The Global Offshore Wind Energy Industry is projected to reach $69.63 billion by 2025. The Global Offshore Wind Energy Industry was valued at approximately $18.479 billion in 2016 and is forecasted to grow at a healthy growth rate of more than 15.9 percent over the forecast period 2018-2025. The major factors to augment the markets are government initiatives to reduce carbon footprint and a rising need for renewable energy for power generation according to Global Reports Store.
Cost of energy and high capital investment are restraining the growth rate of the Industry. Growing research and development expenditure and innovative technological advancement in offshore wind components is a prime opportunity for growth in the Industry. Offshore Wind Energy is the use of wind farms to harvest wind energy to generate electricity. They are mostly constructed in bodies of water, frequently in the ocean on the continental shelf. Offshore wind energy forms an essential part of the clean energy resources and has a higher capacity factor as contrasted to the onshore wind energy.
The regional analysis of Global Offshore Wind Energy Industry is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of Industry share. Whereas, owing to countries such as China, India, and Japan, Asia Pacific region is also expected to exhibit higher growth rate/CAGR over the forecast period 2018-2025.
The objective of the study is to define Industry sizes of different segments & countries in recent years and to forecast the values for the coming eight years.
The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Industry. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
Major market players in Offshore Wind Energy Industry include GE Renewable Energy, MHI Vestas, Statoil, Siemens Gamesa, Adwen Offshore Inc., Orsted, Senvion, Petrofac Inc., ABB Ltd., Sinovel, Nexans, EEW Group, among other. The fierce competitiveness has made these players spend on R & D and product development to cater to market demands.
