Offshore Wind Market is Expected to Grow at a CAGR of 16% from 2016 to 2023

Market Scenario
World’s First Ever Floating Offshore Wind Farm Started Functioning in Scotland on October 18th 2017 and the already vibrant Global Offshore Wind Market started buzzing more vibrantly.
Operated by a Norwegian Company, Statoil, the new five turbine development has a lower costs of installation and will provide enough power for around 20,000 homes, which is expected to bring the energy costs down to 47 to 70 USD per megawatt-hour (MWh) by 2030 and that too with less of an impact on the marine environment.

On this account, Market Research Future recently published a deep diving study report titled “Global Offshore Wind Market”. According to which, the Offshore Wind Market is booming and expected to gain further prominence over the forecast period. The market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 16% during the estimated period (2016 – 2023).
The report profiles industries lead contributors including Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries & Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group (Germany).

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The Offshore Floating Wind industry has huge potential and a Floating offshore wind can potentially reduce the cost of installation very significantly because of the use of the same techniques as the oil and gas industry and it is also less invasive in terms of the seabed.

Key Players
The key players of global offshore wind market are Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries & Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group (Germany).

Floating offshore wind is now a viable technology and ready to be rolled out on an industrial scale in a scenario especially when the world is facing fundamental challenges of climate change and geopolitics to the energy markets. And where the key players operating in the market are continually striving for new ways to utilise their expertise in the energy industry, exploring opportunities in new energy as well as driving innovation in oil and gas around the world. Oil & Gas companies are trying to be the most carbon-efficient oil and gas producers, as well as driving innovation in offshore wind.

Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Offshore Wind Market Research Report- Forecast 2023”

Currently, the Offshore Wind market is spurting owing to the increase in demand for power, global initiatives to use more renewable and non-conventional energy sources and the global need to restrict carbon emission. The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources.

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MRFR has segmented the study report is in to 2 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Component : Comprises - Turbine, Location, Electrical Infrastructure and Others), By Location (Shallow Water (< 30m Depth), Transitional Water (30m – 60m Depth) and Deep Water (> 60m Depth).
Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

The MRFR Analysis indicates that currently leading Europe market is followed by North-America and Asia. North-America region is expected to grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for offshore wind market in North American region during the forecast period.

Key questions answered in this report
• What will the market size be in 2023 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?

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