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Offshore Wind Energy Market is estimated to reach up to US$60,201.5 mn by 2025
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In order to strengthen their foothold, regional and local players alike invest in research and development activities. This is also intended to build high-capacity turbines and cost-effective products. It is important to note in this regard that foreign companies are considered excellent in terms of technological advancements. The prominent players in this market include Goldwind Science Technology Co., Ltd., GE Wind Energy, Suzlon Group, Dong Energy A/S, Vestas Wind Systems A/S, Nordex S.E., Gamesa Corporacion Technologica S.A., Siemens Wind Power, China Ming Yang Wind Power Group Ltd., and Sinowel Wind Group Co., Ltd.
This report by Transparency Market Research has estimated that in 2017 the value of the Asia Pacific offshore wind power market was valued at US$8,960.8 mn in 2017 and is estimated to reach up to US$60,201.5 mn by 2025, with a health CAGR of 22.4% over the forecast period 2017-2025.
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China Dominates Market Due to Presence of Prominent Players
Among foundation types such as tripod, jacket, floating, monopole, and others, the others segment had a dominant share of 44.7% in the Asia Pacific offshore wind energy market in 2016. This others segment includes foundation types such as ground mounted foundations and high risk pile cap (HRPC). This report states that, geographically, China owns the leading share in the total market owing to the presence of some of the region’s leading players and large number of previously installed and planned offshore wind energy plants.
Favorable Environment Factors Make Offshore wind energy Preferable than Onshore wind energy
Offshore wind energy provides more benefits than existing onshore wind energy, which is expected to boost this market. Furthermore, factors such as high noise generation around onshore wind farms and complications related to land acquisitions are motivating industrial giants to adopt offshore wind energy over onshore wind energy. Moreover, feasibility of land, which is affected by the environmental conditions of land to construct onshore wind farms are channeling the market of onshore wind energy to offshore wind energy. These trends are expected to fuel the market for offshore energy for the forecast period.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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