The offshore wind power is an approach of introducing electricity from the wind energy by utilizing the wind farms constructed in water bodies primarily in the ocean. The wind speed obtainable offshore is greater as associated to on land. Hence, the electricity produced by offshore wind power is greater per amount of capacity installed. Offshore wind power entails several inshore water locations likewise lakes, fjords, deeper-water areas, and sheltered coastal locations. It majorly uses the traditional fixed-bottom wind turbine technologies along with the floating wind turbines in order to produce the electricity. The effective growth in usage of renewable energy for power generation has underwritten to the growth of offshore wind market.
According to the report analysis, ‘Offshore Wind Market: Current Analysis and Forecast (2021-2027)’ states that Siemens Gamesa Renewable Energy SA, ABB, Xinjiang, Goldwind Science & Technology Co. Ltd (Goldwind), Orsted A/S, E.ON SE, General Electric, Vestas, Doosan Heavy Industries and Construction, DEME and Envision are the key entities which presently operating in the offshore wind market more actively for keep maintaining the governing position, ruling around the globe, registering the great value of market share, generating the highest percentage of revenue, obtaining the competitive edge and leading the highest market growth by improving the qualitative and quantitative measures of such, spreading the awareness connected to the applications and advantages of offshore wind, implementing the policies of profit making and strategies of expansion, increasing the features and benefits of offshore wind, employing the young and active personnel, analysing the strategies and policies of government as well as similar entities, and establishing the countless research and development programs.
Based on Type, the market is classified into fixed structure, floating structure. Presently, floating structure expected to captured remarkable market share. It is mainly due to a growing scope for relishing the projects in deep water, where the high wind speed generates a much favorable environment for operation, thereby propelling the offshore wind energy market.
Based on Component, the market is categorized into turbines, electrical infrastructure, substructure and others. The turbine segment controls extensive share in offshore wind market. The turbine segment is further categorized into-nacelle, rotors and blades, and tower. Turbines are placed on the tower and is majorly accountable for harnessing the wind energy to produce power.
Based on location, the market is classified shallow water, transitional water and deep water. Shallow water holds proficient share in the offshore wind market and estimated to have influential growth rate in the reviewed period as well. As shallow water is comparatively calmer in, the establishment of electrical infrastructure while setting up a wind turbine. Owing to comparatively less wind speed obtainable in shallow water, the turbines with less MW capacity are installed in this region.
For a better understanding of the market adoption of offshore wind, the market is analyzed based on its worldwide existence in the countries such as North America (United States, Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. Europe constitutes the greatest market for the industry and produced revenue of USD XX billion during 2020 predominantly owing to the surging offshore wind technology implementation and offshore wind farm development in the region.
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