New York, USA, Jan. 02, 2023 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global offshore wind market is anticipated to grow at a stunning CAGR of 12.9%, thereby garnering a revenue of $61,443.7 million in the 2021-2028 timeframe. This comprehensive report provides a brief outlook of the current framework of the offshore wind market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing investments in the clean energy sector is predicted to be the primary growth driver of the offshore wind market in the forecast period. Additionally, since the last decade or so, governments across the globe have taken proactive steps to cut down greenhouse gas emissions which is expected to push the market forward.
Opportunities: Over the years, due to increasing investments and advancements in wind technology, the price of wind turbines has declined which, in turn, has reduced the cost of generating electricity from wind energy. This is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, various initiatives have been taken and innovations have been developed to cut down greenhouse gas emissions which is expected to help the market grow in the forecast period.
Restraints: The complexity and cost associated with logistical support, however, might prove to be a hindrance in the growth trajectory of the offshore wind market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic affected millions of lives, directly or indirectly. The lockdowns ordered by various countries to curb the spread of the disease affected numerous industries by hampering global supply chains. The offshore wind market also faced a negative impact of the pandemic. The disruptions in production cycles due to shutting down of OEM industries led to decline in the growth rate of the market during the pandemic period.
Segments of the Market
The report has divided the offshore wind market into certain segments based on products, location, and region.
Products: Components Sub-segment to be the Most Dominant
By products, components sub-segment is expected to be highly dominant and garner $36,866.2 million during the forecast period. Increasing investments in renewable energy sector is expected to help in the growth of this sub-segment.
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Location: Shallow Water Sub-segment to Have the Highest Market Share
By location, shallow water sub-segment is expected to have the largest market share and surpass $42,396.1 million by 2028. The ease of transportation and maintenance associated with setting up of wind turbines and other machinery in shallow waters is predicted to propel the growth of this sub-segment in this forecast period.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the offshore wind market in the Asia-Pacific region is anticipated to be the most profitable and register a revenue of $31,502.2 million by 2028. Growing investment in the renewable energy sector and initiatives taken by various governments in this region to curb carbon emissions are anticipated to be the two main growth drivers of the market.
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Prominent Market Players
Some of the key players in the offshore wind market are
- Vestas
- DEME
- General Electric
- Siemens Gamesa
- Nordex SE
- EEW
- Goldwind
- Nexans
- Envision
- Shanghai Electric Wind Power Equipment Co.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in July 2022, Orsted, a Denmark-based offshore wind energy company, announced the acquisition of Ostwind, an onshore wind energy developer. This acquisition is predicted to help Orsted as it will be able to capitalize the French and German markets where Ostwind has already consolidated its position- Inquire here to grab full report
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Offshore Wind Market:
- Why Offshore Wind Farms are Better than Onshore Wind Farms?
- Collaborations Like that of Northland Power Inc. with RWE Renewables GmbH to Drive the Global Offshore Wind Market
