Dublin, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The "Offshore Wind Market by Component (Turbines (Nacelle, Rotors & Blades, Tower), Substructure, Electrical Infrastructure), Location (Shallow Water, Transitional Water, & Deepwater) and Region (North America, Asia Pacific, & Europe) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The offshore wind market is projected to reach USD 56.8 billion by 2026 from an estimated USD 31.8 billion in 2021, at a CAGR of 12.3% during the forecast period.
Increasing demand for renewable energy. The emergence of offshore wind farms started with the necessity to reduce greenhouse gas emissions and increase the share of renewable energy in the total energy mix. With the globally increasing consumption of electricity, new technologies are expected to influence the production, transmission, distribution, and use of electricity. Conventional sources of electricity lead to climatic changes, environmental pollution, and other issues. Thus, the offshore wind market is gaining momentum, and there exists a lot of untapped potential in this market.
The turbines segment is expected to grow at the highest CAGR from 2021 to 2026.
Based on the components of offshore wind systems, the turbine is estimated to be the fastest-growing market from 2019 to 2026. The segment includes nacelle, rotors and blades, and tower. Growth of the renewable market Asia Pacific and North America is expected to drive the offshore wind market.
Deep water is expected to emerging market by location.
The improving turbine technology and larger turbines are being used to harness the constant strong wind available in deep sea which in turn is attracting more offshore wind farm development in this location. Many large players such as Orested, Vestas are already developing the wind farms in deep sea and also developing technologies to sustain the climatic challenges present in deep sea.
Europe: The largest offshore wind market.
Europe accounted for the largest share of 57% of the offshore wind market amongst all regions in 2020. The European market is further segmented into UK, Germany, Denmark, Belgium, Netherlands, Sweden, Finland, Ireland, and Rest of Europe. The European region is home to several major offshore wind companies such as Siemens (Germany), Nordex SE(Germany), Vestas (Denmark), ABB (Switzerland) and many more. European region has been a pioneer in offshore wind technology and offshore wind farm development. The countries in the EU are primarily focusing on upgrading their aging electrical infrastructure, and governments of these countries are promoting power generation through renewable energy sources and are building networks, from generation to end-users, to allow for efficient power and energy trading.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Offshore Wind Market
4.2 Offshore Wind Market, by Region
4.3 Offshore Wind Market, by Component
4.4 Offshore Wind Market for Turbines, by Module
4.5 Offshore Wind Market, by Substructure
4.6 Offshore Wind Market, by Electrical Infrastructure
4.7 Offshore Wind Market, by Location
5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 Global Road to Recovery from COVID-19
5.4 COVID-19 Economic Assessment
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Increasing Global Investments in Renewable Energy are Likely to Drive Offshore Wind Market
5.5.1.2 Favorable Government Policies Across All Regions
5.5.2 Restraints
5.5.2.1 High Capital Costs and Logistic Issues
5.5.2.2 Low Cost of Conventional Electricity Generation
5.5.3 Opportunities
5.5.3.1 Initiatives by Governments and Companies to Reduce Carbon Emissions
5.5.3.2 Floating Foundation Wind Farms are Permitting Access to Better Wind Resources
5.5.4 Challenges
5.5.4.1 Lack of Technical Expertise Needed to Develop an Offshore Wind Farm
5.5.4.2 Climatic Challenges During Operations of Wind Farm
5.5.4.3 Impact of COVID-19
5.6 Yc-Shift
5.6.1 Revenue Shift and New Revenue Pockets
5.7 Market Map
5.8 Average Cost Trends Analysis
5.9 Value Chain Analysis
5.10 Technology Analysis
5.11 Offshore Wind Market: Codes and Regulations
5.12 Innovations and Patent Registrations
5.13 Case Study Analysis
5.14 Porter's Five Forces Analysis
6 Offshore Wind Market, by Component
6.1 Introduction
6.2 Turbines
6.3 Electrical Infrastructure
6.4 Substructure
6.5 Others
7 Offshore Wind Market, by Location
7.1 Introduction
7.2 Shallow Water (<30 M Depth)
7.3 Transitional Water (30-60 M Depth)
7.4 Deepwater (More Than 60 M Depth)
8 Geographic Analysis
9 Competitive Landscape
9.1 Overview
9.2 Market Share Analysis
9.3 Market Evaluation Framework
9.4 Competitive Scenario
9.5 Company Evaluation Quadrant
9.5.1 Star
9.5.2 Emerging Leader
9.5.3 Pervasive
9.5.4 Participant
9.5.5 Company Footprint
10 Company Profiles
10.1 Major Players
10.1.1 General Electric
10.1.2 Vestas
10.1.3 Siemens Gamesa
10.1.4 ABB
10.1.5 Goldwind
10.1.6 Doosan Heavy Industries and Construction
10.1.7 Nordex
10.1.8 Shanghai Electric Wind Power Equipment Co.
10.1.9 Eew Group
10.1.10 Nexans
10.1.11 Deme
10.1.12 Hitachi
10.1.13 Ming Yang Smart Energy Group Co.
10.1.14 Envision Energy
10.1.15 Rockwell Automation
10.2 Other Key Players
10.2.1 Hyundai Motor Group
10.2.2 Schneider Electric
10.2.3 Zhejiang Windey Co
10.2.4 Taiyuan Heavy Industry Co., Ltd
10.2.5 Sinovel
11 Adjacent & Related Markets
12 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/yiwukb
