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Offshore Wind Energy Market Growth Drivers 2022, Key Players Strategies, Future Investments and SWOT Analysis till 2030

The global offshore wind energy market size is forecast to reach US$ 93.70 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.1% during the forecast period from 2022 to 2030.

New York , United States- Report Ocean published the latest research report on the Offshore Wind Energy market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Offshore Wind Energy market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

The global offshore wind energy market size was US$ 33.53 billion in 2021. The global offshore wind energy market size is forecast to reach US$ 93.70 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.1% during the forecast period from 2022 to 2030.

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Offshore wind energy, also known as offshore wind power, involves constructing wind farms off the coast or on the continental shelf to harvest wind energy for electricity generation. A large part of offshore wind energy comes from inshore waters, like fjords, lakes, and sheltered coastal areas. These areas utilize fixed bottom wind turbines, while deep water areas use floating wind turbines.

Factors Influencing Market Growth

As the floating offshore wind technology develops, it will create a more favorable environment for deep water projects because increased wind speed creates a much more favorable operating environment, thus driving the global offshore wind energy market.

Due to the availability of advanced technology and turnkey solutions offered by various service providers, the global market for offshore wind energy is forecast to grow due to the rising demand for offshore wind installations.

Due to technological advancements and energy-efficient solutions, offshore wind energy has become a popular clean energy resource in a number of countries around the world, increasing opportunities in the global market.

Costs associated with the initial installation and infrastructure of expensive components may slow down the growth of the industry.

Impact Analysis of COVID-19

The COVID-19 spread reflects the downturn in the industry growth due to the global economic slowdown and significant disruptions in the renewable power supply chain. Government authorities worldwide have issued stringent guidelines that have halted most non-essential operations. As a result of the implementation of the global trade lockdown, the industry has slowed its growth. A disruption in the supply chain, lockdown measures, and low corporate spending restricted the development of the industry.

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Regional Insights

In 2021, Europe held the largest market share. It is due to government incentives and growing investments in renewable energy. Several key offshore renewable energy companies are forecast to boost the market’s growth in Europe. Furthermore, EWI supports research and development in the field of renewable energy. In addition, various countries in Europe are focusing on upgrading their electrical infrastructure. The governments of these nations are promoting the use of renewable energy to generate electricity. These efforts are driving market growth.

The Asia Pacific region is forecast to exhibit the highest CAGR over the forecast period. China, India, and Japan are among the countries with favorable government policies regarding renewable energy that is responsible for the rapid growth of the market in the Asia Pacific region.

Leading Competitors

The leading prominent companies profiled in the global offshore wind energy market are:

ABB Limited

DEME Group

Doosan Heavy Industries and Construction Co., Limited

EEW Group

Envision Energy

General Electric Company

Xinjiang Goldwind Science & Technology Co., Limited (Goldwind)

Hitachi Limited

Ming Yang Smart Energy Group Co.

Nexans S.A.

Nordex SE

Rockwell Automation, Incorporated

Shanghai Electric

Siemens Gamesa Renewable Energy S.A.

Vestas Wind Systems A/S

Other Prominent Players

Scope of the Report

The global offshore wind energy market segmentation focuses on Component, Location, and Region.

Segmentation based on Component

Turbines

Electrical Infrastructure

Substructure

Others

Segmentation based on Location

Shallow Water

Transitional Water

Deep Water

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Segmentation based on Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.

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