Turbocharging Renewables: Offshore Wind Farms Set to Transform Energy Landscape
Powering Progress: Offshore Wind Turbines Become Cornerstone of Renewable Energy
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The demand for renewable sources of energy is increasing, owing to less prevalence of environmental hazards and efficient outputs. Thus, increase in demand for efficient and cost-effective power generation techniques, such as offshore wind energy, poses lucrative opportunities for players in the global offshore wind energy market.
According to a new report published by Allied Market Research, titled, "Offshore Wind Energy Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the offshore wind energy market was valued at $2,727 thousand in 2016, and is projected to reach at $11,334 thousand by 2023, growing at a CAGR of 19.4% from 2017 to 2023.
Offshore wind energy, also called as offshore wind power, is the utilization of wind farms constructed off the shore or on the continental shelf to harvest wind energy for electricity generation. Offshore wind power includes inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies and deep water areas utilize floating wind turbines.
Access Full Summary at: https://www.alliedmarketresearch.com/offshore-wind-energy-market
Offshore wind energy is one of the most effective and robust sources of energy, which helps in the reduction of CO2 emissions and thus replace fossil fuels. Similar to land-based wind technologies, offshore wind makes use of wind turbines to generate electricity, which is delivered to the shore through an export cable. The main advantage of installing offshore wind energy is the consistent and stronger winds, which blow offshore allowing the use of larger horizontal turbine blades.
Rise in the demand for electricity and preference toward the use of renewable sources of electricity present numerous opportunities for market expansion. Moreover, increase in investments by governments and usage of offshore wind energy as substitutes to reduce greenhouse emissions are further anticipated to boost the overall growth of the market. However, high costs associated with initial installations and infrastructure of expensive components are expected to hamper the overall industry growth.
Key Findings of the Offshore Wind Energy Market:
- North America is anticipated to grow at the highest CAGR during the analysis period.
- Europe is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 14.1%, in terms of capacity.
- UK accounted for almost one-third of the global market in 2016.
- China occupied around one-ninth share of the global offshore wind energy market in 2016.
- In terms of value, Denmark is expected to grow at a significant CAGR of 13.5% during the forecast period.
In 2015, Europe accounted for the maximum share of the global market, in terms of volume, and is expected to continue this trend, owing to increase in urbanization, specifically in Denmark, Belgium, and the Netherlands. Moreover, rise in urban population with increased per capita disposable income and growth in overall demand for renewable energy sources drive growth of the European market.
The major companies profiled in the report include Siemens Wind Power, Vestas Wind Systems A/S, Goldwind Science and Technology Co. Ltd., Gamesa Corporacion Technologica SA, GE Wind Energy, Sinovel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, and China Ming Yang Wind Power Group Limited.
Key Benefits for Stakeholders
- The report provides extensive qualitative & quantitative analysis of the current trends and future estimations of the global offshore wind energy market from 2016 to 2023 to determine the prevailing opportunities.
- It offers comprehensive analysis of key regions, such as North America, Europe, Asia-Pacific, and LAMEA, to understand the regional trends.
- In-depth analysis of factors that drive and restrict the growth of the market is provided.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- It offers key insights on strategic analysis of various companies and the value chain analysis of offshore wind energy.
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