Offshore Wind Market worth $55.11 Billion by 2022

According to the new market research report “Offshore Wind Market by Component (Turbine, Substructure, and Electrical Infrastructure), Turbine Module, Substructure Type, Location (Shallow Water, Transitional Water, and Deep Water), and Region – Global Forecast to 2022”, published by MarketsandMarkets™, Offshore Wind Market is expected to grow from an estimated USD 27.02 Billion in 2017 to USD 55.11 Billion by 2022, registering a CAGR of 15.32% from 2017 to 2022. The market in Europe was estimated to be the largest market for offshore wind, followed by Asia-Pacific in 2016. This trend is expected to continue till 2022. The growth of the offshore wind market is driven by increasing share of renewable energy in power generation, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment.

Don’t miss out on business opportunities in Offshore Wind Market. Speak to our analyst and gain crucial industry insights that will help your business grow:

https://www.marketsandmarkets.com/speaktoanalyst.asp?id=253452593

The turbines accounts for the maximum cost of the total offshore wind project. It is the most important component of an offshore wind farm. The three components such as nacelle, rotor, and tower comprises the largest share of the capital cost, whereas, the substructure represents comparatively lesser share of the capital expenditure, mainly in shallow water locations. Companies are upgrading and increasing the turbine size due to advanced technologies and to increase energy efficiency. Moreover, larger the wind turbine, the more energy they produce each time the turbines rotate. Therefore, turbine manufacturers are continuously upgrading and expanding their product portfolio to contribute to the ever increasing demand for high capacity wind turbines.

Browse and in-depth TOC on “Offshore Wind Market

70 – Tables

40 – Figures

142 – Pages

View more detailed TOC @

https://www.marketsandmarkets.com/Market-Reports/offshore-wind-market-253452593.html

The report segments the offshore wind market by location into three categories, namely, shallow water, transitional water, and deep water. Deep water location is expected to grow at the fastest rate during the forecast period. As the offshore wind market is progressing over the years, the offshore wind farms are getting built further from the coast and in deeper waters. The offshore wind sector is developing larger turbines as the trend is moving towards deep water where the wind speed is high. This would help in optimization of wind connections and generate power efficiently. Although, the market for offshore wind in deep water location accounts less share compared to shallow water and transitional water. It is still expected to grow at a faster rate from 2017 to 2022.

North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.

Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsample.asp?id=253452593

The offshore wind market is dominated by a few key players such as Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others. These players are present across different places in the value chain.

Browse Adjacent Markets @ Energy and Power Market Research Reports & Consulting

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.
630 Dundee Road

Suite 430

Northbrook, IL 60062

USA : 1-888-600-6441

Email: sales@marketsandmarkets.com

Visit Our Website: https://www.marketsandmarkets.com

You May Also Like