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"Global Offshore Wind Energy Infrastructure Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 102.5 Bn by 2028, Likely to Grow with the CAGR of 15.3% During the Forecast Period."
The market of offshore wind energy is growing globally by a rise in the demand for electricity along with raising customer preference for renewable energy. Imposed policies on increasing energy efficiency, industrialization, and increased urbanization. As per the International Energy Association (IEA), in 2017, cumulative grid-connected wind capacity had accounted for 515 GW from which 497GW was attributed for onshore wind energy, and 18GW by the offshore wind energy. Even though the value of offshore wind energy production is lesser in contrast with the former one, the offshore wind energy infrastructure has picked up the pace of offshores offering greater wind speed and power. Because of such reasons, numerous vendors are entering this market through various strategic moves for the offshore wind energy market.
The Turbine Component Segment Is Expected To Witness Highest Growth in the Global Offshore Wind Energy Infrastructure Market across the Globe
Continuous technological advancements in product size with the latest blade designs, constitute of drive trains, offshore equipment with advanced turbine assembly are the prime factors are increasing the demand of product. The Offshore Wind Energy Infrastructure is estimated for a higher cost associated with the project, in order to attain standard performance of these plants when installed for offshore production operations. Moreover, there are research & development practices being under continuous progress, in addition to the current advancements in contribution of flexibility & efficiency in units that drive the growth of industry.
Different transmission devices, along with enhanced generator speed control and implementation of superconducting generators are some of the important parameters in the restructuring of electrical infrastructure. Consumption of high voltage alternating current array cables coupled with technological advancements regarding the effective cooling systems does compensate for the business outlook. Moreover, considerable differences and upgrading the production practices in addition to the cost-effectiveness shall positively influence the industry dynamics of Offshore Wind Energy Infrastructure.
North America Is Expected To Dominate the Offshore Wind Energy Infrastructure Market during the Forecast Period
The North American market is anticipated for a healthy CAGR from 2019 to 2022. The U.S. started its offshore wind operations in 2016 with the government initiatives that have sanctioned different offshore wind projects of this region that would support in generating clean energy. However, offshore wind is anticipated for saving capital investments resulting in the decrease of greenhouse gases that are leading in pollution of nature. As per the Department of Energy (DOE), the U.S. has greater efficiency in the generation of 7,200 terawatt-hours (TWh) of power per year through the offshore wind.
The Offshore Wind Energy Infrastructure market is constituting numerous small-sized to medium-sized companies. The key players competing in the market have enhanced their geographical presence across the various regions. Key players are entering into new markets by strategic moves including new ventures, collaborations, mergers & acquisitions are substantially increasing their customer base.
Prominent players operating in the global offshore wind energy infrastructure market are listed as follows: Nordex Acciona, Global Energy Services, Prysmian, Senvion, Furukawa Electric, Enessere, MHI-Vestas, Siemens Gamesa, Envision Energy, Wobben, Impsa, Clipper, Goldwind, Suzlon, WEG SA, Bergey, LM, General Cable, Nexans, Southwire, Enercon, GE, Vestas, Sumitomo, Availon and RTS., LS Cable., Northern Power Systems United Power, Mingyang, Wobben, Impsa, Clipper.
Global Offshore Wind Energy Infrastructure Market Key Segments
Global Offshore Wind Energy Infrastructure Market, By Foundation
- Floating foundation
Global Offshore Wind Energy Infrastructure Market, By Location
- Shallow water
- Deep water
Global Offshore Wind Energy Infrastructure Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America