New York, NY, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Offshore Wind Energy Market Share, Size, Trends, Industry Analysis Report, By Component (Turbines, Electrical Infrastructure, Substructure, Others); By Location (Shallow Water, Deep Water, Transitional Water); By Region; Segment Forecast, 2022 - 2030” in its research database.
“According to the latest research study, the global offshore wind energy market size & share expected to generate revenue of USD 89.76 Billion by 2030 and estimated to be valued at USD 33.52 Billion in 2021, at a compound annual growth rate (CAGR) of 12.1% from 2022 to 2030”.
What is Offshore Wind Energy? How Big is Offshore Wind Energy Market Size & Share?
- Report Overview
Offshore wind energy is clean and renewable energy obtained by taking advantage of the force of the wind that is produced on high seas, where it reaches a higher and more constant speed than on land due to the absence of barriers. The rapidly rising demand for the offshore wind energy market can be attributed to the fact that it's renewable energy. There are several benefits as it is inexhaustible and does not pollute.
Rising investments in clean energy infrastructure and favorable government policies will spur industry expansion. Several world governments are making considerable investments in clean energy to secure their energy requirements for the future. As per the International Energy Agency, clean energy investments by nations transitioning to a renewable energy infrastructure have reached over 1.2 trillion since the start of the pandemic.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2030 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key data covered in the market report
- The report provides extensive qualitative and quantitative analysis of current trends and future estimations of the market to determine the prevailing opportunities.
- It offers a comprehensive analysis of key regions, such as North America, Europe, Asia Pacific, and LAMEA, to understand the regional trends.
- An in-depth analysis of factors that drive and restrict the growth of the market is provided.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report offers key insights into the strategic analysis of various companies and the value chain analysis of offshore wind energy.
Some of the Top Market Players Are:
- ABB
- DEME
- Doosan Heavy Industries and Construction
- EEW Group
- Envision
- General Electric
- Goldwind
- Hitachi
- Ming Yang Smart Energy Group Co.
- Nexans
- Nordex SE
- Rockwell Automation
- Shanghai Electric
- Siemens Gamesa
- Vestas
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Key factors driving market growth
- The satisfaction of the demand of electricity by renewable energy pushes the market
The market has a great potential to supply large amounts of clean and renewable energy to satisfy the demand for electricity in cities along the American coastline. The offshore wind energy market size is expanding as there are about 40 projects in the developmental stage across the USA. The production of electricity to run offshore wind power is larger than that compared to land. The United Kingdom holds the maximum capacity of worldwide offshore wind power, followed by China.
The European Commission has estimated that there will be a potential increase in the future through the offshore project. The offshore wind market provides many economic benefits to the local community by generating jobs. Offshore wind energy market sales are soaring as it is a renewable energy source that does not emit any pollutants into the atmosphere and does not consume any water. This technology will reduce the carbon footprint, as it is the aim of many countries across the globe.
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Recent trends influencing the market
Harvesting of wind energy built off the coast to drive the market
- Offshore wind energy is the harvesting of wind energy built off the coast or on the continental shelf to generate wind energy. Coastal water areas such as fjords, lakes, and protected coastal areas use fixed-bottom wind turbines, while deep water locations use floating wind turbines.
- Increasing offshore prospects and the development of a strong commercial and industrial sector will impact production access. During the forecast period, favorable government regulations increased investments in upcoming offshore wind power projects, resulting in higher wind power consumption which is estimated to boost the offshore wind power market.
Segmentation assessment
- The shallow water segment is recorded to hold the largest revenue share
Based on location, the shallow water segment is recorded to hold the largest revenue share and is expected to lead the market in the forecast period. Offshore wind energy market demand is on the rise as most of the energy projects are undertaken in shallow water. Installing the offshore wind tower in shallow water is more accessible and requires less capital investment. This location is the most popular offshore renewable farm development due to the ideal weather conditions and ease of maintenance.
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Offshore Wind Energy Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2030 | USD 89.76 Billion |
| Market size value in 2021 | USD 33.52 Billion |
| Expected CAGR Growth | 12.1% from 2022 - 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 - 2030 |
| Top Market Players | ABB, DEME, Doosan Heavy Industries and Construction, EEW Group, Envision, General Electric, Goldwind, Hitachi, Ming Yang Smart Energy Group Co., Nexans, Nordex SE, Rockwell Automation, Shanghai Electric, Siemens Gamesa, and Vestas. |
| Segments Covered | By Component, By Location, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Browse Research Press Release: Offshore Wind Energy Market Size Worth $89.76 Billion by 2030 | CAGR: 12.1%
Geographic Overview
- Favorable government policies to boost the European market
Europe held the largest offshore wind energy market share due to the growing investments in renewable energy coupled with favorable government policies. Several key offshore renewable power companies in Europe, such as Vestas, ABB, Siemens, and Nordex SE, are anticipated to boost the market growth. Furthermore, EWI supports market development and a research and development program for renewable power.
Additionally, the Asia Pacific market is predicted to have the highest CAGR over the forecasted years. The adoption of favorable government policies regarding renewable energy throughout rising nations such as China, Japan, and India, amongst others, might be linked to the market expansion in the Asia Pacific region.
Browse the Detail Report “Offshore Wind Energy Market Share, Size, Trends, Industry Analysis Report, By Component (Turbines, Electrical Infrastructure, Substructure, Others); By Location (Shallow Water, Deep Water, Transitional Water); By Region; Segment Forecast, 2022 - 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/offshore-wind-energy-market
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Polaris market research has segmented the offshore wind energy market report on the basis of component, location, and region:
By Component Outlook
- Turbines
- Electrical Infrastructure
- Substructure
- Others
By Location Outlook
- Shallow Water
- Transitional Water
- Deep Water
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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