Press release
Offshore Wind Power Market: How the Business Will Grow in 2026? Prominent Players: Hitachi, General Electric, ABB, Siemens Gamesa, Goldwind, Nordex Group, MHI Vestas Offshore Wind, Senvion S.A., Envision Energy
Offshore Wind Power Market
Sample PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/offshore-wind-power-market-100148
Analysis by Top Key Players:
General Electric
ABB
Siemens Gamesa
Hitachi
Goldwind
Nordex Group
MHI Vestas Offshore Wind
Senvion S.A.
Envision Energy
Adwen Offshore
Suzlon Wind Energy Corporation
Ming Yang Smart Energy
"Demand for 1MW to 5MW Capacity is Expected to Rise"
Offshore wind power is used in different capacities. Among these, 1MW to 5MW capacity is expected to cover a major share in the global market. This is followed by up to 1MW capacity segment. The demand for offshore wind turbines is likely to increase in deep water and shallow water. Shallow water is expected to account for a major share in the global market. Installing wind tower especially in lower depth water is easy and helps to reduce capital expenditure.
"Increasing Investments in Offshore Wind Projects to Promote Growth in Europe"
Europe is expected to lead the global offshore wind power market with an increasing number of investments in offshore wind projects. Furthermore, the region is likely to hold a major share in the global market owing to favorable government initiatives. Other factors likely to drive the market are energy security initiatives and decarbonization reforms in Europe. The market in Asia Pacific is anticipated to grow at a considerable rate owing to the overall economic growth. In addition to this, massive wind power potential in countries such as Indonesia, China, and Australia are expected to register growth opportunities by 2025.
Other regions such as Latin America, North America, and the Middle East & Africa are likely to remain strong in the forecast years.
"Need to Reduce Carbon Emissions Bodes Well for the Market"
The growth of the market is attributable to rising demand for clean energy across the globe, said a lead analyst at Fortune Business Insights. This will further lead to a reduction of carbon emissions and rising demand for generating electricity, which is expected to drive the market, he added.
Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/offshore-wind-power-market-100148
Governments across the world are planning to take possible initiatives in order to fulfill the rising demand for electricity. This, coupled with a lower installation cost of wind power, is expected to boost the offshore wind power market. This, in turn, is anticipated to augment demand for offshore wind turbines in the coming years.
The demand for sustainable offshore energy can encourage companies to establish offshore wind power plants. The introduction of offshore wind turbines helps to generate electricity, which as a result is expected to evolve the offshore wind power market. The advancements in offshore wind technologies is also anticipated to be a potential growth enabler in the market. These advancements include advanced rotors and onboard sensors in offshore wind turbines.
"Mounting Costs Associated with Establishing Power Plants to Restrict Growth"
The huge capital cost involved in operating a power plant may inhibit the growth of the offshore wind power market. The onshore wind power installation involves less cost than offshore installation. The presence of alternatives is encouraging companies to focus on other forms of green energy such as biogas, solar, CHP, and others.
"Senvion S.A. Partnered with Renexia to Expand its Product Portfolio"
In March 2019, Royal Dutch Shell signed an agreement with Eneco and Van Oord to start two offshore wind farm projects with a capacity of 750 MW. Companies are planning to adopt different strategies to strengthen their market share and stay ahead of the competition. For instance, Senvion S.A. joined hands with Renexia in March 2019. The objective was to install an offshore wind farm in the Italian Mediterranean Sea.
Some of the other leading players operating in the global offshore wind power market are MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy S.A., Adwen, Suzlon Energy Limited, ABB Ltd., Hitachi Ltd., Senvion S.A., Ming Yang Smart Energy Group Co., General Electric, Nordex SE, Envision Energy, and Goldwind.
Complete Report: https://www.fortunebusinessinsights.com/industry-reports/offshore-wind-power-market-100148
Contact:
Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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