Offshore Wind Energy Market All Set To Foster and Reach USD 57.2 Billion by 2022

12-Oct-2018 | Zion Market Research

Some of the major companies comprised in the global offshore wind energy market are Enercon GmbH, Northland Power, Gamesa Corporacion Technologica S.A., Siemens Wind Power, Nordex S.E., Guodian United Power Technology Company Ltd, Upwind Solutions Inc., Vestas Wind Systems A/S, Xinjiang Goldwind Science & Technologies Co. Ltd, Suzlon Group, China Ming Yang Wind Power, GE Wind Energy, Sinovel, and Dong Energy among others.

According to the researchers at Zion Market Research, global offshore wind energy market was capitalized at USD 20.3 Billion in 2016 and is likely to cross USD 57.2 Billion by end of 2022, developing at a CAGR of 16.2% from 2017 to 2022.

Browse the full " Offshore Wind Energy Market (By Foundation Type: Monopile, Jacket, Tripod, and Floating; and By Water Depth: Shallow Water and Deep Water): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022 " report at  https://www.zionmarketresearch.com/report/offshore-wind-energy-market

Increasing Share Of Renewable Energy Likely To Boost The Global Offshore Wind Energy Market

Increasing share of renewable energy is likely to boost the global offshore wind energy market. Technological development and raising awareness about climate change are likely to additionally power the global offshore wind energy market. On the other hand, high risks, costs, and supply chain bottlenecks associated to offshore wind energy initiatives are likely to hinder the development of the global offshore wind energy market.

Global-Offshore-Wind-Energy-Market

Nevertheless, the increasing M&A by various market players is set to bolster the development of the global offshore wind energy market. For example, in April 2018, Hitachi Ltd and Jan De Nul Group inked a contract for the production and installation of twenty-one 5.2MW wind turbines in Taiwan for the Changhua Offshore Wind Farm Project.

Offshore Floating Foundations To Dominate Global Offshore Wind Energy Market In The Years To Come

Global offshore wind energy market is divided based on the water depth and foundation type. Based on foundation type, global offshore wind energy market is bifurcated into the jacket, monopile, floating, and tripod. Monopile foundations grabbed the most share of offshore global wind energy market. These kind of foundations are simple to build and relatively affordable than other kinds. On the other hand, monopolies are not compatible with deepwater projects. In the years to come, floating type foundations are likely to develop at the quickest rate. Offshore floating foundations are beneficial over fixed structures in terms of the total cost spent in production and installation. However, traditional offshore plants require bolting of massive turbines and fixing of foundations to the seafloor, which can hinder the ecology as well as the development of global offshore wind energy market.

Shallow Water To Dominate The Global Offshore Wind Energy Market In The Forecast Period

Based on the water depth, the global offshore wind energy market is classified into deep water and shallow water. Presently, most of the offshore wind energy initiatives are based in shallow water. Building an offshore wind farm with shallow water requires lesser overall project cost as well as efforts.

The global offshore wind energy market is segmented as follows:

By Foundation 

  • Monopile 
  • Jacket 
  • Tripod 
  • Floating

By Water Depth Analysis

  • Shallow Water
  • Deep Water

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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