Offshore Wind Market predicted to is poised to grow over USD 49,741.0 million by 2023 at an estimated CAGR of 11.12% through the forecast period | Report by Component, By Location, Transitional Water, Deep Water and By Region

Market research future published a half cooked research report on global offshore wind market. The offshore wind market is expected to grow over the CAGR of around 11.12% during the period 2017 to 2023.

Market Highlights

Offshore wind energy farms are constructed offshore on continental shelf to harvest wind energy to generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher amount of electricity can be generated through these installations.

Offshore winds are steady and have faster speeds resulting in higher & reliable energy generation.

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The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources. However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market. Also, high tidal winds and bad weather conditions making it difficult to access the offshore wind farms even for problem rectification and preventive maintenance will restrain the global offshore wind market.

Market Research Analysis

North-America region is expected to grow at the highest CAGR.

The offshore wind market in the Europe region is currently leading and is followed by North-America and Asia-Pacific market. But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.

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Scope of the Report

This study provides an overview of the global offshore wind market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Offshore Wind market by its component type, by location and by region.

By Component Type

  • Turbin
  • Substructure
  • Electrical Infrastructure
  • Others

By Location

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

By Regions

  • North America
  • Asia Pacific
  • Europe
  • Rest of the World

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Key Players

The key players of global offshore wind market are Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries & Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group (Germany).

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