Growth of the Off-Shore Wind Market to be Intensified by Growing Demand for Renewable Energy
Recent report published by research nester titled “Off-Shore Wind Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the offshore wind market in terms of market segmentation by architecture, by component, by location and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The offshore wind market is segmented by architecture, component, location and region. Based on architecture, the market is segmented into hardware, software and services. On the basis of component, the market is segmented into turbine, substructure, electrical infrastructure and others. On the basis of location, the market is segmented into shallow water (< 30m depth), transitional water (30m- 50m) and deep water (>50m depth). The off shore wind market is anticipated to record a CAGR of around 18% during the forecast period i.e. 2019-2027. The market is segmented by architecture, component and location, out of which, the turbine segment is anticipated to have significant growth on account of adoption of premium pricing models by manufacturers of turbines to recover manufacturing cost and retain margin.
Europe is expected to hold a major share of the market attributing to introduction of offshore renewable energy development technology and widespread penetration of wind farms projects in different countries. Asia Pacific is expected to grow at a steady rate on the back of rise in investments by key manufacturers and increase in growth of the overall economy.
Growing demand for renewable energy across different industries and government supports across different countries promoting the use of wind, hydro and solar. Advancements in wind- farm development and emergence of offshore turbine technologies have helped to reduce the cost of electricity generated from offshore wind farms. The improvement in wind- turbine technology has encouraged reduction in offshore wind costs which is expected to boost the growth of the offshore wind market. In the offshore sector, technological developments are taking place to reduce the cost of wind power projects. As a result of which direct drive technology is gaining popularity as it reduces the number of wear- prone and rotating components in wind turbines.
However, costly installation of wind power system and requirement of significant expertise and infrastructure are expected to operate as key restraints to the growth of offshore wind market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the offshore wind market which includes company profiling of Senvion S.A., Doosan Heavy Industries & Construction, Adwen, Sinovel, Suzlon, Nordex, Vestas, General Electric, Siemens and Enercon. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the offshore wind market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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