified based on their components as turbine, blades, electrical infrastructure and others. The turbine component is expected to lead the offshore wind market. Other most vital components which support electricity generation are nacelle, rotor and blades, and tower. Also, the turbines account for the maximum share of capital investment needed to build an offshore farm.
Global offshore wind market is expected to be very broad in the coming years. MRFR analysts have predicted that offshore wind industry is about to grow at a rapid pace, moreover, the Economic growth with emissions reduction have given the growth, a momentum. The market segmented into components and location. On the basis of component, it includes Turbine, Tower, Blades, Electrical Infrastructure and Nacelle. On the basis of location it is segmented as Shallow Water, Transitional Water and Deep Water. Geographically, Europe accounted for the largest market share of 88.57% in 2016, followed by North America, which is expected to grow at CAGR of 11.43% during the forecast period.
List of Tables
Table 1 Global Offshore Wind Market, By Component
Table 2 Global Offshore Wind Market, By Location
Table 3 Global Offshore Wind Market, By Regions
Table 4 North America Offshore Wind Market, By Component
Table 5 North America Offshore Wind Market, By Location
Table 6 U.S. Offshore Wind Market, By Component
Table 7 U.S. Offshore Wind Market, By Location
Table 8 Canada Offshore Wind Market, By Component
Table 9 Canada Offshore Wind Market, By Location
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List of Figures
Figure 1 Research Application
Figure 2 Global Offshore Wind Market: By Component (%)
Figure 3 Global Offshore Wind Market: By Location (%)
Figure 4 Global Offshore Wind Market: By Region
Figure 5 North America Offshore Wind Market, By Component (%)
Figure 6 North America Offshore Wind Market, By Location (%)
Figure 7 Europe Offshore Wind Market, By Component (%)
Figure 8 Europe Offshore Wind Market, By Location (%)
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