According to Stratistics MRC, the Global Offshore Wind Market is accounted for $26.25 billion in 2017 and is expected to reach $99.87 billion by 2026 growing at a CAGR of 16.0% during the forecast period. Rising share of renewable in the power generation mix and government incentives following renewable energy deployment are some of the factors propelling the market growth. However, high capital cost and maintenance and logistics issues are hindering the market growth.
Offshore wind power is generated from wind farms constructed in the ocean on the continental shelf. These wind farms are installed in the ocean for energy harvesting purpose. Offshore medium offers greater wind speed as compared to offshore medium.
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Based on Location, Shallow Water (< 30m Depth) segment witnessed steady growth during the forecast period due to the expansion of shallow water is normally cost effective owing to better weather conditions, whereas, installing wind turbines in deep water becomes expensive due to high maintenance cost.
By geography, Asia Pacific holds the largest market share during the forecast period due to rising urbanization & industrialization, technological advancement and clean energy consumption are some of the factors propelling the market growth in this region.
Some of the key players profiled in the Offshore Wind Market include Siemens AG, ABB, Ltd., General Electric Company, Adwen, Eew Group, A2 SEA, Sinovel Wind Group Co., Nordex SE, Senvion SA, Nexans S.A. , MHI Vestas Offshore Wind A/S and Ming Yang Smart Energy Group Co.
• Deep Water (> 60m Depth)
• Transitional Water (30m – 60m Depth)
• Shallow Water (< 30m Depth)
• Electrical Infrastructure
• Other Components
• Type I
• Type II
• Type III
• Soil Monitoring
• Yield Monitoring
• Other Applications
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• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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