Offshore Wind Energy Market Worth to Reach Reach USD 87.5 Billion by 2026
Offshore Wind Energy Market By Component (Turbine, Substructure, Electrical Infrastructure and Others) and By Location (Shallow Water, Transitional Water and Deep Water): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026
According to the Research Report, The global offshore wind energy market in 2019 was approximately USD 36.07 Billion. The market is expected to grow above a CAGR of 13.5% and is anticipated to reach over USD 87.5 Billion by 2026.
Also called as offshore wind power, offshore wind energy is the renewable energy production from the wind farms constructed off the shore to harvest wind energy for electricity generation. Offshore wind power includes deep water areas that utilize floating wind turbines and inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies.
The electrical infrastructure segment is anticipated to exhibit highest CAGR during the forecast period. The high growth of this segment is owing to the growth of land-based transmission infrastructure, offshore substation, and accessories of the offshore wind turbines. In the location segmentation for offshore wind turbines, the shallow water installations are anticipated to hold the largest share during the forecast period. The installation of wind energy system in shallow water is considered to be cost effective due to suitable weather conditions. The installation of wind turbines in deep water is expensive therefore is considered to be less optimal solution. Despite the challenges and cost, the installation of offshore wind turbines is continued in all three water locations largely based on wind speed.
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The offshore wind energy market research report delivers an acute valuation and taxonomy of the offshore wind energy industry by practically splitting the market based on component, location and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the offshore wind energy industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the offshore wind energy industry is provided for the leading economies of the world.
The offshore wind energy market is segmented based on component, location and region. On the basis of component segmentation, the market is classified into turbine, substructure, electrical infrastructure and others. On the basis of location, the market is bifurcated into shallow water, transitional water and deep water.
Some of the essential players operating in the offshore wind energy market, but not restricted to include Nexans, ABB Ltd., Siemens AG, General Electric, MHI Vestas, EEW Group and A2Sea.
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