“According to the research report published by Polaris Market Research, the global offshore wind energy market was valued at USD 33.52 billion in 2021 and is expected to reach USD 89.76 billion by 2030, to grow at a CAGR of 12.1% during the forecast period.”
Polaris marketplace studies has currently posted a research report titled Offshore Wind Energy Market: By Size, Latest Trends, Share, Huge Growth, Segments, Analysis and Forecast, 2032 that emphasizes a comprehensive analysis of modern and destiny possibilities to research the boom fee of the marketplace. The report describes Offshore Wind Energy Market length, historical trends, enterprise improvements, segmentation evaluation, new possibilities, elements controlling the market, and traits.
The launch of numerous power projects and the implementation of various regulatory frameworks and policies are the main drivers of increasing the worldwide demand. Additionally, rising power consumption, expanding renewable power investment, and rising emissions from conventional power plants are other driving forces that might benefit the industry’s expansion during the upcoming years.Based on the location, the shallow water segment dominates the global industry with the highest revenue shares. Factors such as easy maintenance, need for less capital, and rising inclination towards constructing electrical infrastructure are surging the demand worldwide. In contrast, the deep water segment shows the highest CAGR rate, which leads to higher demand owing to the growing investment in building offshore renewable farms in deep water above 30-meter depth.
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The primary force behind the industry’s growth is the increasing number of actions taken by the government and businesses to reduce carbon emissions. The rising demand for offshore renewable power results from growing environmental concerns. In order to reduce carbon emissions, several industrial participants are concentrating on expediting the development of renewable resources like solar power.
In addition, increasing investment in the R&D activities by the leading companies to introduce innovative technologies, improvise infrastructure and strengthen their product portfolio. For instance, Hecate Independent Power Limited (HIP), a UD-based renewable power project company, launched its HIP Atlantic Project to install more than 10 GW of fixed and floating renewable power in the North Atlantic, UK. Hence, these factors are projected to accelerate the global demand in the forecasting period.
Major Key Players:
- ABB
- DEME
- Doosan Heavy Industries and Construction
- EEW Group
- Envision
- General Electric
- Goldwind
- Hitachi
- Ming Yang Smart Energy Group Co.
- Nexans
- Nordex SE
- Rockwell Automation
- Shanghai Electric
- Siemens Gamesa
- Vestas
Industry participants such as Rockwell Automation, Hitachi, Doosan Heavy Industries and Construction, EEW Group, Envision, ABB, Goldwind, Vestas, Siemens Gamesa, General Electric, Ming Yang Smart Energy Group Co., DEME, Nexans, Nordex SE, and Shanghai Electric are some of the key players operating in the global market. The prominent players’ frequent tactical movements such as mergers & acquisitions, collaborations, product developments & launches, and others are supporting the global industry development.
For instance, in May 2021, GE Renewable Energy announced introducing long-term “Turbine Supply and Service and Warranty” contracts for the Dogger Bank’s final phase breeze farm projects. Similarly, in May 2021, Siemens Gamesa was confirmed as the first point of contact for facilitating the complete 1,044 MW Hai Long wind projects in Taiwan.
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Competition Analysis
The report analyzes the competitive landscape, highlighting Offshore Wind Energy Market key players operating at domestic and global levels. By examining these players, readers can gain insights into their presence in the market, company profiles, total revenue, pricing, sales, product details, specifications, recent developments, financial status, profits, and contact information. This comprehensive assessment allows readers to evaluate the strengths and weaknesses of their competitors effectively. Additionally, it sheds information on numerous tactics used by top rivals, including the introduction of new products, R&D expenditures, partnerships, mergers and acquisitions, joint ventures, and collaborations.
Reasons to Purchase This Report
- To get a comprehensive evaluation of all opportunities and risks in the market.
- To study business predictions by region, key countries, and top companies’ information to channel their investments.
- To obtain precise market information and extensive analysis in order to achieve efficiency, growth, and profit in the business.
- To track significant changes in the competitive scenario and market dynamics & trends.
- To evaluate the market by segments, countries with Offshore Wind Energy Market share and sales by key countries in these various regions.
- To explore key strategies adopted by players to sustain themselves in the market and expand their presence across the world.
Along with consumption and consumption value projections, forecasts for production and production value are also provided and important regional markets. Additionally, the researchers have researched probable areas that could experience positive Offshore Wind Energy Market growth. In addition, a thorough analysis and evaluation of the market verticals in this research will help new entrants understand important perspectives and investment returns.
Finally, this study provides stakeholders with information on which international regions to focus on. The report acts as a reliable resource for acquiring the study data that is anticipated to significantly expand your business. Overall the study document enables stakeholders to learn more about how end users think.
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