Offshore Wind Market:Size, Share, Analysis,Regional Outlook and Forecast 2020-2029
Posted by Nikhil Sharma on July 21st, 2022
Global Offshore Wind Market Was Valued At Usd 32,400.0 Million In 2021 And Is Expected To Reach Usd 95050.24 Million By 2029, Registering A Cagr Of 14.4% During The Forecast Period Of 2022-2029.
The Offshore Wind Market and Size
The offshore wind industry is expected to grow from 17 to 90 GW over the next decade, with offshore wind power accounting for 15% of the global wind industry. For instance, GE has invested more than 0 million in developing the most powerful offshore wind turbine—an investment that will lower the level cost of energy (LCOE) of offshore wind farms, making offshore wind energy more competitive for our customers. Moreover, offshore wind farms are estimated to undoubtedly play a critical role in meeting the future scaling-up of installed infrastructure for a renewables-based era. In this regard, an appropriate regulatory framework should consider site selection and, as a result, the rules of operation for these wind energy-driven projects. These determinants will significantly aid the market traction over the forecast timeframe.
Offshore Wind Market Dynamics
Wind energy has numerous advantages, so it is one of the fastest-growing energy sources. This has a significant economic impact in rural areas, which have the majority of the best wind sites. Farmers and ranchers can continue to work the land because wind turbines take up only a small portion of it. Wind power plant owners pay rent to farmers and ranchers to use their land, providing additional income to landowners. Wind energy is abundant and limitless, which also accelerates the market growth.
Furthermore, various developments coupled with the introduction of advanced technologies and energy-efficient solutions by the market players further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. For instance, the development of floating foundations have already proven to be effective even across harsh operating environments. The three main floating foundation concepts are the spar-buoy, semi-submersible, and tension leg platform. There are also variants, such as mounting multiple turbines on a single floating foundation. The increased advancements and innovation by key players offer lucrative growth opportunities.
The high capital cost prevents the implementation of offshore wind even after having a high capacity factor compared to related technologies such as solar and onshore wind. Offshore wind turbines are prone to erosion because they operate in harsh marine environments for decades. Even the most advantageous characteristics, such as high wind speeds, can become a disadvantage for offshore wind turbines. Moreover, offshore wind farms face more logistical challenges in general. Wind farms are typically located far from the shore and are difficult to access, particularly in bad weather. As a result, even minor technical issues can be difficult and costly to resolve. As a result, the global offshore wind market is hampered by high capital costs and maintenance, transportation, and logistics issues.
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Offshore Wind Market Scope
The offshore wind market is segmented on the basis of component, depth, installation, location and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Competitive Landscape and Offshore Wind Market Share Analysis
The Offshore Wind market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Offshore Wind market.
Key Players Offshore Wind Market
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Offshore Wind Market Regional Analysis/Insights
The countries covered in the Offshore Wind market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Research Methodology: Global Offshore Wind Market
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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About the AuthorNikhil Sharma
Joined: July 21st, 2022
Articles Posted: 15
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