Offshore Wind Market Revenue to hit $55,109.6 Million by 2022

 Siddhant Dongare
  16th-Jul-2019
 117

The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, registering a CAGR of 15.32% from 2017 to 2022. The global market is witnessing significant growth due to rising energy demand coupled with increasing share of renewables in the power generation mix, regulations on energy efficiency, growing trend of industrialization and increased urbanization, regulations to ensure efficiency and utilization of energy.

The shallow water segment is expected to hold the largest share of the offshore wind market, by location, during the forecast period.

Among the three-water depth location for offshore wind turbines, shallow water is expected to hold the largest share during the forecast period. The development of shallow water is generally cost effective due to better weather conditions, whereas, installing wind turbines in deep water becomes expensive due to high maintenance cost. However, offshore wind turbines are getting installed in all three water locations depending on the region, turbine capacity, and wind speed. Shallow water condition mostly prevails in the European countries due to favorable weather conditions. The major players that provide turbines which can be installed in shallow water includes Siemens AG (Germany) and MHI Vestas (Denmark), among others.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253452593

The electrical infrastructure segment is expected to be the fastest growing offshore wind market, by component, during the forecast period.

The electrical infrastructure segment is expected to account for the highest CAGR during the forecast period. The growth of this segment can be attributed to the growth of offshore substation, land-based transmission infrastructure, and cables and accessories related to the offshore wind turbines. Offshore substation controls the electric system of the turbine and increases the voltage of electricity produced by the wind turbines to reduce electrical losses. Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect the wind farm project to the power grid. The last most important component of an electrical infrastructure is the cable and are primarily of two types, namely, inter-array cables and export cables. Inter-array cables connect the turbines to the offshore substation while the export cables are used to transmit the power from offshore substation to the onshore substation and power grid.

Asia Pacific: The second largest market for offshore wind.

This region is expected to grow at second position followed by Europe due to its growing trends such as increasing urbanization and industrialization which is leading to higher demand in the power sector. The countries are focusing on power generation through renewable energy sources and offshore wind forms an integral part of renewable based power generation. Technological advancement and clean energy consumption would further propel wind power deployment and open up opportunities in emerging markets in Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for alternative source of energy to diversify their energy mix to reduce CO2 emission. The other major drivers include strict government regulations on energy efficiency.

Request Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=253452593

Some of the leading players in the offshore wind market includes Siemens AG (Germany), ABB Ltd. (Switzerland), MHI Vestas (Denmark), General Electric (U.S.), EEW Group (Germany), A2Sea (Denmark), Nexans (France), among others.

Scope of the Report

This study estimates the global market for offshore wind, in terms of USD, till 2022. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market. These include an analysis of the supply chain, a competitive landscape, market dynamics, market estimates in terms of value, and future trends in the offshore wind market.

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: newsletter@marketsandmarkets.com

Content Source: https://www.marketsandmarkets.com/PressReleases/offshore-wind.asp

Domain: Energy
Category: Wind/Water/Geo
Posted By: Siddhant Dongare and Contact Siddhant Dongare

Recent Press Releases

The Current Quantum Computing Suprem...

A recent Quantum Computing Technologies & Global Market – 2018-2024 report reveals that we are in the midst of a U.S. and China “Quantum Computing Arms Race”

19 September, 2019

O-Lens- Turn your Old Look To an Att...

As the use of many electronic devices is increasing day by day there are rarely people who are left with the perfect eye vision. This means that there are people with incorrect vis

19 September, 2019

How to Invest in Right Asset at Righ...

Investment is very easy but investing in right asset at right time is even more crucial and important. Stocks, bonds and commodities in different sectors and markets vary and can m

19 September, 2019