According to a new market research report published by Global Insight Services “Offshore Wind Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Offshore wind is a type of wind energy that is harvested from wind turbines that are built in bodies of water, such as oceans, lakes, and rivers. The main benefit of offshore wind farms is that they can generate large amounts of electricity without taking up a lot of space on land. In addition, offshore winds tend to be stronger and more consistent than onshore winds, making them a more reliable source of energy.
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Key Players
- General Electric
- Vestas
- Siemens Gamesa
- Goldwind
- Shanghai Electric Wind Power Equipment Co.
- ABB
Key Trends
Offshore wind technology has seen dramatic improvements in the last few years. The key trends are:
Turbine Size: Turbines are getting larger and more powerful. The average turbine size has increased from 2 MW in 2010 to 4 MW in 2018. This trend is expected to continue as manufacturers continue to push the limits of turbine size and power output.
Turbine Efficiency: Turbines are becoming more efficient as manufacturers continue to improve design and technology. The average turbine efficiency has increased from 33% in 2010 to 41% in 2018. This trend is expected to continue as manufacturers strive to improve turbine efficiency.
Cost: The cost of offshore wind energy has fallen dramatically in recent years. The levelized cost of energy (LCOE) has fallen from $180/MWh in 2010 to $110/MWh in 2018. This trend is expected to continue as the industry scales up and becomes more efficient.
Key Drivers
The key drivers of this market are the increasing demand for renewable energy, the declining cost of offshore wind technology, and the need to diversify energy sources.
The demand for renewable energy is increasing due to the growing awareness of the negative impacts of fossil fuels on the environment. The use of renewable energy is seen as a way to reduce greenhouse gas emissions and combat climate change. The Paris Agreement, which was signed by nearly 200 countries in 2015, calls for a transition to renewable energy in order to keep global temperature rise below 2 degrees Celsius.
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Market Segments
By Component
- Turbines
- Electrical Infrastructure
- Substructure
- Others
By Location
- Shallow Water
- Transitional Water
- Deep Water
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