Offshore Wind Energy Market Growth & Companies - (Enercon, Vestas, GE, Nordex Group, Siemens Gamesa, Senvion, MHI Vestas Offshore Wind, Goldwind, Envision Energy, Suzlon, IMPSA, Prysmian Group, General Cable, Furukawa Electric LatAm, Southwire, Nexans,)
Robust technological developments in the niche of turbine design for improved energy efficiencies along with production of cost-effective structures will create more opportunities for offshore wind energy market size expansion.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
4. Nordex Group
5. Siemens Gamesa
7. MHI Vestas Offshore Wind
9. Envision Energy
11. Wobben Windpower
13. Prysmian Group
14. General Cable
15. Furukawa Electric LatAm
18. LS Cable & System
Technological advancements, positive outlook for adoption of offshore wind energy coupled with supportive government initiatives are the major factors driving offshore wind energy market growth. In addition, introduction of variable transmission devices, superconducting generators and improved generator speed will also supplement industry outlook.
Growing utilization of high voltage array cables and improved technologies for production of efficient cooling systems is estimated to transform wind energy market trends over the coming years.
Rise in allocation of funds by regulatory bodies for development of wind projects is estimated to stimulate offshore wind project market. For instance, European Union funded FOWPI (First Offshore Wind Project of India) with a target to build a 1000 MW offshore wind farm in support of support National Institute of Wind Energy and Ministry of New and Renewable Energy, in their vision to consolidate the region's offshore wind energy sector.
In 2017, the UK offshore wind energy market amassed substantial gains with an estimated revenue generation of over $8 Billion. Reforms for carbon emission reduction, favorable regulatory measures and energy security initiatives across the region offer major avenues for offshore wind energy market growth over the forecast timeframe.
Moreover, increasing investments by prominent offshore wind market players across the region to explore the offshore potential that is still untapped will further supplement regional growth. In 2017, an allocation of over $50 billion was invested in the region and the major input for the fund was sourced from project level mergers, new assets and public market transactions.
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Overall, considering the favorable business environment and presence of supportive government regulations, market is set to clock in a momentous period of growth in coming years. In terms of revenue, global offshore wind energy market size is projected to surpass $60 billion by 2024.
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