Global Offshore Wind Market Analysis: What are the Historic and Forecasted Market Sizes?
From 2024 to 2025, the offshore wind market size is anticipated to expand from $49.69 billion to $58.22 billion, with a compound annual growth rate (CAGR) of 17.2%. Elements such as government support, cost reductions, and climate change awareness have contributed to this trend. Further, it is projected to increase to $104.95 billion in 2029, growing at a CAGR of 15.9%. Factors such as expansion of scale and capacity, energy transition policies, and international collaboration are anticipated to fuel this expansion. The period will also see trends like technological innovation, floating wind farms, hybrid projects, digitalization, and automation, and improvements in grid connectivity.
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What are the Key Drivers for the Offshore Wind Market Growth?
The offshore wind market growth is accelerated by increasing global investments in renewable energy. Renewable energy is derived from naturally replenished sources, like the wind, and is gaining government investments to bolster its position in offshore wind generation. For instance, in 2023, global new investment in renewable power and fuels attained a record high of approximately 622.5 billion USD, an 8.1% increase from 2022, fuelling the demand for offshore wind solutions.
Which are the Major Segments in the Global Offshore Wind Market?
1) By Component: Turbines, Electrical Infrastructure, Substructure, Other Components
2) By Location: Shallow Water, Transitional Water, Deep Water
3) By Capacity: Up to 3MW, 3MW to 5MW, Above 5MW
4) By Application: Electric Power, Oil and Gas, Aviation, Transport, Other Applications
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Who are the Major Players in the Offshore Wind Market?
Major companies like General Electric Company, Siemens Gamesa Renewable Energy S. A., MHI Vestas Offshore Wind A/S, Xinjiang Goldwind Science & Technology Co. Ltd., and Shanghai Electric Wind Power Group Co. Ltd., among others, are leading the offshore wind market.
What are the Emerging Trends in the Offshore Wind Market?
Offshore wind market companies are focusing on technological advancements, such as tendering to streamline project bidding, competitive pricing, and stakeholder collaboration. These trends are accelerating the deployment of offshore wind projects and increasing renewable energy capacity.
What Does the Regional Analysis Say About the Offshore Wind Market?
In 2024, Western Europe held the largest share in the offshore wind market. During the forecast period, North America is expected to witness the most rapid growth. The other regions covered in the report are Asia-Pacific, Eastern Europe, South America, the Middle East, and Africa.
What is the Offshore Wind Market?
Offshore wind refers to a renewable energy source generated using wind force on open seas that reach a higher, more consistent speed than on land due to the absence of boundaries. This energy is then used for electricity generation in wind farms, usually at sea. The Offshore Wind Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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