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Offshore Wind Market worth $55.11 Billion by 2022
The global offshore wind market is projected to grow at a CAGR of 15.32% from 2017 to 2022, to reach a market size of USD 55.11 Billion by 2022.
The offshore wind market is projected to reach USD 55.11 billion by 2022, at a CAGR of 15.32% from 2017 to 2022. The offshore wind market has been rapidly growing, especially in Europe as it contributed the European Union (EU) to meet its renewable energy targets for 2020. The global demand for electric power is increasing due to various factors such as urbanization, increased industrialization, and economic development among others. Rising energy demand and energy efficiency mandates drive the demand for the offshore wind market. The offshore wind market is gaining acceptance due to its high capacity factor which makes it an important renewable resource to help in the reduction of CO2 emissions. Moreover, countries like China and the U.S. are also focusing on emission reduction.
North America is estimated to be the fastest growing market for the offshore wind market from 2017 to 2022. The U.S. is the only country that had commercial offshore wind operations in this region as of 2016. This region is in the early phase of implementing offshore wind farms. They are partnering with other European countries to develop advanced technologies in order to efficiently install offshore wind turbines. According to the Department of Energy, the U.S. has the potential to produce 7,200 terawatt hours of electricity per year through offshore wind. North America is looking at renewable energy generation in a way to meet its energy needs at affordable costs and minimum environmental damage, thus, driving the market for offshore wind.
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With regard to the substructure segment, others segment which includes floating substructure, is expected to grow at the fastest pace during the forecast period from 2017 to 2022. These types of substructure allow the turbines to generate electricity in deep water location where bottom-mounted towers are not feasible. Countries like the U.S. and japan have favourable deep water location for the installation of turbines. Floating substructures would grow at a faster pace because they offer environmental benefits due to less construction activity required on the seabed and would be suitable for deep water locations.
The offshore wind market is dominated by a few key players such as Siemens AG (Germany), MHI Vestas Offshore Wind A/S (Denmark), ABB, Ltd. (Switzerland), EEW Group (Germany), Nexans (France), and A2Sea (Denmark), among others.
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