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Jan 18, 2021 (The Expresswire) —
The overall offshore wind power market installed capacity is expected to grow from 23 GW in 2018 to 94 GW by 2026 at a CAGR of 19.2% during the forecast period. Renewable energy is gaining traction across the world, which is expected to encourage growth in the global offshore wind power market. This information was shared by Fortune Business Insights in a report, titled “Offshore Wind Power Market Size, Share and Global Trend by Installation (Fixed Structure, Floating Structure) Capacity (Up to 1 MW, 1 MW to 5 MW, above 5 MW) Application (Shallow Water, Deepwater) and Geography Forecast till 2025.” Germany, Denmark, China, and the U.S. are some of the leading nations in the renewable energy sector. These countries are expected to witness rising investments in offshore wind power projects.
To Gain More Insights into the Offshore Wind Power Market Analysis, Browse Summary of the Research Report –https://www.fortunebusinessinsights.com/industry-reports/offshore-wind-power-market-100148
An Overview of the Impact of COVID-19 on this Market:
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The report on the offshore wind power market contains:
- Future insights into the market
- In-depth study of the regions
- Product and brand strategies
- Factors enabling market growth
- Competitive landscape
- COVID-19 impact
“Senvion S.A. Partnered with Renexia to Expand its Product Portfolio”
In March 2019, Royal Dutch Shell signed an agreement with Eneco and Van Oord to start two offshore wind farm projects with a capacity of 750 MW. Companies are planning to adopt different strategies to strengthen their market share and stay ahead of the competition. For instance, Senvion S.A. joined hands with Renexia in March 2019. The objective was to install an offshore wind farm in the Italian Mediterranean Sea.
List of the leading players operating in the global offshore wind power market:
- MHI Vestas Offshore Wind
- Siemens Gamesa Renewable Energy S.A.
- Suzlon Energy Limited
- ABB Ltd.
- Hitachi Ltd.
- Senvion S.A.
- Ming Yang Smart Energy Group Co.
- General Electric
- Nordex SE
- Envision Energy
“Demand for 1MW to 5MW Capacity is Expected to Rise”
Offshore wind power is used in different capacities. Among these, 1MW to 5MW capacity is expected to cover a major share in the global market. This is followed by up to 1MW capacity segment. The demand for offshore wind turbines is likely to increase in deep water and shallow water. Shallow water is expected to account for a major share in the global market. Installing wind tower especially in lower depth water is easy and helps to reduce capital expenditure.
Request a Sample Copy for more detailed Offshore Wind Power Market Overview –https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/offshore-wind-power-market-100148
“Increasing Investments in Offshore Wind Projects to Promote Growth in Europe”
Europe is expected to lead the global offshore wind power market with an increasing number of investments in offshore wind projects. Furthermore, the region is likely to hold a major share in the global market owing to favorable government initiatives. Other factors likely to drive the market are energy security initiatives and decarbonization reforms in Europe. The market in the Asia Pacific is anticipated to grow at a considerable rate owing to the overall economic growth. In addition to this, massive wind power potential in countries such as Indonesia, China, and Australia are expected to register growth opportunities by 2025.
Other regions such as Latin America, North America, and the Middle East and Africa are likely to remain strong in the forecast years.
The report answers the following questions:
- What are the recent offshore wind power market trends and developments?
- How will the market be affected by changing consumer behavior?
- Which strategies are being adopted by key players to enhance their market footprint?
- Which region will remain in the dominant position in terms of revenue?
- How many niche segments are present in the market?
“Need to Reduce Carbon Emissions Bodes Well for the Market”
“The growth of the market is attributable to rising demand for clean energy across the globe,” said a lead analyst at Fortune Business Insights. “This will further lead to a reduction of carbon emissions and rising demand for generating electricity, which is expected to drive the market,” he added. Governments across the world are planning to take possible initiatives in order to fulfill the rising demand for electricity. This, coupled with a lower installation cost of wind power, is expected to boost the offshore wind power market. This, in turn, is anticipated to augment demand for offshore wind turbines in the coming years.
The demand for sustainable offshore energy can encourage companies to establish offshore wind power plants. The introduction of offshore wind turbines helps to generate electricity, which as a result is expected to evolve the offshore wind power market. The advancements in offshore wind technologies are also anticipated to be a potential growth enabler in the market. These advancements include advanced rotors and onboard sensors in offshore wind turbines.
“Mounting Costs Associated with Establishing Power Plants to Restrict Growth”
The huge capital cost involved in operating a power plant may inhibit the growth of the offshore wind power market. The onshore wind power installation involves less cost than offshore installation. The presence of alternatives is encouraging companies to focus on other forms of green energy such as biogas, solar, CHP, and others.
Speak to our Analyst for any Queries about Offshore Wind Power Market Research Report –https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/offshore-wind-power-market-100148
Major Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Emerging Trends For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Cost Comparison Analysis By Different Component of Wind Turbine
Global Offshore Wind Power Market Analysis (MW), Insights and Forecast, 2015-2026
- Key Findings
Market Analysis, Insights and Forecast By Installations
- Fixed Structure
- Floating Structure
Market Analysis, Insights and Forecast By Capacity
- Up to 3MW
- MW to5 MW
- Above 5MW
- Market Analysis, Insights and Forecast By Water Depth
Market Analysis, Insights and Forecast By Region
- South Korea
- Rest of the World
S. Offshore Wind Power Market Analysis (MW), Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast By Installations
Purchase Full Report for Exclusive Offshore Wind Power Market Growth Forecast –https://www.fortunebusinessinsights.com/checkout-page/100148
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Offshore Wind Power Market Data Current and Future Trends, Industry Size, Share, Revenue, Business Growth Forecast to 2026
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