The global offshore wind market is growing continually. Offshore wind is at the top of the list in various transformational plans for green economic growth. Besides, the market growth attributes to private investments in vital new offshore wind projects, creating substantial market demand. The renewable industry has set out a clear pathway for offshore wind to produce low-cost renewable hydrogen at scale, working with leading firms and technologies.

Moreover, rising offshore wind energy projects escalate market growth. According to Market Research Future (MRFR), the global offshore wind market is projected to create a valuation of USD 59.94 BN by 2025, growing at 15.34% CAGR throughout the assessment period (2019 – 2025). The rising demand for renewable energy and advances in renewable together increase the offshore wind capacity. Also, the increasing numbers of wind farms, wind turbines boost market growth.

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Additionally, the offshore wind market's growth is fostered by the continuously rising demand for energy led by rapid industrialization and economic growth worldwide. Growing population and urbanization across the globe prompt the demand for renewable, clean, and sustainable energy generation more than ever. Furthermore, the growing governmental pressure to increase renewable energy generation accelerates market sales.

Additionally, rising technological advances and significant improvements in sustainable energy generation equipment, including wind turbines and others, influence market growth. On the other hand, the high construction cost of offshore wind infrastructures is a major factor expected to impede the market's growth. Nevertheless, the cost-effectiveness of offshore wind energy generation and emerging technology would support market growth throughout the assessment period.Similarly, improving generation and storage technologies, alongside the increasing consumer awareness for renewable energy sources, would increase market opportunities. Increasing levels of CO2 emissions and waste resulted out of traditional power generation methods using fossil fuels, presage the need for renewable energy generation. Simultaneously, rising crude oil prices and environmental concerns foster the market demand.

Global Offshore Wind Market - SegmentsThe report is segmented into three dynamics;By Components : Turbine, Tower, Blades, Electrical Infrastructure, Nacelle, and others.By Location : Shallow Water, Transitional Water, and Deep Water.By Regions : North America, Europe, APAC, and Rest-of-the-World (RoW).

Global Offshore Wind Market - Geographical Analysis

Europe dominates the global offshore wind market. The largest market share attributes to rising numbers of wind projects supported by the government with favorable incentives as a part of their carbon emission reduction goals. Besides, dropping prices cost per megawatt-hour drive the growth of the market. Moreover, the strong presence of major industry players and well-developed renewable energy infrastructure fuel the region's market growth. Increasing demand for renewable technology, alongside increasing R & D investments and modifications, act as major tailwinds for the regional market growth.

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North America stands second in the global offshore wind market. Market growth is led by increasing wind onshore & offshore infrastructures in the region. Additionally, technological upgrades, alongside the increasing domestic system production and crude oil prices, influence the regional market growth. With its large numbers of offshore wind installations, the US accounts for the leading revenue share in the regional market.

The Asia Pacific offshore wind market is growing rapidly. Factors such as the rising demand for renewable technologies and increasing R&D investments substantiate market growth. Also, the rising governmental pressure to increase renewable energy generation fosters offshore wind development. Furthermore, the rising demand for energy due to the rapid economic growth and industrialization in the region boost market growth.

Global Offshore Wind Market - Competitive Landscape

Highly competitive, the offshore wind market appears fragmented due to the presence of several industry players. Mergers & acquisitions, collaboration, expansion, and product/ technology launch are key strategic initiatives these players incorporate to gain a larger competitive advantage. They focus on product development and geographical expansion. The market is projected to witness various innovations and new product launches that would intensify the competition.

Major Players:

• EnviTec Biogas AG (Germany)
• ElectraTherm (Georgia)
• Ameresco (US)
• Schmack Biogas GmbH (Germany)
• Babcock & Wilcox Enterprises Inc. (US)
• WELTEC BIOPOWER GMBH (Germany)
• Ørsted A/S (Denmark)
• Dalkia (France)
• MVV Energie AG (Germany)
• Enerkem (Canada).

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Tables Of Contents

1 Executive Summary2 Research Methodology3 Market Dynamics4 Global Offshore Wind Market, By Reactor Type5 Global Offshore Wind Market, By Strategy6 Global Offshore Wind Market, By Capacity7 Regional Market Analysis8 Competitive Analysis9 List of Tables10 List of Figures

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Market Research Future

Office No. 528, Amanora Chambers

Magarpatta Road, Hadapsar,

Pune - 411028

Maharashtra, India

+1 646 845 9312

Email: [email protected]

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