With 16.60% CAGR, Offshore Wind Energy Market Size US$ 24.71 Billion by 2027

IMARC Group's latest report, titled "Offshore Wind Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global offshore wind energy market reached a value of US$ 9.14 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 24.71 Billion by 2027, exhibiting a CAGR of 16.60% during 2022-2027.

Offshore wind energy plays a significant role in achieving the renewable target in most countries worldwide. It generates electricity by wind using wind turbines near the coastline of oceans and lakes. It offers various advantages, such as the generation of energy from renewable sources. It helps provide adequate and clean energy, reduce greenhouse gas (GHG) emissions, and promote sustainable development.

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Offshore Wind Energy Market Growth and Demand:

The increasing solution demand by utility service providers is driving the global market. Moreover, the growing awareness among consumers about the benefits of smart grid analytics that have led to the rising usage of smart meters worldwide, is fuelling the market. Furthermore, the widespread integration of machine learning (ML), Internet-of-Things (IoT), and big data analytics with smart grid data analytics are also supporting the overall growth. Additionally, the escalating need for enhanced communication networks and efficient data transfer systems are positively impacting the market.

Apart from this, the continuous development of smart cities and numerous supportive government initiatives for the uptake of renewable sources of power generation are creating a positive market outlook. Other factors, such as the rising demand for improved grid reliability and outstanding inherent operational performance and rapid urbanization, are also positively influencing the market.

Competitive Landscape:

• E.ON SE
• Électricité de France S.A
• Equinor ASA
• General Electric Company
• Nordex SE
• Northland Power Inc
• Ørsted A/S
• Siemens Gamesa Renewable Energy S.A. (Siemens Energy AG)
• Suzlon Energy Limited
• Vestas Wind Systems A/S
• Xinjiang Goldwind Science & Technology Co. Ltd

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Key Market Segmentation:

Breakup by Component:

• Turbine
• Substructure
• Electrical Infrastructure
• Others

Breakup by Foundation Type:

• Fixed Foundation
• Floating Foundation

Breakup by Capacity:

• Less Than 5 MW
• Greater than or Equal to 5 MW

Breakup by Location:

• Shallow Water
• Transitional Water
• Deep Water

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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