The global offshore wind energy market is expected to develop over USD 49.74 billion by 2023 at an estimated CAGR of around 11.12% during the period 2017 to 2023. An important factor of the growth in this sector, is the high demand on clean and reliable energy, aiming to decrease carbon emissions and keep an environmentally-friendly balance. According to a report from Market Research Future, electricity is to be generated mostly by renewable resources.
Mainly, offshore wind energy farms are constructed offshore on continental shelf to harvest wind energy to generate electricity. As offshore winds are comparatively of higher current as compared to land winds, a higher amount of electricity can be generated through these installations.
The offshore wind market in the Europe region is the leader for the time being and followed by North-America and Asia-Pacific market.
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But it is expected that North-America will grow at the highest CAGR, owing to the approval of various offshore wind farm projects in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation.
Yet, high capital cost of the projects with high maintenance cost and logistics issues, can sabotage the offshore wind market.
Also, high tidal winds and bad weather conditions are making it difficult to access the offshore wind farms even for problem rectification and preventive maintenance will restrain the global offshore wind market.
Concluding, the key players of global offshore wind market are Siemens AG (Germany), Vestas Wind Systems A/S (Denmark), General Electric Company (U.S), Senvion SA (Germany), Areva (France), Clipper Windpower, LLC (U.S), ABB Ltd. (Switzerland), Sinovel Wind (Group) Co., Ltd. (China), Doosan Heavy Industries & Construction (South Korea), Suzlon (India), A2SEA (Denmark) and EEW-Group (Germany).
