Major players in the offshore wind energy market include Prysmian Group, Siemens Gamesa, General Electric, Furukawa Electric, Nexans, Clipper and Southwire.
SELBYVILLE, Del., November 29, 2021 / PRNewswire / – The size of the offshore wind energy market is expected to register a valuation of $ 97 billion by 2027, according to the most recent study by Global Market Insights Inc. The growth of the global market is attributed to growing demand for electricity as well as rapidly increasing levels of carbon emissions from traditional power plants. A vast untapped and unexplored energy potential in various deep-water locations along with the increasing adoption of green energy sources will influence the commercial potential. In addition, a favorable regulatory framework coupled with the growing focus on improving CUF for wind power generation technologies will complete the business landscape.
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Coastal project deployments have grown considerably over the past decade. The ability to offer higher potential as well as a competitive energy transition have favored the development of offshore wind projects at> 0 â¤ 30 meters depth levels. Projects developed at this water depth offer enormous potential for network connectivity and are economical compared to projects developed at high water depths, thus increasing product penetration.
The ongoing technology upgrade has aligned the focus on installing sustainable support structures. Therefore, manufacturers are involved in the development of high quality foundations capable of withstanding environmental conditions, water flow and extreme harsh conditions. Growing installation of offshore energy projects for economical and efficient power generation and increasing research and development initiatives aimed at maximizing capacity utilization.
COVID-19 has hit the global economy in an unprecedented way and has significantly affected market operations. This delayed operations due to labor shortages and shut down manufacturing and distribution businesses, affecting the progress of the market. However, the wind sector has seen an upsurge due to the deployment of renewable projects in developed and developing economies. In addition, the government’s efforts to implement vaccination programs and several other measures to effectively cope with the situation further boosted the market expansion.
Europe The offshore wind energy market is expected to witness growth driven by increased investment in floating offshore wind energy accompanied by an increase in mergers and private and public agreements for the deployment of the project. The government introduced contracts for difference (CfD) to allow long-term stable returns from power infrastructure projects. The reform also includes provisions aimed at developing viable returns for investors and encouraging financing through leverage mechanisms.
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Prominent players operating in the offshore wind energy market include Prysmian Group, Siemens Gamesa, General Electric, Furukawa Electric, Nexans, Clipper and Southwire, among others.
Table of contents (ToC) of the report:
Chapter 3 Offshore Wind Energy Market Overview
3.1 Industry segmentation
3.2 Industry Ecosystem Analysis
3.2.1 Matrix of suppliers
3.3 Innovation & sustainability
3.4 Regulatory landscape
3.5 Impact of COVID-19 on Industry Outlook
3.5.1 Top 10 countries affected by COVID-19
3.5.2 Global scenario
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.9.1 Strategy dashboard
3.10 PESTEL analysis
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SOURCE Global Market Insights Inc.