Offshore Wind industry analysis research and trends report for 2017-2024

Offshore Wind industry analysis is covered in this latest research report that aims to help those taking daily business decisions by providing market trends information, competitive landscape scenario, forecasts and more.

Endorsing its dominance in Europe, offshore wind market has generated quite an appreciable momentum on a global scale over the recent years. As per the records, in 2016, 88% of the overall offshore wind installations were located across ten European countries and the remaining 12% installations were spread across the U.S., China, Japan, and South Korea belt. This massive expansion of offshore wind power can certainly be credited to the rising emphasis of both the private and the government entities on energy optimization.

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The recently recorded price trends of the offshore wind have indeed led to a dynamic revolution in the global landscape. The Dutch tender for Borssele 1 &2 in June 2016 marked this transformation era with a valuation of €72/MWh. This was trailed by a Danish tender worth €64/MWh. November and December 2016 further registered these developments with tenders of €49.90/MWh and €54.50/MWh by Danish Krieger’s Flak project and Netherlands Borssele 3 & 4 respectively.

Furthermore, the increasing urbanization and economic developments which have subsequently boosted the electricity demand is also playing a major role in fueling offshore wind market trends. Countries are treading toward the deployment of the renewable energy sources to fulfill their energy needs and meet the sustainability standards. Sources claim that by 2020, 8-10% of UK’s electricity demand will be addressed by offshore wind.

Not only the European belt but the other regions as well are actively deploying offshore wind to meet the energy and sustainability standards. Below is the synopsis of offshore wind market on a global scale:

  • The U.S. offshore wind market is projected to register substantial gains through 2024, driven by the strong government initiatives to meet the clean energy demands. The country entered the offshore wind industry space profoundly post completing its first offshore wind farm of 30 MW capacity in 2016.
  • In 2017, the government of Germany in collaboration with the government of Denmark and Belgium stated to integrate 60 GW offshore capacity by 2027. With such favorable regulatory framework and the declining component costs, Germany offshore wind industry is poised to witness remarkable gains over 2017-2024.
  • Netherlands offshore wind market is further slated to record remarkable gains over the coming six years, driven by the strict regulations to meet the energy demand. The country established its largest offshore farm across North Sea with a capacity to produce 2.6 TWh of clean energy annually.
  • China offshore wind industry is set to exceed a capacity target of 12 GW by 2024, driven by strict targets pertaining to clean energy consumption and generation.

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Given the developments pertaining to the global offshore wind market, this business space is ought to witness a fiercely competitive landscape over the years ahead. Global Market Insights, Inc. estimates offshore wind market to exceed a capacity of 60 GW by 2024. Some of the renowned names in this industry include Siemens, Senvion, Adwen, Sinovel, MHI Vestas, and Doosan Heavy Industries & Construction.

Browse key industry insights spread across 240 pages with 168 market data tables & 9 figures & charts from this report Offshore Wind Market in detail along with the table of contents at:

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Report Content

Chapter 1    Methodology & Scope

1.1    Research Methodology

1.1.1    Initial data exploration

1.1.2    Statistical model and forecast

1.1.3    Industry insights and validation

1.1.4    Scope and assumptions

1.2    Data Sources

1.2.1   Primary

1.2.2   Secondary

Chapter 2    Executive Summary

2.1    Offshore Wind industry 3600 synopsis, 2013 – 2024

2.1.1    Business trends

2.1.2    Process trends

2.1.3    Product trends

2.1.4    Shelf life trends

2.1.5    Regional trends

Chapter 3    Offshore Wind Industry Insights

3.1    Industry segmentation

3.2    Industry size & forecast, 2013 – 2024

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Technology & innovation landscape

3.5    Regulatory landscape

3.5.1    U.S.

3.5.2    China

3.6    Industry impact forces

3.6.1    Growth drivers

3.6.1.1   Increasing adoption of solar panels

3.6.1.2   Government regulations

3.6.1.3   Effective disposal of solar panels

3.6.1.4   Untapped potential

3.6.2    Industry pitfalls & challenges

3.6.2.1   Expensive technology

3.7    Growth potential analysis

3.8    Porter’s analysis

3.9    Competitive landscape, 2015

3.9.1      Strategy dashboard

3.10  PESTEL analysis

This latest Offshore Wind Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Offshore Wind industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.

Reasons to Buy This Report

  • Global Offshore Wind Market size & forecast by product & application.
  • Growth drivers, pitfalls & industry challenges.
  • Key Offshore Wind Market growth opportunities & emerging business models.
  • Competitive benchmarking with market share analysis and company profiles.

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Offshore Wind Market to reach 60 GW by 2024

Offshore Wind industry analysis is covered in this latest research report that aims to help those taking daily business decisions by providing market trends information, competitive landscape scenario, forecasts and more.

The recent launch of two offshore wind farms by Dong Energy is an instance demonstrating the expansion of global Offshore Wind Market. This Denmark based energy company has announced the inauguration of Gode Wind 1 and 2 offshore wind farms, located 45 km off the German coast, with a combined capacity of 582 MW. With most of the regional governments & regulatory organizations undertaking numerous initiatives to adopting renewable energy, offshore wind industry is estimated to surpass a capacity of 60 GW by 2024, having held a valuation of USD 60 billion in in 2016.

Europe has been one of the most outgoing participants of global offshore wind market. The numerous efforts taken by the regional government bodies have a key role to play in the development of this market. In addition, the continent is home to numerous energy companies that have been increasingly investing in R&D activities to come up high grade technology for developing sustainable energy. The European Union had funded a project in 2014, called the Horizon 2020, for a valuation of almost USD 80 billion. The funding is slated to last until 2020, and recently in 2017, the EU provided the annual budget of USD 17.83 million to reduce maintenance costs & offshore operations by integrating monitoring and control technologies. This program is EU’s flagship, and is anticipated to propel Europe offshore wind industry over the years to come.

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An urgent need to curb GHG emissions is also one of key factors fueling the growth of offshore wind market. To fulfill this requirement coupled with the need to provide uninterrupted electricity, the member countries of the EU, in 2016, declared their plan to achieve 21% of sustainable energy targets by 2020. Simultaneously, the continent aims to reduce GHG emissions by 26% from what it was in 1990, thereby impelling the regional offshore wind industry.

The Asian Development Bank, World Bank, and the International Finance Corporation are some of the key financial institutions that are actively partaking in global offshore wind market. In Europe, the Offshore Wind Investment established by the UK Government to encourage investments in sustainable energy will promote the deployment of clean energy projects, thereby impelling the regional offshore wind industry. Pertaining to favorable government support, UK offshore wind market is anticipated to witness a steady CAGR over 2017-2024. A strict regulatory framework has facilitated the deployment of the Contracts for Difference for ensuring long term revenues from power projects in the nation. Recently, in 2017, a decline of 32% in offshore prices was also observed in UK. This is another factor that is expected to push UK offshore wind industry over the years to come.

Turbines, one of most vital components of offshore wind market, held more than 30% of the overall revenue share in 2016. Increasing investments toward the development of high grade wind based technologies will augment the demand for large capacity turbines across various geographies, thereby contributing toward the growth of offshore wind industry. Similarly, floating turbines have been gaining precedence, especially across the APAC and European belts. This is essentially due to the need to simultaneously accommodate shipping and fishing activities and reduce visual pollution. The first floating turbine encompassed a capacity of 30 MW and was developed by the Norwegian offshore oil and gas group in 2016. A total of USD 199 million was spent on this plant, which is located across the Aberdeenshire coast of Scotland. A significant rise in such investments will suitably augment Europe offshore wind market.

Germany is another region is Europe that has been contributing significantly to offshore wind industry, in addition to numerous other renewable energy initiatives. The German government has mandated stringent targets for increasing turbine capacities to generate renewable energy on a large scale. In addition, recently, the German government, in tandem with the governments of Belgium and Denmark, has planned to cumulatively add an offshore capacity of 60 GW by 2027.

The regulatory bodies in Netherlands have been increasingly striving toward promoting clean and affordable energy. On these grounds, the nation has come up with the National Energy Agreement, under which an additional 4.5 GW of offshore capacity is slated to be added by 2023. Recently in 2017, the nation integrated its largest offshore farm in the North Sea that is designed to manufacture 2.6 TWh of clean energy on an annual basis. Pertaining to the aforementioned facts, it has been estimated that Netherlands offshore wind market will grow at a rate of 12% over 2017-2024.

Offshore wind industry from electrical infrastructure is expected to observe tremendous gains, subject to the rising number of investments by key component manufacturers across the globe. For instance, in 2016, renowned French cable manufacturer, Nexans had been appointed by VBMS, the Netherland based subsea power cable manufacturer, to establish a subsea connection between offshore turbines and onshore transmission grids for its Blyth offshore wind project in UK. This venture is considered to be the first offshore wind farm of 66 kV capacity, developed by VBMS and EDF Energy Renewables and VBMS.

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Wires and cables, a key sub-component electrical infrastructure, is also slated to depict steady gains over 2017-2024, after having held more than 2% of the overall offshore wind market share in 2016. Pertaining to the rising number of microgrid networks – courtesy, advanced distribution generation technologies, offshore wind industry from wires and cables will grow sharply over the coming years.

Research and development activities are being prioritized by companies in order to innovate high grade wind based technologies and impel offshore wind market. For instance, in 2017, an offshore wind tender of 1.5 GW capacity was launched by the German Federal Network Agency with an aim to reduce the generation tariff. The Netherlands government also aims to reduce the generation costs by 40% over the next ten years. In fact, recently in 2017, Statoil and Siemens had collaborated under the ‘Hywind Scotland’ project to come up with a floating wind farm in Norway. The farm encompasses a capacity of 30 MW and is expected to heavily influence the overall offshore wind industry.

The past decade has witnessed a bifold growth rate for global offshore wind market. The deployment of stringent government norms to curb carbon emissions and implement clean energy schemes will impel this market over the years to come. Reputed biggies such as Senvion, MHI Vestas, Sinovel Wind, Siemens, Doosan Heavy Industries & Construction, and Adwen have been adopting organic strategies to sustain their position in the escalating offshore wind industry.

Report Content

Chapter 1.    Methodology and Scope

1.1.   Methodology

1.1.1.   Initial data exploration

1.1.2.   Statistical model and forecast

1.1.3.   Industry insights and validation

1.1.4.   Market definitions and forecast parameters

1.2. Data sources

1.2.1.   Primary

1.2.2.   Secondary

Chapter 2.    Executive Summary

2.1.   Offshore wind industry 3600 synopsis, 2013 – 2024

2.1.1.   Business trends

2.1.2.   Component trends

2.1.3.   Regional trends

Chapter 3.  Offshore Wind Industry Insights

3.1.  Industry segmentation

3.2. Industry landscape, 2013 – 2024

3.3. Industry ecosystem analysis

3.3.1.   Vendor matrix

3.4. Innovation & sustainability

3.5. Regulatory landscape

3.5.1.   U.S.

3.5.2.   Europe

3.5.3.   UK

3.5.4.   Germany

3.5.5.   China

3.6. Cost structure analysis

3.6.1.   Capital Cost (CAPEX)

3.6.2.   Operational Cost (OPEX)

3.7. Global offshore capacity addition targets

3.8. Wind energy industry trends and outlook

3.9. Industry impact forces

3.9.1.   Growth drivers

3.9.1.1.    Increasing electricity demand

3.9.1.2.    Rising investments across clean energy sector

3.9.1.3.    Declining component prices

3.9.1.4.    Growing adoption of clean energy over conventional fuel

3.9.2.   Industry pitfalls & challenges

3.9.2.1.    High Capital Cost

3.10.     Growth potential analysis

3.11.       Porter’s analysis

3.12.       Competitive landscape, 2016

3.12.1. Strategy dashboard

3.12.2. Company market share

3.12.2.1.    Wind turbine manufacturers

3.12.2.2.    Wind farm developers/owners

3.12.2.3.    Inter-array cable suppliers

3.12.2.4.    Export cable suppliers

3.13.     PESTEL analysis

This latest Offshore Wind Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Offshore Wind industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.

Reasons to Buy This Report

  • Global Offshore Wind Market size & forecast by product & application.
  • Growth drivers, pitfalls & industry challenges.
  • Key Offshore Wind Market growth opportunities & emerging business models.
  • Competitive benchmarking with market share analysis and company profiles.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde

Corporate Sales, USA

Global Market Insights, Inc.

Phone: 1-302-846-7766

Toll Free: 1-888-689-0688

Email: sales@gminsights.com

Web: https://www.gminsights.com

Blog: https://www.gminsights.com/blogs

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Offshore Wind Market report for 2017-2024 – companies, applications, products and more

The global Offshore Wind Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers.

Offshore Wind Market size will surpass 60 GW by 2024, as reported in the latest study by Global Market Insights, Inc.

Increasing measures to reduce the greenhouse gas emission along with growing electricity demand will significantly drive the global offshore wind market size. In 2016, the member countries of the European Union announced their plan to achieve 21% renewable energy targets by 2020 through concurrently reducing the GHG emission level to 26% from 1990 level.

Rising investment towards the development of clean energy sources from financial institutions including International Finance Corporation (IFC), Asian Development Bank (ADB) and the World Bank will upsurge the market share. The Government of UK has established the Offshore Wind Investment Organization (OWIO) to promote investments towards sustainable energy resource integration. The country has further acknowledged the green investment bank to raise and circulate funds across clean energy projects.

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UK offshore wind market will witness strong growth subject to favorable government measures to support the development of sustainable technologies. Regulators have introduced Contracts for Difference to ensure long term stable revenues from electrical infrastructure projects across the country. The Reform further lays provisions to ascertain viable returns to investors along with encouraging investments through leveraging schemes.

High-end research initiatives to cater to the competitive energy industry through efficient and cost-effective technology will drive the market size. In 2017, German Federal Network Agency launched an offshore wind tender for 1.5 GW to lower the generation tariff. The government of Netherlands is also targeting to reduce the overall cost by 40% over the next decade. In 2017, Siemens and Statoil in collaboration have established a 30 MW floating wind farm across Norway under the “Hywind Scotland” project.

Wires and cables in 2016 accounted for over 2% of the offshore wind market revenue share. Expanding microgrid networks favored by advancing distributed generation technology will embellish the business landscape. In 2016, Belgium’s Tideway awarded USD 14.1 million contract to Prysmian for supplying 33 kV inter array submarine cables for a 309 MW power project.

China market is set to expand to over 12 GW by 2024. Clean energy capacity addition target accompanied by exponentially rising energy demand will uplift the industry size. Increasing government aided funds coupled with asset and financial leveraging facilities towards development of sustainable energy projects will further stimulate the business outlook. In 2017, State Power Investment Corporation announced its plan to develop 800 MW wind farm across coast of Yancheng and Jiangsu.

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Favorable government polices coupled with increasing investments towards the expansion and enhancement of sustainable energy will foster the U.S. offshore wind market. The National Ocean Industries Association (NOIA) in 2017, have established the country’s first offshore wind farm.

Key players across the offshore wind market include Doosan Heavy Industries & Construction, Adwen, MHI vestas, Senvion, Sinovel Wind, and Siemens.

Offshore Wind market research report includes in-depth coverage of the industry with estimates & forecast in terms of GW and USD from 2013 to 2024, for the following segments:

By Component (USD)

  • Turbine
    • Floating
      • Tower
      • Rotor Blade
      • Others
    • Grounded
      • Tower
      • Rotor Blade
      • Others
  • Support Structure
    • Substructure(Steel)
    • Foundation
      • Monopile
      • Jacket
    • Other
  • Electrical Infrastructure
    • Wires & Cables
    • Substation
    • Others
  • Others

The above information is provided on a country basis in GW & USD for the following:

  • North America
    • U.S.
  • Europe
    • UK
    • Germany
    • Denmark
    • Netherlands
    • Belgium
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Taiwan

Browse key industry insights spread across 240 pages with 168 market data tables & 9 figures & charts from the report, Offshore Wind Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/offshore-wind-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://www.gminsights.com/blogs
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