Global Offshore Wind Market to 2024: Rising Penetration of Offshore Wind Power / Improvement in Capacity Factor / Rising Renewable Energy Consumption / Growing Numbers of Offshore Wind Farms

DUBLIN, Jan. 14, 2021 /PRNewswire/ -- The "Global Offshore Wind Market (Equipment, Installation & Turbine Services): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering.

The global offshore wind market is expected to record a value of US$51.75 billion in 2024, increasing at a CAGR of 14.21%, for the duration spanning 2020-2024.

The factors such as rising penetration of offshore wind power, growing electricity demand, improvement in capacity factor, rising renewable energy consumption and an escalating number of offshore wind farms would drive the growth of the market. However, the market growth would be challenged by foundations and transition piece challenges, development hurdles and environmental issues. A few notable trends may include decline in installation cost, increasing R&D spending on energy sector and the evolution of offshore wind turbines.

The global offshore wind sector has been very lucrative over the past few years due to the consistent upgradation in the cutting-edge offshore wind farm technology. Companies in the energy sector are investing considerable funds in comprehensive offshore wind services to keep turbines running smoothly. In addition, certain government policies and initiatives towards implementing the clean energy plans are encouraging the use of a considerable portion of wind energy, particularly offshore, for electricity generation, which is driving the market growth of offshore wind globally.

The fastest-growing regional market was Europe due to the strong competition among the major players. There has been an increased number of multi contracts between offshore wind companies, over the past few years, which led to the growth of the market. Further, the COVID-19 outbreak caused country shutdowns, suspension of industrial activities as well as economic disruption, impacting the demand for electricity, which might cause a downfall in the global offshore wind market during the initial phase of the forecasted period.

Scope of the report:

• The report provides a comprehensive analysis of the global offshore wind market.
• The major regional markets (Europe, Asia Pacific and ROW, along with the country coverage of the U.K. Germany, Denmark, Belgium, Netherlands, China, Taiwan, South Korea, Japan and the U.S.) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Siemens, General Electric, ABB, Vestas, Nexans and EEW Group) are also presented in detail.

Key Target Audience:

• Offshore Wind Equipment Manufacturers
• Raw Material Suppliers
• Potential Audience (Offshore wind Companies and Dealers)
• Investment Banks
• Government Bodies & Regulating Authorities

Key Topics Covered:

1. Market Overview
1.1 An Introduction
1.2 Difference Between Offshore and Onshore Wind Power
1.3 Mechanism of Offshore Wind Farms
1.4 Advantages of Offshore Wind Power
1.5 Offshore Wind Service Value Chain

2. Impact of COVID-19
2.1 Decline in Electricity Consumption
2.2 Decline in the International Trade
2.3 Impact on Energy Sector Investments

3. Global Market Analysis
3.1 Global Offshore Wind Market by Value
3.2 Global Offshore Wind Market Forecast by Value
3.3 Global Offshore Wind Market by End-Industries
3.3.1 Global Offshore Wind Equipment Market by Value
3.3.2 Global Offshore Wind Equipment Market Forecast by Value
3.3.3 Global Offshore Wind Installation Market by Value
3.3.4 Global Offshore Wind Installation Market Forecast by Value
3.3.5 Global Offshore Wind Turbine Services Market by Value
3.3.6 Global Offshore Wind Turbine Services Market Forecast by Value
3.4 Global Offshore Wind Installed Capacity
3.5 Global Offshore Wind Installed Capacity Forecast
3.6 Global Offshore Wind Installed Capacity by Regions

4. Regional Market Analysis
4.1 Europe
4.2 Asia Pacific
4.3 The U.S.
4.4 ROW

5. Market Dynamics
5.1 Growth Drivers
5.1.1 Rising Penetration of Offshore Wind Power
5.1.2 Growing Electricity Demand
5.1.3 Improvement in Capacity Factor
5.1.4 Rising Renewable Energy Consumption
5.1.5 Escalating Numbers of Offshore Wind Farms
5.2 Key Trends and Developments
5.2.1 Decline in Installation Cost
5.2.2 Increasing R&D Spending in Energy Sector
5.2.3 Evolutions of Offshore Wind Turbines
5.3 Challenges
5.3.1 Foundations and Transition Piece Challenges
5.3.2 Developmental Hurdles
5.3.3 Environmental Issues

6. Competitive Landscape
6.1 Global Market
6.1.1 Key Players - Revenue Comparison
6.1.2 Key Players - Market Cap Comparison
6.1.3 Key Players - R&D Expenditure Comparison

7. Company Profiles
7.1 Business Overview
7.2 Financial Overview
7.3 Business Strategies

• ABB
• EEW Group
• General Electric
• Nexans
• Siemens
• Vestas

For more information about this report visit https://www.researchandmarkets.com/r/8jiaj5

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