Offshore Wind Energy Market Growth Probability, Leading Vendors and Future Scenario By 2024-2031

The global offshore wind energy market is anticipated to grow at a CAGR of around 14.6% during the forecast period. A variety of factors such as growing awareness towards green energy, diversified wind energy application, and so on are significantly contributing to the growth of the offshore wind energy market. The market is growing rapidly as offshore winds are much steadier than on land implicating a more reliable source of energy. Offshore wind farms are providing renewable energy without consumption of water and not emitting environmental pollutants or any harmful gases. The future growth of an offshore wind energy market is predicted to increase due to the rising technological advancement and innovation of offshore wind farms and government incentives across the globe. However, some factors are limiting the growth of the market such as technological and economic challenges, lack of energy storage and transportation facility and unpredictable water calamity such as storms. Moreover, the government supportive initiatives and investment related to wind energy generation further projected to create a significant opportunity in the market.

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Among component, the turbine segment is estimated to have a significant share in the global offshore wind energy market. The wind turbines are generally a wind turbine that turns wind energy into electricity using the aerodynamic force from rotor blades which work like an aeroplane wing or helicopter rotor blade. Some of the advantages of wind turbines are that Wind power is cost-effective, the Land-based utility-scale wind is one of the lowest-priced energy sources available today, costing 1-2 cents per kilowatt-hour after the production tax credit. Further, Wind turbine energy does not pollute the environment in the same way that power plants that burn fossil fuels, such as coal or natural gas, do, emitting particulate matter, nitrogen oxides, and Sulphur dioxide, which cause public health issues and economic losses. Additionally, wind is a form of solar energy. Wind turbines are caused by the sun's heating of the atmosphere, the Earth's rotation, and the irregularities on its surface. On existing farms or ranches, wind turbines may be built.

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Market Coverage
Market number available for - 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Offshore Wind Energy Market by Component

Turbine
Electrical Structure
Support Structure
Others

Global Offshore Wind Energy Market by Depth of Turbine

Shallow
Transitional
Deep Water

Global Offshore Wind Energy Market by Application

Commercial
Industrial
Household

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World

Company Profiles 

ABB Ltd.
Asociacion Empresarial Eolica
Damen Shipyards?Group
Orsted Wind Power North America LLC
Doosan Heavy Industries & Construction
EDF Renewables, Inc.
Envision Energy USA Ltd.
General Electric Co.
Goldwind Science & Technology Co., Ltd.
Hitachi, Ltd.
London Aaray Ltd.
Mingyang Smart Energy Group Co., Ltd.
Nordex SE
Sinovel Wind Group Co. Ltd.
Siemens AG
Navingo B.V.
Vestas Wind System A/S,
XEMC Darwind BV

The Report Covers

Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global offshore wind energy-market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

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