Offshore Wind Power Market Analysis of Current Industry Figures with Growth Forecast - 2030
August 5, 2022
Continuous development and innovation in the efficiency of the wind turbines and wind farms are expected to provide growth opportunities for the market.
PORTLAND, OREGON, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- Global Offshore Wind Power Market by Type, Capacity, and Region: Global Industry Analysis and Forecast 2021 – 2030, report offers assembled trends and predictions to clients. The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. The report is an intensive investigation portraying the details and the new opportunity appraisal of the market.
Offshore wind power is a kind of wind farm, which is constructed off the shore and in the continental shelf. These offshore wind farms are used to generate electricity from wind energy. Three types of offshore wind turbines are available, shallow water, transitional water, and deep water. The major difference between these three types of wind turbines is the depth of water they are kept in. The shallow wind turbine is kept at a depth of less than 30 meters, the transitional wind turbines are kept at a depth of 3060 meters, and the deep water turbines are kept at a depth of 60 meter and more.
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The efficiency of offshore wind farms in generating electricity is high as compared to onshore wind farms, which has led to the increase in the number of offshore wind power projects in major parts of the world such as in the northern Europe offshore wind farms. However, high cost of offshore wind power production as compared to onshore wind power production and large investment required in the early stage of the projects restrain the market growth. Continuous development and innovation in the efficiency of the wind turbines and wind farms are expected to provide growth opportunities for the market. According to the International Renewable Energy Agency (IRENA), the share of renewables in yearly worldwide energy generation must rise from the current 25% to 86% by 2050 to satisfy the Paris Agreement's targets. To achieve this, the world must invest USD 110 trillion in the sector by 2050, up from the US$ 95 trillion anticipated to be invested by 2030.
The introduction of advanced technologies and cost-effective solutions for offshore installation & wind turbines, the overall cost has become lower than earlier which makes the offshore wind a feasible option among the renewable energy category. Across the globe are adopting policies for usage of renewable energy sources so this happens to be the major driver for the offshore wind power market.
The offshore wind power market is segmented on the basis of type, capacity, and geography. Based on type, the market is divided into shallow water, transitional water, and deep water. By capacity, it is categorized into up to 1 MW, 13 MW, 35 MW, and 5 MW and above. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.
Key Market Players in Offshore wind power Market
General Electric International, Inc, UpWind Solutions, Inc., Senvion S.A., Sinovel Wind Group Co., Ltd, ENERCON GmbH, Siemens Wind Power GmbH & Co.KG, Nordex SE, Suzlon Energy Limited, Vestas Wind Systems A/S, and SIEMENS GAMESA RENEWABLE ENERGY, S.A.
Highlights of the study report
• A thorough assessment of the matrix of vendors as well as major firms would help in understanding the competitive scenario in the market
• Information on regulatory and investment scenarios for the market
• An analysis of the factors fueling the market growth along with their influence on the projection and dynamics of the Offshore wind power Market
• A detailed roadmap presenting growth opportunities in the Offshore wind power Market along with identification of key factors influencing the market growth
• A comprehensive assessment of the many trends prevailing in the Offshore wind power market would help in identifying market developments
Offshore Wind Power Market Key Segments:
By Installation Type
• Shallow water
• Transitional water
• Deep water
• Up to 1 MW
• 13 MW
• 35 MW
• 5 MW and above