Offshore Wind Market Overview:
The production of electricity using wind farms in bodies of water—typically at sea—is known as offshore wind power or offshore wind energy. Since the wind blows faster at sea than on land, wind farms provide more electricity per installed capacity.
The Offshore Wind Market is estimated to reach USD 114 billion in value by 2027, expanding at a CAGR of 21% over the forecasted period.
The start of COVID-19 has greatly accelerated the offshore wind sector. Despite Coronavirus outbreaks, the growth of renewable energy was reassuringly robust. If there hadn't been a rebound in electricity consumption, the reliance on fossil-fired electricity could have been significantly decreased.
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The production of components and devices was halted due to a Coronavirus lockdown, which raised product prices and decreased consumer demand. The good news is that the offshore wind business is quickly returning to normal as a result of consistently rising energy demand, especially from industrial sectors. Following the lifting of the lockout in many countries, the value of the offshore wind market is anticipated to increase.
Market Segmentation
- By Components:
Towers, turbines, electrical infrastructure, nacelles, blades, and other items are sub-segmented under the component segment.
- By Location:
The location portion is divided into two sections: 30m above and 30m above. The market share leader among these is the 30m segment.
Regional Classification
A sizeable portion of the worldwide offshore wind market is controlled by Europe. The growth of the offshore wind market is fueled by elements like the rise of renewable energy sources, the recovering economy, and rising technology and population. Other significant trends in the offshore wind market include several supportive policies promoting wind projects and lowering carbon emissions, as well as declining wind energy per megawatt-hour prices.
The offshore wind market size is also increased by the region's strong industrial expansion and the presence of major international companies. It is anticipated that the region would continue to lead during the evaluation period.
Mexico, Chile, and Argentina are the next four largest onshore wind markets in Latin America after Brazil. Brazil produces most of its oil and gas offshore, and its supply chain can be modified to meet the unique requirements of offshore wind.
Industry News
The 112-MW Ishikari offshore wind power project has been awarded an order by Green Power Investment, according to Siemens Gamesa Renewable Energy. This is the first firm offshore order for the wind turbine maker in Japan.
Maritime breezes offer exciting potential for Latin America. The initial moves toward developing offshore wind power were made in Colombia and Brazil. Encounters with oil platforms.
Mexico, Chile, and Argentina are the next four largest onshore wind markets in Latin America after Brazil. The majority of Brazil's oil and gas production occurs offshore, and the country has a highly well-established supply chain that can be modified to match the unique requirements of offshore wind.
The hunt for energy alternatives becomes more alluring in terms of costs and sovereignty in a scenario where hydrocarbon prices are triggered by the conflict in Ukraine and the sanctions imposed on Russia.
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Key Companies Profiled
- General Electric
- Parker-Hannifin Corporation
- Siemens Gamesa Renewable Energy, SA
- MHI Vestas Offshore Wind
- Senvion SA
- Doosan Heavy Industries Construction
- Suzlon Energy Limited
- Dong Energy A/S
- EEW GROUP
- ENERCON GmbH
- Goldwind Wind Energy GmbH
- ABB
- Engie
- Ørsted A/S
