The global Offshore Wind Energy Market will be worth USD 106.10 Billion by 2027, according to a current analysis by Emergen Research. The emergence of technologically advanced platforms powered by Artificial Intelligence, robotics, machine learning, data analytics, and the Internet of things, Big data, the cloud help maintain wind energy and monitor the turbine’s energy level statistics. The technologies also help the turbines in reserving more energy for no wind situations and reduce the risks of damage by giving prior information about system failures.
The technological development of offshore wind turbines has increased capacity, reduced the weight of the wind turbines, and made the blades mores stronger and durable. The advancements have reduced the overall cost of offshore wind energy, which is expected to drive the system’s demand.
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Key Highlights From The Report
- The Fixed structure held the largest market share of 57.5% in the year 2019. Cost-effectiveness and ease of operation of the fixed structure have resulted in the segment’s increasing demand.
- Deep water (>60m Depth) is forecasted to grow with the fastest CAGR of 15.9% over the forecast period. The reductions in installations cost, improved engineering of turbines, and the development of turbines with floating substructures are expected to drive the segment’s demand.
- The Turbines accounted for the largest market share of the offshore wind energy market in 2019. Technological advancements of the turbines increased its capacity, which resulted in the requirement of fewer turbines to produce the same amount of power.
- Key participants include Vestas, General Electric Company, Adwen, Doosan Heavy Industries and Construction Co., Ltd, Siemens Gamesa Renewable Energy, S.A., Senvion SA, Sinovel Wind Group Co., ABB, Ltd., Nexans S.A., and Nordex SE, among others.
Emergen Research has segmented the global Offshore Wind Energy Market on the basis of Installation, Location, Component, and region:
- Installation Outlook (Revenue, USD Billion; 2017-2027)
- Floating structure
- Fixed Structure
- Location Outlook (Revenue, USD Billion; 2017-2027)
- Shallow Water (<30m depth)
- Transitional Water (30m-60m Depth)
- Deep Water (>60m Depth)
- Component Outlook (Revenue, USD Billion; 2017-2027)
- Electrical Infrastructure
The report offers a comprehensive analysis of the current growth opportunities for various regions of the Offshore Wind Energy market, calculating their revenue share over the forecast timeline. Furthermore, the report analyzes the year-on-year growth rate of these regions over the forecast duration. The leading geographic regions encompassed in the report include:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Factors influencing market remuneration:
- The global Offshore Wind Energy market report includes a detailed study of the product spectrum of the market and further describes the different product types, including One-sided, Two-sided, and Others.
- The report zeroes in on the overall market dynamics and presents information with regard to the producers and distributors, manufacturing cost structure, and downstream buyers.
- Details pertaining to the expected growth rate, industry share, revenue accumulated, and product segmentation are depicted in this report.
- The application landscape of the global Offshore Wind Energy market can be categorized into For Human, For Animals, and Others.
- The study further examines the industry share and product demand of each application, coupled with the predicted growth patterns of the various application segments.
- Other vital factors, such as market concentration ratio and raw material processing rate, have also been covered under the latest study.
Table of Content:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Offshore Wind Energy Market Segmentation & Impact Analysis
4.1. Offshore Wind Energy Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
22.214.171.124. Increasing demand for electricity
126.96.36.199. Increasing initiatives of the government to reduce carbon emissions
188.8.131.52. Favorable government regulations
184.108.40.206. Technological advancements of the renewable energy sources
220.127.116.11. Increasing investments in wind power projects
4.2.3. Market restraints analysis
18.104.22.168. High installation cost of the offshore wind turbines
22.214.171.124. Heavy investment for the production of the offshore wind turbines
126.96.36.199. Increasing adoption of solar energy or gas-based power
188.8.131.52. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
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