Offshore Wind Energy Market share trends segmentation and forecast by 2027

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 speeds on offshore than on onshore, which positively impacts the market growth.

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Furthermore, according to the Department for Business, Energy & Industrial Strategy, electricity generated in Q1 of 2018, in the U.K. had a share of 30.1% of renewables, which was around 27% in Q1 2017. In Q1 2018, around 53.2% increase was observed in offshore wind electricity generation. Thus, increasing offshore wind energy generation is expected to fuel the market growth in the near future.

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.

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.

Detailed Segmentation:

Global Offshore Wind Energy Market, By Foundation:
Floating
Bottom Founded

Global Offshore Wind Energy Market, By Component:
Turbine
Substructure
Others

Global Offshore Wind Energy Market, By Location:
Shallow Water
Transitional Water
Deep Water

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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.

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