Global Offshore Wind Market Envisioned to Generate Revenue of $61,443.7 Million and Grow at a CAGR of 12.9% during the Analysis Timeframe from 2021-2028 [170-Pages] | Research Dive
The global offshore wind market is expected to see striking growth by 2028, due to the rising investment in clean energy sources. The shallow water sub-segment is expected to be the most lucrative. The Asia-Pacific region is expected to be dominant.
NEW YORK, June 1, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Offshore Wind Market by Product (Components, Structures, and Service), Location (Shallow Water, Transitional Water, and Deep Water), and Regional Analysis (North America, Europe, and Asia-Pacific): Global Opportunity Analysis and Industry Forecast, 2021–2028."
According to the report, the global offshore wind market is projected to generate a revenue of $61,443.7 million and rise at a CAGR of 12.9% during the forecast period from 2021-2028.
Dynamics of the Market
With the increasing investments by governments of various countries in clean energy sources owing to reduce carbon emissions all across the globe, the market is expected to experience significant growth during the analysis timeframe. Besides, the rising electricity demand and the growing concern for non-renewable energy sources are the factors expected to bolster the growth of the offshore wind market over the forecast timeframe. Moreover, the increasing government initiatives to minimize greenhouse gas is expected to create wide-ranging growth opportunities for the market throughout the estimated timeframe. However, the high capital costs and logistics issues may hinder the growth of the market during the analysis period.
Segments of the Market
The report has been divided the offshore wind market into segments based on product, location, and region.
- By product, the components sub-segment is predicted to be most profitable and is expected to generate $36,866.2 million during the analysis period. Increasing investments in the renewable energy sector is predicted to magnify the growth of the market sub-segment during the forecast period.
- By location, the shallow water sub-segment is projected to be most lucrative and is expected to garner a revenue of $42,396.1 million during the estimated period. The lower costs of the foundation and electrical structures of the shallow water sub-segment than that of the deep-water sub-segment are the factors expected to foster the growth of the offshore wind market sub-segment over the forecast period.
- By region, the Asia-Pacific region is expected to hold the maximum share of the market and is projected to generate a revenue of $31,502.2 million and grow at a CAGR of 13.2% over the analysis time period. The increasing awareness about the detrimental effect of fossil fuels on the climate is predicted to drive the regional growth of the market during the forecast timeframe.
Region: North America has an Aggressive Growth rate for Offshore Wind Market (Avail Customization)
Covid-19 Impact on the Market
Due to the transmission of a novel coronavirus, the global offshore wind market is badly impacted, likewise various other industries. This is mainly because of the stringent guidelines and restrictions imposed by the governments of many countries to check the spread of the deadly virus. This led to the shutdown of several manufacturing companies and reduced the overall production. Moreover, the restrictions on travel have impacted the installation and maintenance services which paused the completion of offshore wind projects. These factors have declined the growth of the market during the period of crisis.
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Key Players of the Market
The major players of the offshore wind market include
- DEME
- Shanghai Electric Wind Power Equipment Co.
- Nexans
- Siemens Gamesa
- General Electric
- Vestas
- Envision
- EEW
- Nordex SE
These players are widely working on the development of new strategies and tactics to obtain the leading positions in the global industry.
For instance, in November 2021, Ocean Winds, a renowned company empowering clean and endless wind energy has announced its collaboration with Principle Power, a leading global technology and service provider. With this collaboration, the companies are aiming to work on a 25 MW WindFloat Atlantic project to deliver the floating platform as the first commercial-scale floating wind tender in France.
In addition, the report also presents other vital aspects such as product portfolio, the latest strategic development, SWOT analysis, and the financial performance of the key players.
More about Offshore Wind Market:
- Why Offshore Wind Farms are Better than Onshore Wind Farms?
- Collaborations Like that of Northland Power Inc. with RWE Renewables GmbH to Drive the Global Offshore Wind Market
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