The global offshore wind energy market is anticipated to grow at a CAGR of around 14.6% during the forecast period. A variety of factors such as growing awareness towards green energy, diversified wind energy application, and so on are significantly contributing to the growth of the offshore wind energy market. The market is growing rapidly as offshore winds are much steadier than on land implicating a more reliable source of energy. Offshore wind farms are providing renewable energy without consumption of water and not emitting environmental pollutants or any harmful gases. The future growth of an offshore wind energy market is predicted to increase due to the rising technological advancement and innovation of offshore wind farms and government incentives across the globe. However, some factors are limiting the growth of the market such as technological and economic challenges, lack of energy storage and transportation facility and unpredictable water calamity such as storms. Moreover, the government supportive initiatives and investment related to wind energy generation further projected to create a significant opportunity in the market.
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key factor to drive the market growth is the increasing use of wind power in many regions such as Europe, North America and Asia-Pacific will be driving the growth of the market. For instance, according to win Europe, in 2020, Europe has installed 14.7 GW of new wind power capacity (gross installations). This is a 6% fall from the previous year. In 2020, the Netherlands will have the most wind power capacity built (1.98 GW). Offshore wind accounted for 75% of the total. The UK is set to add the most wind power in Europe, with a total capacity of 18 GW. Germany came in second (16 GW). France (12 GW), Sweden (7 GW), and the Netherlands (7 GW) are the three countries with the most nuclear power (6 GW). The next highest contributions would come from e (12 GW), Sweden (7 GW), and the Netherlands (6 GW).
Moreover, rising collaborations and partnerships among the major players in the market further propel the growth of the market. For instance, in January 2021, GE Renewable Energy has agreed to supply and service The 1.1 GW Ocean Wind offshore wind farm in New Jersey. The agreement covers the GE Haliade-X 12 MW wind turbine, with the option for Ocean Wind to use the 13 MW version, as well as a five-year Service & Warranty to provide operational support for the wind turbines. With this partnership, offshore wind energy will be bringing maximum benefit for environmental and economic development.
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Market Coverage
- Segment Covered-
o By Component
o By the depth of turbines
o By End-user
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- ABB Ltd. Siemens AG, Hitachi, Ltd., Vestas Wind System A/S, General Electric Co., and others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Offshore Wind Energy Market Report Segment
By Component
- Turbine
- Electrical Structure
- Support Structure
- Others
BY Depth of Turbine
- Shallow
- Transitional
- Deep Water
By Application
- Commercial
- Industrial
- Household
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