Offshore Wind Energy Market to Grow 20%
Global offshore wind energy market was valued at $2,727 thousand in 2019, and is expected to reach $11,334 thousand by 2025, registering a CAGR of +20% from 2019 to 2025, said a study.
The global offshore wind energy market has been set blazing with a number of schemes that have recently began power production, according to Researchnreports. For instance, following the installation of its first 7-MW turbines, Scotland's biggest offshore wind farm has sent power for the first time to the National Grid.
The growth of the offshore wind energy market is credited to the cumulative demand for clean energy to reduce carbon releases and the increasing demand for electricity generation with the help of renewable energy resources. The offshore wind energy market research study offers a wide viewpoint on where the manufacturing is heading toward.
Europe accounted for more than 90% share of the total revenue in 2019, followed by Asia-Pacific. The emerging countries in Asia-Pacific are anticipated to register steady growth rate, owing to increase in growth of the overall economy. Rise in savings by key builders is another key feature that fuels the market growth.
It pointed out that offshore Wind Energy is an essential part of these clean energy capitals and has a higher wind power factor. Wind turbines use natural wind energy to generate energy. This process of making electricity is rising rapidly all over the world.
Many emerging countries have opened up huge opportunities to the global marine wind turbine market because the pressure to conserve carbon emissions is low day after day.
The key players in the offshore wind energy market include Vestas Wind Systems A/S, Goldwin Science and Technology Co. Ltd., Gamesa Corporation Technological SA, GE Wind Energy, Snivel Wind Group Co. Ltd., Dong Energy A/S, Suzlon Group, Nordex SE, and China Ming Yang Wind Power Group Limited.