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Offshore wind energy market forecast to 2023 examined in new market research report

Energy Market Research

Offshore wind energy is used by numerous countries globally to harness the energy of consistent and strong winds, which are specifically around the oceans.

The global offshore wind energy market was valued at $2,727 thousand in 2016, and is expected to reach $11,334 thousand by 2023, registering a CAGR of 19.4% from 2017 to 2023. 

Offshore winds are more uniform and process higher speed than on land. The energy produced from wind is directly proportional to the cube of the wind speed.

Thus, wind speeds of only a few miles per hour are able to generate a considerably larger amount of electricity.


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The market has witnessed significant growth opportunities globally, owing to increase in demand for electricity processes and rise in government expenditures. Moreover, increase in inclination of consumers toward efficient and easy renewable sources of energy further boosts the market growth.

However, high initial costs associated with offshore wind energy systems and effects of offshore wind farms on marine animals are the factor anticipated to hamper the market growth. The global offshore wind energy market is segmented based on geography into North America, Europe, Asia-Pacific, and LAMEA.

The key players in the global offshore wind energy market have adopted market penetration and various growth strategies, such as mergers & acquisitions, with the local and established players. The key players profiled in the report include:

  • Siemens Wind Power
  • Vestas Wind Systems A/S
  • Goldwind Science and Technology Co. Ltd.
  • Gamesa Corporacion Technologica SA
  • GE Wind Energy
  • Sinovel Wind Group Co. Ltd.
  • Dong Energy A/S
  • Suzlon Group
  • Nordex SE
  • China Ming Yang Wind Power Group Limited


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  • The report provides extensive qualitative and quantitative analyses of the current trends and future estimations of the global offshore wind energy market from 2014 to 2022 to determine the prevailing opportunities.
  • Comprehensive analysis of factors that drive and restrict the market growth is provided.
  • Market estimations and forecast of the industry are based on factors impacting the market growth, in terms of value and volume.
  • Competitive intelligence of leading producers and suppliers of offshore wind assists to understand the competitive scenario globally.
  • The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.


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