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Goals to Achieve Net-Zero to Nurture Fruitful Business Outcomes for Global Offshore Wind Turbine Installation Vessels Market
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For the projection period of 2022-2027, Fairfield Market Research has observed that the global offshore wind turbine installation vessels market is projected to attain a valuation of US$13.4 Bn by 2027. Considering this figure was just over US$5 Bn in 2022, the two-fold increase in value indicates that the business landscape will be extremely fertile in the forthcoming years.
For More Industry Insight, Read: https://www.fairfieldmarketresearch.com/report/offshore-wind-turbine-installation-vessels-market
Paced Adoption of Renewable Energy to Translate into Global Offshore Wind Turbine Installation Vessels Market Expansion
Several developed and developing economies are eyeing renewable energy generation with the goal of achieving net zero by 2050. Offshore wind turbines have a huge potential in terms of generating large amounts of clean energy. As stronger and more consistent winds in the sea allow better power output, the demand for wind turbine installation vessels has increased massively. Wind turbine installation vessels (WTIVs) refer to a variety of ships designed specifically to lift, load, transport, and install offshore wind turbine foundations. Currently, the energy generation from offshore wind turbines is only 2% of the targetted energy output in order to achieve net zero emissions by 2050. To this end, the number of offshore wind turbine plants is set to proliferate at an increased pace. The global offshore wind turbine installation vessels market is projected to grow rapidly under such conditions.
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Europe to Reign Supreme Amidst Paced Adoption of Renewable Energy Sources
The offshore wind turbine installation vessels market in Europe is forecasted to exhibit tremendous promise in the study period of 2022-2027. The region had a market share of 48.7% in 2021. Favourable government norms, efforts to adopt renewable sources of energy, and higher awareness among consumers are some of the reasons behind Europe's market dominance. With the potential to produce 3,400 TWh worth of offshore wind energy, the market region is set to grow at a staggering CAGR of 20.8%. On the other hand, Asia Pacific region is expected to be the second biggest offshore wind turbine installation vessels market in the foreseeable future.
The most competitive market entities participating in the global offshore wind turbine installation vessels market include Seajacks, MPI Offshore, Seafox, Van Oord, JACK-UP BARGE, Fred. Olsen Windcarrier, A-2-Sea Solutions Limited, Eneti Inc., and CADELER.
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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