Wilmington, Delaware, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s industry analysis, the Global Offshore Wind Energy Farms Market value is estimated at US$ 74.6 billion in 2023 and is expected to rise at a strong CAGR of over 11.0% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview
Offshore wind energy farms are large-scale facilities located in bodies of water, usually oceans or seas, where wind turbines are built to capture and convert wind energy. Wind turbines set on seabed-anchored towers absorb kinetic energy from the wind to generate clean, sustainable electricity.
Offshore wind projects generate employment in a variety of industries, including manufacture, construction, installation, and maintenance. These initiatives help boost local economies by increasing demand for goods and services.
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Global Offshore Wind Energy Farms Market: Segmental and Market Share Analysis
- Based on components, the turbine segment accounted for the largest share of the market in 2021. Turbines are responsible for harnessing the wind energy to produce power.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 74.6 billion |
| Market Size Forecast | US$ 155.3 billion |
| Growth Rate | 11.0% |
| Dominant Segment | Turbine |
| Dominant Region | Europe |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global offshore wind energy farms market include,
- In May 2021, GE Renewable Energy announced the completion of the Turbine Supply and Service contracts, as well as the warranty contracts, for the third and final phases of the Dogger Bank offshore wind farm.
Some of the prominent players and suppliers operating and contributing significantly to the global offshore wind energy farms market growth include General Electric Company, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science Technology Co. Ltd, Suzlon Energy Limited, Nordex SE, Hitachi, and ABB, among others.
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Market Segmentation and Table of Content:
RationalStat has segmented the global offshore wind energy farms market based on type, component, and region
- Global Offshore Wind Energy Farms Market Value (US$ Million), Volume (Units/GW), and Market Share (2019-2030) Analysis by Type
- Fixed Foundation
- Floating Foundation
- Global Offshore Wind Energy Farms Market Value (US$ Million), Volume (Units/GW), and Market Share (2019-2030) Analysis by Component
- Turbines
- Electrical Infrastructure
- Substructure
- Others
- Global Offshore Wind Energy Farms Market Value (US$ Million), Volume (Units/GW), and Market Share (2019-2030) Analysis by Region
- North America Offshore Wind Energy Farms Market
- US
- Canada
- Latin America Offshore Wind Energy Farms Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Offshore Wind Energy Farms Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Offshore Wind Energy Farms Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Offshore Wind Energy Farms Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Offshore Wind Energy Farms Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Offshore Wind Energy Farms Market
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Report Description:
- According to a deep-dive market assessment by RationalStat, the global Offshore Wind Energy Farms market has been analyzed on the basis of market segments, including type, component, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Offshore Wind Energy Farms market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units/GW) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Offshore Wind Energy Farms market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
Key Questions Answered in the Offshore Wind Energy Farms Report:
- What will be the market value of the global offshore wind energy farms market by 2030?
- What is the market size of the global offshore wind energy farms market?
- What are the market drivers of the global offshore wind energy farms market?
- What are the key trends in the global offshore wind energy farms market?
- Which is the leading region in the global offshore wind energy farms market?
- What are the major companies operating in the global offshore wind energy farms market?
- What are the market shares by key segments in the global offshore wind energy farms market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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