The Offshore Wind by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/offshore-wind-global-market-report

According to The Business Research Company’s Offshore Wind , The offshore wind market size has grown rapidly in recent years. It will grow from $42.43 billion in 2023 to $49.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to government support, cost reductions, climate change awareness.

The offshore wind market size is expected to see rapid growth in the next few years. It will grow to $89.94 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to scale and capacity expansion, energy transition policies, international collaboration. Major trends in the forecast period include technological innovation, floating wind farms, hybrid projects, digitalization and automation, grid connectivity.

Increasing global investments in renewable energy are expected to propel the growth of the offshore wind market going forward. Renewable energy is energy generated from naturally replenished sources such as the sun and wind. The government is investing in renewable energy to strengthen its position in the offshore wind generation sector. For instance, in June 2021, according to International Energy Source, a Paris-based autonomous intergovernmental organization, Renewable energy has been estimated to attract 70% of global energy investment 2021, Global energy investment is expected to rebound this year and increase 10 % year-on-year to around $1.9 trillion. Therefore, increasing global investments in renewable energy are expected to propel the demand for offshore wind solutions during the forecast period.

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The offshore wind market covered in this report is segmented –
1) By Component: Turbines, Electrical Infrastructure, Substructure, Other Components
2) By Location: Shallow Water, Transitional Water, Deep Water
3) By Capacity: Upto 3MW, 3MW to 5MW, Above 5MW
4) By Application: Electric Power, Oil and Gas, Aviation, Transport, Other Applications

Top Major Players
General Electric Company
Siemens Gamesa Renewable Energy S. A.
MHI Vestas Offshore Wind A/S
Xinjiang Goldwind Science & Technology Co. Ltd.
Shanghai Electric Wind Power Group Co. Ltd.

Product innovation is a key trend gaining popularity in the offshore wind market. Major companies operating in the offshore sector are focused on developing new product innovations to strengthen their position. For instance, in September 2021, Siemens Gamesa Renewable Energy, a Spain-based company specializing in the renewable energy industry launched RecyclableBlade, the world’s first turbine blade which is recyclable. This blade is commercially used offshore and has RecyclableBlade technology for separations of the materials in the blade at the end of its lifetime. These wind turbine blades are made from a combination of materials cast together with resin in order to efficiently separate the resin from the other components at end of the blade’s working life.

The offshore wind market report table of contents includes:
1. Executive Summary
2. Offshore Wind Market Characteristics
3. Offshore Wind Market Trends And Strategies
4. Offshore Wind Market - Macro Economic Scenario
5. Global Offshore Wind Market Size and Growth
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31. Global Offshore Wind Market Competitive Benchmarking
32. Global Offshore Wind Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Offshore Wind Market
34. Offshore Wind Market Future Outlook and Potential Analysis
35. Appendix

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