Global Offshore Wind Power Market

The GMI Research speculates that the Offshore Wind Power Market will perceive growth in demand over the forecast period. This is because of the initiation of sophisticated and economical solutions, intensified concentration to decrease carbon discharge, and the strategic initiatives by the government.

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Introduction of the Offshore Wind Power Market

Offshore wind power refers to the implementation of wind farms developed in water bodies to modify wind in electricity. The speed of wind is more than land; thus, a small growth in wind speed captivates a greater energy production.  

Key Players of Market:

• MHI Vestas Offshore Wind
• ABB Ltd
• Siemens AG
• Nexans SA
• General Electric Co
• EEW Group
• Sinovel Wind Group Co. Ltd
• Dong Energy A/S
• Equinor Energy AS
• Vestas Wind Systems A/S

Offshore Wind Power Market Dynamics

The augmenting initiatives by the government to curb carbon trace, aggravating demand for power, and the expansion in the share of reprocessing able energy in power generation, as well as their economic nature over the conventional turbines, are stimulating the growth of the global offshore wind power market. In addition, conventionally, the price of offshore wind power was more than the onshore because of the technically arduous designs covering both hydrodynamic and aerodynamic models of offshore turbines. Also, the ongoing extension in the potential, improvement in design, up-gradation of a wind turbine is energizing the market demand. Furthermore, the constant technological modernizations in the turbine tools have persuaded producers to decrease cost and total mass.  Thus, this factor has raised the offshore wind power market share.

Components Segment Drivers

As per the components, the market is sub-segmented as substructure, turbine, electrical infrastructure, and others. The turbine amongst all is contemplated to fuel at a higher rate during the forecast period. The turbine inculcates all the required components, including tower, rotor, nacelle, and blades, used to create electricity. Moreover, the technological modernization in the equipment and its shrinking prices has driven the offshore wind power market opportunities.

Location Segment Drivers

Based on location, the deep water is predicted to perceive a notable growth over the forecast period. Their installation is easier in lower-level depth, is convenient, and helps to decrease capital expenditure. Moreover, the augmenting tendency of deepwater installation as a result of the mounting investment across different countries in the floating offshore power projects, normally installed in deeper locations, is thereby driving the offshore wind power market size.

Offshore Wind Power Market Segmentation:

Segmentation by Component

• Turbine
• Nacelle
• Rotors and Blades
• Tower
• Substructure
• Monopile
• Jacket and Gravity Based
• Others
• Electrical Infrastructure
• Others

Segmentation by Location

• Shallow Water (< 30m Depth)
• Transitional Water (30m – 60m Depth)
• Deep Water (> 60m Depth)

Segmentation by Region:

• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• RoW
  • UAE
  • Brazil
  • South Africa
  • Saudi Arabia

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