The Market for Offshore Wind Energy is forecast to reach $42bn by 2025, growing at a CAGR of 13.6% from 2020 to 2025. The offshore wind energy market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions. Offshore wind energy generation process is a renewable form of producing energy by taking advantage of the power of the wind that is produced on the high seas, where it moves at a much higher and more consistent speed than it does on land, due to absence of multiple barriers.
Contact: (+1) 970-2363677 Inquiry
Email: sales@industryarc.com
Key Takeaways
• The Offshore Wind Energy Market is estimate to witness substantial growth over the forecast period primarily due to the growing demand for clean energy and rising focus on reducing carbon emissions.
• In 2019, turbines accounted for maximum revenue share of the Offshore Wind Energy Market across the component segment.
• Majority of the projects were installed in the shallow waters i.e., up to 30 meters due to ease of installation and low capital requirements in 2019.
• Offshore Wind Energy Market was dominated by Europe with a share of 37.9% in 2019.
Contact: (+1) 970-236-
3677
Email: sales@industryarc.com
Offshore Wind Energy Market Segment Analysis - By Component Type
In 2019, turbines accounted for maximum revenue share of the Offshore Wind Energy Market across the component segment. Restructuring across power markets along with swift technological developments related to the field of aerodynamics, and material composition are some of the key factors fuelling the wind turbines market. Additionally, industry operators manufacturing wind turbines are focusing on incorporating innovative and standardized product processes involving low installation costs, leading to rise in market demand of wind turbines.
Contact: (+1) 970-2363677
Email: sales@industryarc.com