Offshore Wind Energy: A Potential Market to Invest by 2022

The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, registering a CAGR of 15.32% from 2017 to 2022. The global market is witnessing significant growth due to rising energy demand coupled with increasing share of renewables in the power generation mix, regulations on energy efficiency, growing trend of industrialization and increased urbanization, regulations to ensure efficiency and utilization of energy.

The shallow water segment is expected to hold the largest share of the offshore wind market, by location, during the forecast period.

Among the three-water depth location for offshore wind turbines, shallow water is expected to hold the largest share during the forecast period. The development of shallow water is generally cost effective due to better weather conditions, whereas, installing wind turbines in deep water becomes expensive due to high maintenance cost. However, offshore wind turbines are getting installed in all three water locations depending on the region, turbine capacity, and wind speed. Shallow water condition mostly prevails in the European countries due to favorable weather conditions. The major players that provide turbines which can be installed in shallow water includes Siemens AG (Germany) and MHI Vestas (Denmark), among others.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253452593

The electrical infrastructure segment is expected to be the fastest growing offshore wind market, by component, during the forecast period.

The electrical infrastructure segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the growth of offshore substation, land-based transmission infrastructure, and cables and accessories related to the offshore wind turbines. Offshore substation controls the electric system of the turbine and increases the voltage of electricity produced by the wind turbines to reduce electrical losses. Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect the wind farm project to the power grid. The last most important component of an electrical infrastructure is the cable and are primarily of two types, namely, inter-array cables and export cables. Inter-array cables connect the turbines to the offshore substation while the export cables are used to transmit the power from offshore substation to the onshore substation and power grid.

Asia Pacific: The second largest market for offshore wind.

This region is expected to grow at second position followed by Europe due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and offshore wind forms an integral part of renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in emerging markets in Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for alternative source of energy to diversify their energy mix to reduce CO2 emission. The other major drivers include strict government regulations on energy efficiency.

Request Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=253452593

Some of the leading players in the offshore wind market includes Siemens AG (Germany), ABB Ltd. (Switzerland),  MHI Vestas (Denmark), General Electric (U.S.), EEW Group (Germany), A2Sea (Denmark), Nexans (France), among others.

Scope of the Report

This study estimates the global market for offshore wind, in terms of USD, till 2022. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market. These include an analysis of the supply chain, a competitive landscape, market dynamics, market estimates in terms of value, and future trends in the offshore wind market.

Content Source: https://www.marketsandmarkets.com/PressReleases/offshore-wind.asp

Offshore Wind Market Revenue to hit $55.11 Billion by 2022

The offshore wind market is projected to reach USD 55.11 billion by 2022, at a CAGR of 15.32% from 2017 to 2022. The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its   renewable energy targets for 2020. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market. The offshore wind market is gaining acceptance due to its high capacity factor which makes it an important renewable resource to help in the reduction of CO2 emissions. Moreover, countries like China and the U.S. are also focusing on emission reduction.

North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253452593

With regard to the substructure segment, others segment which includes floating substructure, is expected to grow at the fastest pace during the forecast period from 2017 to 2022. These types of substructure allow the turbines to generate electricity in deep water location where bottom-mounted towers are not feasible. Countries like the U.S. and japan have favourable deep water location for the installation of turbines. Floating substructures would grow at a faster pace because they offer environmental benefits due to less construction activity required on the seabed and would be suitable for deep water locations.

The offshore wind market is dominated by a few key players such as Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others.

Offshore Wind Market Emerging Trends, Growth and Opportunities to 2022

The Offshore Wind Market is expected to grow from an estimated USD 27.02 Billion in 2017 to USD 55.11 Billion by 2022, at a CAGR of 15.32% from 2017 to 2022. The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment. The offshore wind is gaining acceptance due to its high capacity factor which makes it an important renewable resource to help in the reduction of CO2 emissions. Moreover, countries like China and the U.S. are also focusing on emission reduction.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253452593

The report segments the offshore wind market on the basis of component such as turbine, substructure, and others (logistics and transportation, and assembly and installation). The turbine segment is projected to dominate the offshore wind market. This is mainly because it contains most important components such as nacelle, rotor and blades, and tower which helps to generate electricity. Moreover, turbine cost accounts for the maximum share in the overall cost of the offshore wind project. The market in Europe is the largest for turbines, where in, companies like MHI Vestas (Denmark) and Siemens AG (Germany) among others manufacture turbines with high capacity and cater the needs of wind farms all across the globe. The market in Europe is currently the largest market for offshore wind, followed by Asia-Pacific and North America. Growth in the region is primarily driven by the U.K., Germany, and Denmark. The U.K. is expected to dominate the offshore wind market.

The market in Asia-Pacific region is expected to grow at the second position followed by the market in Europe, due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and the offshore wind forms an integral part of the renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in the emerging markets of Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for an alternative source of energy to diversify their energy mix to reduce CO2 emissions. The other major drivers include strict government regulations on energy efficiency.

Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=253452593

North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

The leading players in the offshore wind market are Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others.