[195+ Pages Report] According to a research report by Facts and Factors, the global offshore wind energy market in 2019 was approximately USD 36.07 Billion. The market is expected to grow above a CAGR of 13.5% and is anticipated to reach over USD 87.5 Billion by 2026.
Also called offshore wind power, offshore wind energy is the renewable energy production from the wind farms constructed off the shore to harvest wind energy for electricity generation. Offshore wind power includes deep water areas that utilize floating wind turbines and inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies.
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Offshore Wind Energy Market: Growth Factors & Market Dynamics
Rising awareness towards a replacement of existing conventional power generation technologies that utilize a substantial amount of fossil fuels whose emissions pollute the environment is expected to catalyse the offshore wind energy market growth. Favorable regulatory inclination towards efficient extraction of energy sources in addition to sustainable growth is anticipated to positively impact the market dynamics. Moreover, reduced human interventions, limited land utilization, and low maintenance are additional advantageous factors leading to a positive outlook towards offshore energy wind production.
The electrical infrastructure segment is anticipated to exhibit the highest CAGR during the forecast period. The high growth of this segment is owing to the growth of land-based transmission infrastructure, offshore substations, and accessories of offshore wind turbines. In the location segmentation for offshore wind turbines, the shallow water installations are anticipated to hold the largest share during the forecast period. The installation of wind energy systems in shallow water is considered to be cost-effective due to suitable weather conditions. The installation of wind turbines in deep water is expensive therefore is considered to be the less optimal solution. Despite the challenges and cost, the installation of offshore wind turbines is continued in all three water locations largely based on wind speed.
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Offshore Wind Energy Market: Opportunities & Challenges
The market is expected to grow at a significant rate over the forecast period owing to increased demand for renewable energy resources. The benefits associated with the installation of offshore wind energy platforms include limited land usage, reduced human intervention, and low maintenance.
Furthermore, governments across the world have a positive inclination towards optimum use of renewable energy resources in wake of changing climatic conditions that have benefitted the growth of the offshore wind energy market.
The offshore wind energy market research report delivers an acute valuation and taxonomy of the offshore wind energy industry by practically splitting the market based on component, location, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
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Offshore Wind Energy Market: Regional Analysis
Europe is expected to continue the trend of dominance owing to a higher presence of shallow water regions and increased government funding. The drive towards lowering carbon footprints and greenhouse emissions has further boosted the market growth. The Asia Pacific region is expected to hold a second position owing to government funding towards offshore projects. Japan is leading the way in the Asia Pacific region while other countries are expected to follow a similar trend. The growing industrialization is catalysing the need for higher energy demand from the power sector which in turn is propelling towards the adoption of renewable energy production solutions. The coastal countries in this region are focusing on power generation through renewable energy sources and offshore wind farms thus propelling the market growth. Technological advancement and clean energy consumption are expected to be key drivers propelling offshore wind energy installation thereby creating opportunities in major markets in the Asia-Pacific region, especially in countries like Japan, China, and South Korea.
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This report segments the global offshore wind energy market as follow:
Global Offshore Wind Energy Market: By Component Segmentation Analysis
- Electrical Infrastructure
Global Offshore Wind Energy Market: By Location Segmentation Analysis
- Shallow Water
- Transitional Water
- Deep Water
Key Insights from Primary Research
- Extensive interviews with CXO’s of the major companies operating in the global offshore wind energy market, the primary research concludes that the global offshore wind energy market to witness a substantial growth of nearly 13.5% over the forecast period.
- In the year 2019, the market was valued at approximately USD 36 Billion, 2019 and is expected to be valued over USD 87.5 Billion by 2026.
- On the basis of the component segment, electric infrastructure is expected to exhibit the highest growth rate during the forecast period. The major factor responsible for the market growth of electric infrastructure is the growth of land-based electricity transmission infrastructure.
- The shallow water installation is expected to register the highest growth among the location. The shallow water installation is expected to continue its dominating trend throughout the forecast period.
- Europe region is expected to be the largest revenue-generating region for offshore wind energy over the forecast period. The Asia Pacific regional market is expected to exhibit the highest growth in the global offshore wind energy market.
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