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Growth of the Global Offshore Wind Market to be Fostered at a CAGR of around 17% during 2019-2027

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The recently published report titled Offshore Wind Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global offshore wind market in terms of market segmentation by component type, by location, and by region.

On the basis of component type, the global offshore wind market is bifurcated into turbine, substructure, electrical infrastructural, and others; and by location into shallow, transitional and deep water.

The global offshore wind market is anticipated to record a CAGR of approximately 17% over the forecast period i.e. 2019-2027.

Offshore wind generates renewable energy and does not emit any environmental pollutants or greenhouse gases. This is anticipated to propel the growth of the market. Moreover, the cables used to transmit electricity generated by offshore wind turbines to the grid are buried deep in the sea floor which prioritize the distribution of electricity.

Furthermore, offshore wind turbine components are easier to transport as they are transported by ships and barges, that reduces some of the logistic challenges encountered by land-based wind components due to their transportation through narrow roads and tunnel which is also anticipated to positively impact the growth of the market.

On the basis of regional analysis, the global offshore wind market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

The market in Europe, particularly in Europe is projected to show a notable growth over the forecast period. Germany and the UK are the major contributing nations in this regard. Government regulations have significantly encouraged offshore wind power generation along with the reduction in cost with the application of new technology in these countries are among the major factors expected to drive the growth of the market throughout the forecast period. The market in China is also anticipated to witness a considerable growth owing to increase in energy consumption in the country which in turn leads to the adoption of offshore wind energy.

Strong Offshore Wind During Day

Offshore breezes are typically stronger during the day, resulting in more stable and efficient energy production when consumer demand is at peak. This is estimated to drive the growth of the market during the forecast period.

Additionally, Government regulations and policies regarding the shift toward renewable energy resource along with the adoption of resources that prevent environmental degradation is also expected to drive the growth of the market.

However, high cost required for the installation of the offshore wind power farms along with the adverse effect to marine life is expected to operate as a key restraint to the growth of the global offshore wind market over the forecast period.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global offshore wind market which includes company profiling of Enercon GmbH, Siemens AG, General Electric Company, Nordex SE, Vestas Wind Systems A/S, Suzlon Group, Sinovel Wind Group Co., Ltd, Adwen, Doosan Heavy Industries and Construction Co., Ltd. , Senvion S.A. and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global offshore wind market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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