New York, USA, March 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global offshore wind market is anticipated to hit $61,443.7 million by 2028 and grow at a healthy CAGR of 12.9% over the forecast period from 2021 to 2028. The comprehensive report provides a concise outlook of the offshore wind market’s present scenario including chief aspects of the market such as growth elements, challenges, hindrances, and several opportunities during the estimated period of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Offshore Wind Market:
Drivers: Wide adoption of renewable energy sources and growing emphasis on reducing greenhouse gas emissions are the main factors estimated to drive the growth of the global offshore wind market by 2028. In addition, increased investments, favorable policies, and incentive programs offered by countries in the renewable energy sector are expected to further boost the market growth during the analysis timeframe.
Opportunities: Increasing investments in renewable energy sources by governments to meet the growing demand for electricity and the world’s shift towards the same are the factors projected to offer abundant growth opportunities for the global offshore wind market by 2028.
Restraints: High costs of turbines, support structures, and electrical infrastructure is expected to impede the market growth during the forecast period.
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Covid-19 Impact on the Offshore Wind Market:
The onset of the deadly Covid-19 pandemic has wreaked havoc across several businesses and industries, including the global offshore wind market. Strict lockdowns, mobility restrictions, and travel bans imposed by governments led to disruptions in the supply chains. In addition, stringent social distancing norms forced several companies to operate with a limited workforce which greatly reduced their overall production and revenue. This also led to delays in the completion of offshore wind projects and the inability to offer maintenance and installation services.
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Segments of the Offshore Wind Market:
The report has divided the offshore wind market into segments based on product, location, and regional analysis.
Product: Components Sub-segment to be Most Dominant
By product, the components sub-segment of the global offshore wind market is estimated to hold a dominating market share and gather a revenue of $36,866.2 million by 2028 due to increasing investments in the renewable energy sector. In addition, countries like Taiwan, South Korea, and Poland are aiming to increase their offshore wind energy capacity in the upcoming years to reduce greenhouse gas emissions. This factor is expected to further boost accelerate the sub-segments growth during the analysis timeframe.
Location: Shallow Water Sub-segment to be Most Profitable
By location, the shallow water sub-segment is predicted to have a significant market share and hit $42,396.1 million by 2028 due to benefits like ease of transportation and maintenance. In addition, features like low costs of foundation and electrical structures of the shallow water locations are projected to boost the sub-segments demand during the analysis years.
Region: Offshore Wind Market in the Asia-Pacific Region to Grow Tremendously
By regional analysis, the market in the Asia-Pacific region is projected to witness immense growth opportunities and gather a revenue of $31,502.2 million during the 2021-2028 forecast timeframe. The growth is attributed to the increasing investments by governments in the renewable energy sectors along with the rising awareness about the harmful effects of utilizing fossil fuels on the environment. In addition, the wide shift of countries like South Korea, China, and India towards clean energy sources is another factor predicted to propel market growth in the Asia-Pacific region by 2028.
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Significant Market Players:
Some significant players of the offshore wind market include
- DEME
- General Electric
- Shanghai Electric Wind Power Equipment Co.
- Nordex SE
- Nexans
- Vestas
- EEW
- Envision
- Goldwind
- Siemens Gamesa, and many others.
These players are constantly working to build strategies such as product development, merger, and acquisition, partnerships, and collaborations to assist the market enhancement. - Inquire & Get Quick Access to Competitive Rivalry in the Offshore Wind Market Report
For example, in September 2021, Havfram, a leading subsea and offshore wind contractor with a global footprint announced its order for a new wind turbine installation vessel (WTIV) with a capacity of 20+ MW. The turbine should also have the capacity to be powered by zero-emission fuel. This demand is regarding the company’s concern to support offshore wind projects off the US east costs.
The report also sums up many crucial facets including the financial performance of the key players of the offshore wind market, SWOT analysis, product portfolio, and the newest strategic developments.
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- The Global Offshore Wind Market Anticipated To Generate A Revenue Of $61,443.7 Million, Growing At A CAGR Of 12.9% From 2021 To 2028
