NEW YORK, Sept. 20, 2021 /PRNewswire/ -- The global
Offshore Wind Energy Market accounted for USD 44.8 Billion in 2020 and is expected to reach
USD 93.7 Billion by 2028, growing at
a CAGR of around 9.1% between 2021 and 2028.
Wind power generation is that the connecting of kinetic energy
from the wind and its conversion into electric energy. This is
often achieved through the use of wind turbines to get electricity.
The energy within the wind turns three propeller-like blades around
a rotor. The rotor is connected to the most shaft, which spins the
generator to supply electricity. Onshore wind energy has been
utilized for several years however, offshore wind energy may be a
relatively newer phenomenon.
The rising electricity demand along with quickly increasing
emission levels related to traditional power plants is likely to
drive the industry growth. A large number of offshore wind energy
projects are under the planning and construction phase. Advantages
of offshore wind energy installations include an overall reduction
in project cost and unhindered primary fuel (wind) required for
energy generation since wind speeds are high at offshore than
onshore.
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COVID-19 Impact Analysis
COVID-19 has impacted businesses across the globe. However,
Europe is one among the leading
regions in offshore wind energy and one among the foremost severely
suffering from the COVID-19, which has restrained the continued
growth owing to delays in projects. Following the pandemic, several
oil and gas companies around the world have announced job cuts as
part of their efforts to reduce expenses. It has further disrupted
supply chains, delayed projects on an oilfield, power generation,
and created labor shortages. The disruption in European and global
trade restricted the project construction, which also resulted in
increased CAPEX for the projects. As per IEA, the post-pandemic
offshore wind energy market is projected to witness higher growth
than the onshore wind market.
Growth Factors
A growing share of renewable energy is predicted to drive the
worldwide offshore wind energy market. Increasing awareness about
global climate change and technological development is expected to
further boost the market. Additionally, the governments of the
prevailing offshore markets shall increase their targets and volume
towards 2030, which can cause a big increase in offshore
installation and therefore the new projects being awarded. However,
high-cost risks, and provide chain bottlenecks associated with
offshore wind energy projects are expected to hamper the expansion
of the market.
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Segment Analysis Preview
The global offshore wind energy market is segmented based on
foundation type and water depth. Based on water depth, the
worldwide offshore wind energy market is segmented into shallow and
deep water. Currently, most of the offshore wind energy projects
are based in shallow water. Constructing a shallow water offshore
wind park incurs lesser efforts and overall project cost. Though,
the share of deepwater offshore wind energy projects is projected
to extend during the forecast period. Most of the offshore wind
energy projects across the world are constructed during a water
depth of up to 40 meters. However, many plans are being
administered to construct wind farms in water depths of quite 50
meters.
On the essential foundation type, the global offshore wind
energy market is segmented into monopile, jacket, tripod, and
floating. Monopile foundations held the leading share of the
worldwide wind energy market. These sorts of foundations are easy
to construct and comparatively cheaper than other types. However,
monopolies aren't fitted to deepwater projects. During the forecast
period, floating-type foundations are expected to grow at the
fastest rate. Offshore floating foundations are advantageous over
fixed structures in terms of the entire cost incurred in
installation and production. On the opposite hand, traditional
offshore plants need fixing of foundations to the seafloor and
bolting of massive turbines on them, which may hamper the ecology
also.
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Regional Analysis Preview
Europe dominated the worldwide
offshore wind energy market in 2016. Countries like the U.K.,
Germany, Denmark, Netherlands, Belgium, and Sweden among others are leading players in
Europe's offshore wind energy
market. The Asia Pacific followed
Europe in terms of offshore wind
energy cumulative installed capacity. China is that the leading
player in Asia Pacific offshore
wind energy market and is predicted to grow at the fastest rate
across the world. Japan,
South Korea, and India among others are expected to further
boost the market during the forecast period. The U.S. is
additionally expected to witness numerous offshore wind energy
projects during the forecast period. Other countries
including Finland, Ireland, Spain, Norway, and Portugal also are expected to spice up the
worldwide offshore wind energy market during the forecast
period.
Key Market Players & Competitive Landscape
The major players that are comprised in Offshore Wind Energy
Market are 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.
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The global Offshore Wind Energy Market is segmented as
follows:
By Foundation Type
- Monopile
- Jacket
- Tripod
- Floating
By Water Type
By Region
- North America
-
- Europe
-
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- GCC
- South Africa
- Rest of Middle East &
Africa
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