The global offshore wind market revenue is expected to expand at a significant compounded annual growth rate (CAGR) over the forecast period.  Advances in wind power technologies continue to drive cost reduction and expansion into new markets.

Global offshore wind market report has been segmented on the basis of product type, location, and region.

On the basis of type, the target market is segmented into turbine, tower, blades, electrical infrastructure and nacelle. The turbine segment is expected to be the largest segment for the offshore wind market. The three components such as nacelle, rotor, and tower comprises the largest share. Manufacturers are focusing on up-gradation and increasing the turbine size due to advanced technologies.

On the basis of location, it is segregated into shallow water (< 30m depth), transitional water (30m – 60m depth), deep water (> 60m depth). Shallow water segment is expected to hold the largest share during the forecast period. The development of shallow water is generally cost effective due to better weather conditions.

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Based on region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is projected to account for highest share in terms of revenue over the forecast period, owing to higher demand in the power sector. With over 11 GW of installed capacity across 82 sites in Europe with highest deployment rate in last five years at a CAGR of 22.7%. According to International Renewable Energy Agency (IRENA), in 2017 the United Kingdom (UK), Germany, China, Denmark and the Netherlands had the largest markets of offshore wind, both in the number of wind farms and in total installed capacity. Moreover, markets in China, India, Japan, and South Korea are expected to witness constant demand for renewable resources, which will further contribute to revenue growth of the global offshore winds market in the next 10 years. the aforesaid factor, along with stringent regulations related to environment protection across the globe, is compelling the power generation industry to switch to cleaner and environment-friendly energy resources.

Key players operating in the global offshore winds market include General Electric, Siemens, Vestas Wind Systems A/S, Senvion SA, Doosan Heavy Industries & Construction Co., Ltd., Suzlon Group, Dong Energy A/S k), EEW Group (Germany), ENERCON GmbH (Germany) and Goldwind Wind energy GmbH (China).

In June 2018, Siemens Gamesa signed a contract for the supply of 165 wind turbines for the world’s “largest offshore project to date”, Hornsea Project Two offshore wind project, which will have a total capacity of 1,386 MW.

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