Offshore Wind Market Current State and Future Development 2024 - 2031 | MHI Vestas OffshorMHI Vestas, Siemens AG

Market Overview:

Global Offshore Wind Market was valued at US$ 41.8 billion in 2022. The offshore wind market industry is projected to grow from US$ 47.4 billion in 2023 to US$ 131.4 billion by 2030

Market Dynamics:

The offshore wind market is expected to witness significant growth over the forecast period owing to stringent government regulations regarding reducing carbon emissions. Many countries and regions have set ambitious targets to increase their share of electricity from renewable energy sources including offshore wind. For instance, the European Commission has set a target for the EU to generate at least 32% of its total energy from renewable sources by 2030. The commission also aims to install at least 60 GW of offshore wind capacity in European waters by 2030 and 300 GW by 2050. Moreover, an increasing number of large offshore wind projects are being commissioned. For example, in 2021, the largest offshore wind farm in the world, Dogger Bank Wind Farms located in the UK North Sea, was commissioned in three 1.2 GW phases and has a total capacity of 3.6 GW.

🔍 Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/978?utm_source=openpr.com&utm_medium=referral

Offshore Wind Market Drivers, Restrain, Opportunity and Trends (2023-2031)

Increasing Concern over Climate Change Driving Installation of Offshore Wind Farms

The rising concern over climate change due to the escalating effects of global warming such as rising sea levels and extreme weather events have pushed governments across the world to adopt renewable energy sources. Offshore wind energy is considered one of the most viable alternatives to conventional power sources which produce greenhouse gas emissions. Many European nations like the UK, Germany, Denmark etc. have set ambitious targets to increase their share of electricity from offshore wind. The favorable governmental policies promoting offshore wind projects through tax incentives and subsidies are a big driver for market growth. Offshore wind farms can also make a significant contribution to meeting countries' pledged emission reduction targets under the Paris Agreement.

Floating Offshore Wind Presents New Growth Avenue

The floating offshore wind technology is an emerging opportunity which can unlock vast potential wind resources in deeper waters not suitable for traditional fixed-bottom foundations. While still in the early developmental stage, floating turbines are seeing growing investments from both public and private players encouraged by successful pilot projects. Advancing floating wind technology will open up new markets worldwide especially for countries with deep offshore zones like Japan, South Korea, Portugal, France, and parts of the US. It offers scope to massively increase offshore wind capacity beyond limits of shallow waters. Technology innovations to drive down floating wind costs will be a key driver for commercialization and boost future market potential exponentially. Countries are announcing ambitious floating wind targets to capitalize on this promising new avenue for clean power generation.

Consolidation Expected as Large Players Look to Scale Up

The offshore wind industry landscape has witnessed a flurry of mergers and acquisitions in recent years driven by big oil and gas majors, utilities and infrastructure funds trying to gain access to new markets and scale up project pipelines. This trend of industry consolidation is anticipated to continue as smaller developers without deep pockets look for reliable financing partners to help effectively participate in upcoming competitive lease rounds. Larger industry players are making significant investments and acquisitions to gain resources, capabilities and experience to install and operate multi-GW scale wind farms. Further M&A activity will see bigger international companies emerge with the financial muscle and technical expertise to develop larger and more cost-effective offshore wind projects. Consolidation will help accelerate market growth worldwide in the medium term.

🛒 You Can Purchase Complete Report @ https://www.coherentmarketinsights.com/insight/buy-now/978

Top Companies Included in This Report:

• MHI Vestas OffshorMHI Vestas
• Siemens AG
• General Electric
• ABB Ltd.
• EEW Group
• Nexans
• A2SEA A/S.e Wind
• Siemens Gamesa Renewable Energy
• S.A.
• J.J Cole Collections
• Sinovel Wind Group Co.
• Ltd
• Erndtebrücker Eisenwerk Gmbh & Co. Kg
• Northland Power Inc.
• ABB Ltd.
• Ming Yang Smart Energy Group Limited
• Adwen Gmbh
• General Electric Company
• A2SEA A/S
• Nexans

Market Segmentation:

Based on Product Type:

• By Location: Deep-water (depth >60 m), Transitional Water (depth 30-60 m), Shallow water (depth < 30 m))
• By Component: Substructure, Turbine, Electrical Infrastructure, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Reasons to Purchase This Report:
📈 Regional Insights: Understand regional consumption patterns and factors influencing the market in different areas.

📈 Global Opportunities & Threats: Discover opportunities and challenges faced by global suppliers in the IELTS Training Platform sector.

📈 Growth Potential: Identify the fastest-growing regions and sectors.

📈 Competitive Landscape: Review market rankings, recent product launches, partnerships, expansions, and acquisitions of leading companies.

📈 Company Profiles: Access comprehensive corporate profiles, including company overviews, insights, product benchmarks, and SWOT analyses of key market players.

📈 Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints

FAQ:
What is the scope of this report?

Does this report estimate the current market size?

Does the report provide market size in terms of Value (US$ Mn) and Volume (thousand ton/metric ton/cubic meter)?

Which segments are covered in this report?

What are the key factors covered in this report?

Does this report offer customization options?

💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/978

Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

☎ Contact Us:

Mr. Shah
Senior Client Partner - Business Development
Coherent Market Insights

Phone:

US: +1-206-701-6702
UK: +44-020-8133-4027
Australia: +61-2-4786-0457
India: +91-848-285-0837

Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com
Follow Us: LinkedIn | Twitter

About Us

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.