Offshore Wind Energy Market Growth Accelerating at a Rapid Pace due to Innovative Strategies

Rise in the demand for electricity and preference toward the use of renewable sources of electricity present numerous opportunities for market expansion. Moreover, increase in investments by governments and usage of offshore wind energy as substitutes to reduce greenhouse emissions are further anticipated to boost the overall growth of the market. However, high costs associated with initial installations and infrastructure of expensive components are expected to hamper the overall industry growth.

Global offshore wind energy market was valued at $2,727 thousand in 2016, and is projected to reach at $11,334 thousand by 2023, growing at a CAGR of 19.4% from 2017 to 2023. Offshore wind energy is one of the most effective and robust sources of energy, which helps in the reduction of CO2 emissions and thus replace fossil fuels. Similar to land-based wind technologies, offshore wind makes use of wind turbines to generate electricity, which is delivered to the shore through an export cable.

The main advantage of installing offshore wind energy is the consistent and stronger winds, which blow offshore allowing the use of larger horizontal turbine blades. This has fueled the industry growth as demand for installation of high capacity offshore wind energy projects is anticipated to witness significant momentum over the coming years.

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In 2015, Europe accounted for the maximum share of the global market, in terms of volume, and is expected to continue this trend, owing to increase in urbanization, specifically in Denmark, Belgium, and the Netherlands. Moreover, rise in urban population with increased per capita disposable income and growth in overall demand for renewable energy sources drive growth of the European market.

The major companies profiled in the report include Siemens Wind Power, Vestas Wind Systems A/S, Goldwind Science and Technology Co. Ltd., Gamesa Corporacion Technologica SA, GE Wind Energy, Sinovel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, and China Ming Yang Wind Power Group Limited.

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Key Benefits:
• Major countries in each region are mapped according to individual market revenue.
• A comprehensive analysis of factors that drive and restrict the global Offshore Wind Energy Market growth is provided.
• The report includes an in-depth analysis of current research and clinical developments within the market.
• Key players and their key developments in recent years are listed.

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