Offshore wind turbines are being installed at an increasing rate, and the market is booming.
COVID-19’s impact on the offshore wind market
COVID-19 has hampered offshore wind industry growth, as governments were required to apply lockdowns in the first half of 2020. Governments and municipal governments established strict restrictions, and all non-essential activity were halted. This had a negative impact on the offshore wind sector because there was less focus on its development.
Furthermore, during the second quarter, production and supply chain delays were observed, posing a challenge to the offshore wind sector.
During the projected period, the global offshore wind market is expected to develop at a CAGR of 12.3 percent, from USD 31.8 billion in 2021 to USD 56.8 billion in 2026.
Market Trends in Offshore Wind
The offshore wind market is projected to be driven by rising global investments in renewable energy.
Due to causes such as the desire to minimise carbon emissions, the depletion of fossil fuels, climate change, and so on, there has been a considerable movement in the energy sector toward renewable and green energy. A number of government programmes are in place to aid the transition to greener energy. Many multinational corporations are taking steps to reduce their carbon footprint in order to contribute to a greener world and long-term sustainability. Equinor (Norway), for example, wants to cut its carbon emissions in half by 2050. The goal includes expanding its renewable energy companies, particularly offshore wind, which may reach 6,000 megawatts in six years and 16,000 megawatts in 15 years. Another example is the energy behemoth Total, which has agreed to sell a 51 percent stake in its Seagreen 1 offshore wind farm project to SSE Renewables. This project is expected to cost Total 70 million euros. Offshore wind, according to researchers, could generate USD 166 billion in new investments and USD 1.7 billion in new tax revenue for the US Treasury by 2022, while also supporting 80,000 employment annually by 2035.
The Report Lists the Key Companies in the Offshore Wind Energy Market:
Northland Power, Enercon GmbH, Siemens Wind Power, Gamesa Corporacion Technologica S.A., Guodian United Power Technology Company Ltd, Nordex S.E., Vestas Wind Systems A/S, Upwind Solutions Inc., Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd, GE Wind Energy, China Ming Yang Wind Power, Dong Energy, and Sinovel among others.
This Free report sample includes:
- A brief introduction to the research report.
- Graphical introduction of the regional analysis.
- Top players in the market with their revenue analysis.
- Selected illustrations of market insights and trends.
- Example pages from the report.
- FnF research methodology.
Furthermore, the report provides the explored data by categorizing the Offshore Wind Energy market based on type and form of service or product, applications, the technology involved, end-users, and others. It also entails comprehensive data relating to particular financial and business terms, anticipated market growth, market strategies, and much more. Using graphs, flowcharts, and figures in the report, the professional presented the examined information in a better comprehensible manner.
Additionally, the report also encompasses an explanation of key factors that are likely to considerably stimulate or hamper Offshore Wind Energy market growth. It also elucidates on the future impact of enforcing regulations and policies on Offshore Wind Energy market growth. The computed expected CAGR of the Offshore Wind Energy market based on earlier records about the Offshore Wind Energy market and existing market trends together with future developments are also mentioned in the report. The report also comprises the geographical bifurcation of the Offshore Wind Energy market.
Product Types: Monopile, Jacket, Tripod, And Floating
On the Basis of Application: Turbines, Electrical Infrastructure, Substructure ,Others
The Offshore Wind Energy Market report provides objective, evenhanded evaluation, and assessment of opportunities in the Offshore Wind Energy market with a methodical market research report including numerous other market-associated fundamental factors. Our experienced industry analysts estimate the growth opportunities, cost, market sizing, technologies, applications, supply chains, companies, import & export, market share, and so on, with the exclusive endeavor of helping our customers to make well-informed business decisions.
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The market beat is reveled in this report which can allow the consumer in using key strategies to gain competitive advantage. Such a far-reaching and thorough research survey gives the essential expansion with key suggestions and unbiased measurable analysis, which can be used to enhance the current position and develop future extensions in a specific area in the Offshore Wind Energy market.
Imperative regions all over the world are secured and the advancements, patterns, restrictions, drivers, and difficulties impacting the growth of the Offshore Wind Energy market over these essential areas are covered. An examination of the impact of holistic and government policies on the market is likewise comprised to offer an all-encompassing summary of the future viewpoint of the Offshore Wind Energy market.
Some of the major objectives of this report:
1) To provide a detailed analysis of the market structure along with the forecast of the various segments and sub-segments of the global Offshore Wind Energy market.
2. To provide insights about factors affecting market growth. To analyze the Offshore Wind Energy market based on various factors- price analysis, supply chain analysis, porter five force analyses, etc.
3. To provide historically and forecast revenue of the Offshore Wind Energy market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and the Rest of the World.
4. Country-level analysis of the market with respect to the current market size and future prospective.
5. To provide country-level analysis of the market for segment by application, product type and sub-segments.
6. To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
7. Track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Offshore Wind Energy market.