Offshore Wind Energy Market Astonishing Growth with Key Players :Siemens, Vestas, Vattenfall, General Electric, Suzlon, Vestas, Dong Energy, Samsung Heavy Industries, Nordex, ABB Group, Senvion among others

Offshore wind provides the electrical energy on the continental shelf to harvest the wind energy. Wind speed is generally stronger and steady at the offshores than on the land. Offshore wind turbines are also located near to coastal areas eliminating the need for new overland transmission lines. Slight increase in speed of wind can generate a significantly greater amount of electricity, as the potential energy of wind is directly proportional to the cube of wind speed.

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In 2016, Europe was the leading region in the offshore wind market with a market share of 56.99% and is expected to reach US$ 39.39 billion by 2025 with a CAGR of 12.9%. The main reason for the expansion of offshore wind market in Europe is owing to its favorable weather for the offshore wind market. According to Global Wind Energy Council (GWEC), 2016, out of all the offshore wind installations, around 88% were located in costal waters of 10 European economies and remaining installations (around 12%) was located in China, Japan, Taiwan, South Korea, and the U.S.

Due to favorable weather conditions in Europe, shallow water wind turbines are majorly installed in the region. On the basis of components, turbines components are the major contributor to the growth of offshore wind market. Different components of turbines such as, tower, rotator, blade, and nacelle have the highest share of the capital cost. Larger the turbine, more energy it produces when it rotates.

Europe led the offshore wind market, which is expected to lead the market and valued at US$ 13.27 billion in 2016. The region is projected to witness a CAGR of 12.9% in terms of revenue during the forecast period 2017 - 2025.

Major Players in the Global Offshore Wind Market: Siemens, Vestas, Vattenfall, General Electric, Suzlon, Vestas, Dong Energy, Samsung Heavy Industries, Nordex, ABB Group, Senvion among others

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