Offshore wind market: overview
Increasing global investment in renewable energy is seen as a prime factor increasing the growth of the global offshore wind market. The offshore wind strategy is doing a tremendous job to achieve the inexhaustible goal in many countries across the planet.
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The global offshore wind market is categorized on the basis of component, location, and region. In terms of location, the market is categorized based on Shallow Water, Transition Water, and Deep Water. Based on component classification, the market is categorized into substructure, electrical infrastructure, turbines, and others.
The report is based on an in-depth analysis of the global offshore wind market and details the growth parameters such as drivers, restraints, challenges and upcoming opportunities. The report further lists the segmentation table and mentions the name of major segments and factors attributed to its growth. The impact of the novel COVID19 pandemic is also discussed in the report with a focus on strategies that can or will be adopted by market players to gain momentum at this time. For more information on the offshore wind market, log on to the company’s website.
Offshore wind market: nature of competition
The nature of the global offshore wind market is highly fragmented due to the presence of many players. Mergers and acquisitions, joint ventures and other collaborative efforts of actors are the key strategies adopted by actors. In addition to this, the players are also focusing on expanding their geographic reach and improving their brand presence to gain the upper hand in the overall market competition.
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Some of the major players in the global offshore wind market include:
MHI Vestas Offshore Wind
Suzlon Energy Limited
Ming Yang Smart Energy Group Co.
Siemens Gamesa Renewable Energy SA
Offshore wind market: industry development
A new wind turbine for offshore activities called V236 was launched by Vestas in February 2021. This new wind turbine has a total nominal power of 15 MW.
The HIP Atlantic project for the deployment of fixed and floating wind power estimated at GW was initiated by a US-based renewable energy project company called Hecate Independent Power Limited (HIP) in May 2021.
Offshore wind market: opportunities and constraints
There has been a noticeable shift in the energy field towards sustainable and environmentally friendly electric power due to such things as the need to reduce fossil fuel byproducts, consumption of petroleum derivatives , climate change, etc. Different government approaches are put in place to help the reader towards greener energy. Many global organizations are working to reduce their carbon footprint to contribute to a greener planet and maintenance. Offshore wind turbines are defenseless against decay, as they operate for quite a long time in harsh marine conditions. From time to time, even the most interesting components, for example high wind speeds, become a negative factor for offshore wind turbines.
Offshore wind market: regional analysis
Regionally, the global offshore wind power market is widespread in the regions of North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Each of these regions is then classified according to nations. Of these, Europe has become dominant, with the UK being the country with the largest share. It is closely followed by China, France and Germany. China witnessed around 40% or more of wind power installation activity in 2018 and is still in the process of developing infrastructure for upcoming projects in the years to come. Apart from this, other countries witnessing lucrative growth opportunities include India, Japan, the United States, South Korea, Taiwan, and Vietnam.
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