Offshore Wind Market Size, Segment Insight and Region Analysis | General Electric, Siemens Gamesa Renewable Energy SA, MHI Vestas Offshore Wind, Senvion SA

Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), Offshore Wind Market Information by Components, by Location, and By Region - Forecast till 2030 The offshore wind industry size will rise from the valuation of USD 30.9 Billion in 2022 to touch USD 117.6 billion by 2030, with a CAGR of 21.0% from 2022 to 2030.

Long-term drivers of the market's growth include advantageous government policies, rising investment in soon-to-be offshore wind power projects, and falling wind energy costs, which have encouraged the use of wind energy.

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Given that both South America and Africa are experiencing rapid economic growth and a rise in the demand for electricity, the wind power industry has a lot of potential in these developing regions. These countries include Brazil, South Africa, and Chile.

Market Competitive Landscape:

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)
Market Drivers:

The offshore wind energy market has tremendous potential to provide cleaner, renewable energy to meet the energy needs of U.S. coastal cities. There are approximately forty projects in various stages of development in the United States. Offshore production provides more power to wind turbines than onshore production. China has the second largest offshore wind facility investment in the world after the UK. Although the installation cost is higher than on the ground, large amounts of electricity can still be produced.

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Future external projects could increase electricity production, according to European Commission estimates. The offshore wind industry has many economic benefits for surrounding communities due to job creation. It is clean, renewable energy that does not use water or release pollutants into the atmosphere. These devices will reduce carbon emissions, as many countries in the world want. It is the cleanest energy, uses the latest technology and has no negative impact on agriculture. It also helps reduce dependence on fossil fuels.

The US offshore industry is expected to create 83,000 jobs by 2032. Investors will earn returns of $5514.5 billion annually by 2025, and the economic benefit will reach $25.4 billion by 2032. Energy production. Coastal waters have a generation potential of up to 2,000 GW. This will attract significant investment from American companies, which have reported investing between $307 million and $650 million in transmission to ports.

Market Restraints:

The cost of the offshore wind power system is increased by the shipping of huge, heavy equipment to the offshore location, which is a key factor that can restrict market expansion over the research period.

Market Segmentation

The offshore wind market, with respect to components, covers turbines, towers, blades, electrical infrastructure, and nacelle.

As per location, the key segments are shallow water, transitional water as well as deep water.

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Regional Insights

The report projects that the offshore wind energy industry in Europe would develop at a notable compound annual growth rate (CAGR) of 43.2 percent, from its estimated valuation of USD 11.05 billion in 2021. The primary objective of the research and development project known as the European Wind Initiative (EWI) is modernizing the infrastructure. To enhance power generation, governments are also pushing for the usage of renewable energy sources.

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