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The global Offshore Wind Energy Market will be worth USD 106.10 Billion by 2027, according to a current analysis by Emergen Research.
VANCOUVER, BRITISH COLUMBIA, CANADA, September 15, 2022 /EINPresswire.com/ -- The global Offshore Wind Energy Market will be worth USD 106.10 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing trend of industrialization in developing economies. The rapid urbanization and the increasing demand for electricity in developing countries are expected to drive the offshore wind energy market demand.
The report’s authors have offered necessary details on the latest Offshore Wind Energy market trends and the crucial parameters impacting both short-term and long-term market growth. Its panoramic view of the Offshore Wind Energy industry entails useful insights into the estimated Offshore Wind Energy market size, revenue share, and sales & distribution networks. Such helpful market insights are bound to help readers outline this industry’s key outcomes in the near future. Those are further intended to assist businesses involved in this sector in sound decision-making and formulating lucrative business plans. The primary addressees of this report include some of the globally renowned venture capitalists. The report offers these individuals a vivid description of the competitive spectrum of the global Offshore Wind Energy market.
The market for offshore wind energy has the potential to provide significant volumes of clean, renewable energy to meet the demand for electricity in American coastal communities. In the United States of America, there are roughly 40 projects in various stages of development. In comparison to on-land wind power, the generation of electricity for offshore wind power is higher. China is the country with the most offshore wind power capacity in the world, followed by the United Kingdom. Although installation is more expensive than on land, there is a significant increase in electricity production.
The emergence of technologically advanced platforms powered by Artificial Intelligence, robotics, machine learning, data analytics, and the Internet of things, Big data, the cloud help maintain wind energy and monitor the turbine's energy level statistics. The technologies also help the turbines in reserving more energy for no wind situations and reduce the risks of damage by giving prior information about system failures. The technological development of offshore wind turbines has increased capacity, reduced the weight of the wind turbines, and made the blades mores stronger and durable. The advancements have reduced the overall cost of offshore wind energy, which is expected to drive the system's demand.
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One of the report’s central components is the broad Offshore Wind Energy market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Offshore Wind Energy market players.
Some Key Highlights from the Report
In February 2019, Vestas entered into a partnership with a local manufacturing service provider, Marand Precision Engineering, for Wind Turbine Assembly Facility in Geelong. The partnerships will help Vestas to expand its wind turbine assembly in the Victorian renewable energy sector.
The Fixed structure held the largest market share of 57.5% in the year 2019. Cost-effectiveness and ease of operation of the fixed structure have resulted in the segment's increasing demand.
Deep water (>60m Depth) is forecasted to grow with the fastest CAGR of 15.9% over the forecast period. The reductions in installations cost, improved engineering of turbines, and the development of turbines with floating substructures are expected to drive the segment's demand.
The Turbines accounted for the largest market share of the offshore wind energy market in 2019. Technological advancements of the turbines increased its capacity, which resulted in the requirement of fewer turbines to produce the same amount of power.
The Asia Pacific region is expected to be the second-largest market for offshore wind energy. Increasing initiatives of the government to promote subsidy-free renewable projects in order to reduce the CO2 emission levels.
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1.2 Key Offshore Wind Energy market segments
2.1 Global Offshore Wind Energy market size
2.2 Latest Offshore Wind Energy market trends
3.1 Global Offshore Wind Energy market key players
3.2 Global Offshore Wind Energy size by manufacturers
3.4 Entry barriers in the Offshore Wind Energy market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances
The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities, restraining factors, and business landscape are discussed in-depth in the market study.
The report offers a comprehensive breakdown of the regional analysis of the market and subsequent country-wise analysis. The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of 2020-2027. According to the regional analysis, the market is primarily spread over key geographical regions as follows:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Leading Players Profiled in the Report:
Vestas, General Electric Company, Adwen, Doosan Heavy Industries and Construction Co., Ltd, Siemens Gamesa Renewable Energy, S.A., Senvion SA, Sinovel Wind Group Co., ABB, Ltd., Nexans S.A., and Nordex SE, among others.
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The report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others.
Overview of the Offshore Wind Energy Market Report:
· Introduction, Product Scope, Market Overview, and Opportunities
· Analysis of the Manufacturers with sales, revenue, and price analysis
· Comprehensive analysis of the competitive landscape
· Extensive profiling of the key competitors along with their business strategies and market size
· Regional analysis of the market along with sales, revenue, market share, and global position
· Country-wise analysis of the market along with types, applications, and manufacturing
· Strategic recommendations to established players as well as new entrants
· In-depth analysis of the risks, restraints, and limitations in the Offshore Wind Energy industry
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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