Offshore Wind Energy Market Size

The demand for renewable sources of energy is increasing, owing to less prevalence of environmental hazards and efficient outputs.

WILMINGTON, DE , UNITED STATES, February 5, 2024 /EINPresswire.com/ -- The offshore wind energy market was valued at $2,727 thousand in 2016, and is projected to reach at $11,334 thousand by 2023, growing at a CAGR of 19.4% from 2017 to 2023.

Offshore wind energy is one of the most effective and robust sources of energy, which helps in the reduction of CO2 emissions and thus replace fossil fuels. Similar to land-based wind technologies, offshore wind makes use of wind turbines to generate electricity, which is delivered to the shore through an export cable. The main advantage of installing offshore wind energy is the consistent and stronger winds, which blow offshore allowing the use of larger horizontal turbine blades.

Rise in the demand for electricity and preference toward the use of renewable sources of electricity present numerous opportunities for market expansion. Moreover, increase in investments by governments and usage of offshore wind energy as substitutes to reduce greenhouse emissions are further anticipated to boost the overall growth of the market. However, high costs associated with initial installations and infrastructure of expensive components are expected to hamper the overall industry growth.

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The momentum behind offshore wind energy has been steadily building, driven by a convergence of factors including technological advancements, declining costs, and a growing recognition of the urgent need to transition away from fossil fuels. As nations around the globe commit to ambitious carbon reduction targets, offshore wind energy has emerged as a linchpin in achieving these goals.

One of the key advantages of offshore wind energy lies in its vast untapped potential. Unlike onshore wind farms, which are limited by land availability and face challenges such as land use conflicts and visual impact, offshore wind farms have the advantage of vast, open expanses of ocean where wind resources are abundant and consistent. This opens up opportunities for the development of large-scale wind projects capable of generating massive amounts of clean energy.

Furthermore, advancements in technology have significantly enhanced the efficiency and viability of offshore wind farms. Innovations in turbine design, foundation structures, and installation techniques have helped drive down costs and increase the competitiveness of offshore wind energy compared to conventional fossil fuel sources. As a result, offshore wind projects are now being developed at scale, with developers and investors increasingly recognizing the economic potential of this burgeoning industry.

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Looking ahead, the future of offshore wind energy appears brighter than ever. As technological advancements continue to drive down costs and improve performance, offshore wind farms are poised to play an increasingly prominent role in the global energy mix. Governments, utilities, and industry stakeholders are ramping up investments in offshore wind projects, recognizing the critical role they will play in achieving climate and energy objectives.

Offshore wind energy entails the establishment of wind farms situated along coastlines, typically on the continental shelf, aimed at harnessing wind energy for the production of electricity. Offshore locations benefit from greater wind speeds compared to onshore sites, leading to a comparatively higher electricity output. This form of renewable energy is anticipated to aid in reducing reliance on energy imports, mitigating air pollution and greenhouse gas emissions, while also fostering employment opportunities and supporting local businesses.

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Key Findings of the Study:

• North America is anticipated to grow at the highest CAGR during the analysis period.
• Europe is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 14.1%, in terms of capacity.
• UK accounted for almost one-third of the global market in 2016.
• China occupied around one-ninth share of the global offshore wind energy market in 2016.
• In terms of value, Denmark is expected to grow at a significant CAGR of 13.5% during the forecast period.

Competitive Analysis:

The Offshore Wind Energy Industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Key Market Players:

• Gamesa Corporacion Technologica Sa
• Ge Wind Energy
• Siemens Wind Power
• Vestas Wind Systems A/S
• Suzlon Group
• China Ming Yang Wind Power Group Limited
• Nordex Se
• Goldwin Science And Technology Co. Ltd.
• Sinovel Wind Group Co. Ltd.
• Dong Energy A/S

David Correa
Allied Market Research
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