Offshore Wind Market - Global Industry, Analysis, Size, Share, Trends, and Forecasts 2020 - 2030

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Offshore Wind Market - Global Industry, Analysis, Size, Share, Trends, and Forecasts 2020 - 2030

Status : January, 2023 | Energy & Mining

Report Digest

Offshore Wind Market: Overview

The rise in global investments in renewable energy is considered a prime factor augmenting the growth of the global offshore wind market. Offshore wind strategy maneuvers a huge job in accomplishing the inexhaustible objective in many nations throughout the planet.

The global offshore wind market is classified based on component, location, and region. In terms of location, the market is classified based on shallow water, transitional water, and deep water. As per classification by component, the market is categorized into substructure, electrical infrastructure, turbines, and others.

The report is based on a thorough analysis of the global offshore wind market and elaborates on the growth parameters such as drivers, restraints, challenges, and upcoming opportunities. The report further lists the table of segmentation and mentions the name of the leading segments and factors attributed to its growth. The impact of the novel COVID19 pandemic is also discussed in the report with prime emphasis on the strategies that can or will be adopted by market players to gain impetus at this time. For more information on the offshore wind market, log on to the company website.

Offshore Wind Market: Nature of Competition

The nature of the global offshore wind market is highly fragmented on account of the presence of many players. Merger & acquisition, joint ventures, and other collaborative efforts by players are the key strategies adopted by players. Besides this, players are also emphasizing expanding their geographical reach and improve their brand presence to gain an upper hand in the overall market competition.

Some of the key players of the global offshore wind market include:

  • Hitachi Ltd.
  • Envision Energy
  • Nordex SE
  • General Electric
  • Adwen
  • MHI Vestas Offshore Wind
  • Suzlon Energy Limited
  • Goldwind
  • Ming Yang Smart Energy Group Co.
  • ABB Ltd.
  • Senvion S.A.
  • Siemens Gamesa Renewable Energy S.A.
  • Others

Offshore Wind Market: Industry Development

  • A new wind turbine for offshore activities called V236 was launched by Vestas in February 2021. This new turbine has a total power rating output of 15 MW.
  • HIP Atlantic Project for the deployment of an estimated GW fixed and floating wind power was launched by a U.S.-based renewable power Project Company called Hecate Independent Power Limited (HIP) in May 2021.

Offshore Wind Market: Opportunities and Restraints

There has been a perceptible change in the energy area toward sustainable and environmentally friendly power energy because of elements like the need to lessen fossil fuel byproducts, consumption of petroleum derivatives, climatic change, and so forth Different government approaches are set up to help the drive toward greener energy. Numerous global organizations are bringing drives to chop down their carbon impression to add to a greener planet and maintenance. Offshore wind turbines are defenseless to disintegration, as they work for quite a long time in cruel marine conditions. Now and then, even the most worthwhile components, for example, high wind speeds, become a negative factor for offshore wind turbines.

Offshore Wind Market: Regional Analysis

Region-wise, the global offshore wind market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa. Each of these regions is further categorized based on nations. Among these, Europe emerged dominant with the UK as the nation with the largest share. This is followed closely by China, France, and Germany. China witnessed about 40% or more of wind power installation activities in 2018 and is still under the infrastructural development of upcoming projects in the coming years. Apart from this, other nations witnessing lucrative growth opportunities include India, Japan, the United States, South Korea, Taiwan, and Vietnam.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?