Offshore Wind Energy Market Technology 2019 - 2026 | Top Vendors MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Mi

Offshore wind energy is the technology used to generate electricity by wind using wind turbines constructed near the coastline of oceans and lakes. Offshore wind energy offers various advantages such as generation of energy from renewable sources. The energy is generated at higher speed on offshore as compared to onshore, which positively impacts the market growth.

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Key players operating in the global offshore wind energy market include MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy, S.A., J.J Cole Collections, Sinovel Wind Group Co., Ltd, Erndtebrücker Eisenwerk Gmbh & Co. Kg, Northland Power Inc., ABB Ltd., Ming Yang Smart Energy Group Limited, Adwen GmBH, General Electric Company, A2SEA A/S, Nexans, and others.

The offshore wind energy market is driven by increasing demand for renewable sources in power generation. Increasing energy consumption and rise in environmental concerns regarding depletion of natural resources are major factors increasing demand for renewable sources in power generation. For instance, according to the Electronic Industries Alliance (EIA) organization, the total world energy consumption is expected to increase from 575 quadrillion British thermal units (Btu) in 2015, to 736 quadrillion Btu in 2040, which is an increase of 28%. Therefore, increasing energy consumption is propelling demand for renewable sources in power generation, in turn positively influencing growth of the offshore wind energy market.

North America is expected to witness lucrative market growth over the forecast period in the global offshore wind energy market. The growth is attributed to increasing demand for wind energy and rising investment in the wind energy sector in North America. The U.S. and Canada are major contributing economies in the wind energy sector. According to the U.S Department of Energy, around US$ 50 billion would be saved from the global damage of greenhouse gases by introducing offshore wind projects in the U.S.

Furthermore, the high presence of key players in North America is driving growth of the offshore wind energy market in this region. For instance, the turbine manufacturers such as Bergey Wind Power and Kelso Energy LTD is focused on updating its turbines with advanced technologies such as onboard sensors and advanced rotor with features of injection and compression moulding.

Asia Pacific is expected to hold the significant market share over the projected period in the market. In addition to this, the region pegged for 2.12 GW in 2018 during the projected period in the global offshore wind turbine market.

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