Offshore Wind Market Recent Developments, Trends, Industry Size, Share and Growth Analysis From 2022 To 2030

Offshore Wind Market Overview

The Offshore Wind Market was estimated with a global market value of $2 727 thousand in 2016. Given the potential growth expected for the market in its forecast period, the market is again predicted to stand at $11 344 thousand by the end of its forecast period. The forecast period of the market is predicted from 2016 to 2023. Within this, the market has a constant growth rate of 19.6% of CAGR.

The wind powers have been pretty much utilized by the farmers with the help of the wind farms constructed on the shores. This is done just in order to shelter lakes and fjords and for electricity generation. The market has been potentially driven by multiple factors that have contributed to its growth and development of the same. The turbine technologies have played a major role in enhancing its popularity among more farms and installing floating wind turbines. There has been a constant awareness among consumers regarding the environmental issues that have escalated the production of solar as well as wind power. This has contributed majorly towards reducing the harmful emissions from chemical-based products and equipment.

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Along with this, there are also several ongoing projects in the Offshore Wind Market that have appointed high technologies in order to improvise the infrastructure of the ongoing projects. Factors like such are responsible for driving the market dynamics. Apart from this, several key players also plan and participate in potential strategies that make it possible for the market to succeed in its efficiency of marketing and evaluation.

But the projects in the Offshore Wind Market often require high capital investments to maintain the equipment and the labor cost. In case there are no potential investments, often huge losses are seen for the same. Logistics issues are also one of the main reasons that remain upfront in the market growth. At times, the harsh marine environment makes it pretty difficult for the sigh speed functioning machines. The lack of accessibility to equipment installation during the global pandemic was another negative impact on the market dynamics. The lockdowns imposed led to straight-rising raw materials prices that put several retailers and manufacturers at a loss. Despite all the restraining factors, healthy and substantial growth is predicted for the market in its forecast period.

Market Segmentation

The Offshore Wind Market is divided into components and locations based on several factors.

The division by components includes towers, turbines, nacelle and blades and electrical infrastructures. By location, the market is again divided into shallow water, transitional water and deep water.

Regional Analysis

The Offshore Wind Market is divided into various regions of North America, South America, and Asia-Pacific, along with certain regions of Europe, followed by Australia. The market has been geographically dominating these regions.

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Recent Developments

The Offshore Wind Market has several key players that potentially function in the market dynamics to bring about potential growth and development. Some of them are the Gamesa Corporation Technologica, the China Ming Yang Wind Power Group Limited and Siemens Wind Power.

In 2019: One of the firms, Siemens Gamesa Renewable Energy, collaborated with Orsted 900 MW wind farm in Taiwan to achieve high-quality offshore wind turbines.
Key Players

General Electric (US)
Siemens Gamesa Renewable Energy SA ( Germany)
MHI Vestas Offshore Wind (Denmark)
Senvion SA (Luxembourg)
Doosan Heavy Industries & Construction (South Korea)
Suzlon Energy Limited (India)
Dong Energy A/S (Denmark)
EEW GROUP (Germany)
ENERCON GmbH (Germany)
Goldwind Wind Energy GmbH (China)
ABB (Switzerland)
Engie (France)
Ørsted A/S (Denmark)

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Table of Content:

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.3 Market Structure

3 Research Methodology

3.1 Primary Research

3.2 Secondary Research

3.3 Market Size Estimation

3.4 Forecast Model

3.5 List Of Assumptions

3.6 Limitations Of The Study

4 Market Insights

5 Market Dynamics

5.1 Introduction

5.2 Market Drivers

5.3 Market Restraints

5.4 Market Opportunities

5.5 Porter's Five Forces Analysis

5.5.1 Threat Of New Entrants

5.5.2 Bargaining Power Of Buyers

5.5.3 Bargaining Power Of Suppliers

5.5.4 Threat Of Substitutes

5.5.5 Intensity Of Rivalry

5.6 Value Chain/Supply Chain Analysis

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