In a recent published report, Kenneth Research has updated the market report for Offshore Wind Energy Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Offshore Wind Energy Market products.
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A report on Offshore Wind Energy Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on Offshore Wind Energy Market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
Offshore wind energy is also known as offshore wind power. It utilizes wind farms constructed offshore or on continental shelves to harvest the energy generated by the wind. The offshore wind systems are constructed in places such as coastal water areas, lakes, fjords, and other types of coastal areas. They utilize conventional wind turbines with fixed bottom technologies. Deep-water areas utilize various types of floating wind turbines.
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Increasing focus towards the replacement of traditional power sources such as fossil fuels, petroleum sources, etc., in order to reduce greenhouse gas (GHG) emissions across the globe will significantly drive the offshore wind energy market. Moreover, the potential of offshore energy is increasing.
According to a study by GWEC, global offshore wind power capacity was nearly 18,814 megawatts (MW), by the end of 2017, and will continue to rise over the coming years. Additionally, favorable regulatory policies towards the optimum extraction of energy from renewable sources will positively sway the market in further.
Increasing focus of the governing bodies to reduce the GHG emissions will open some significant opportunities for the offshore wind energy market to grow over the coming years. According to an announcement by the Chinese government in 2016, they started an action plan to reduce emission level to nearly 18% by 2020.
Escalating prices of electricity, coupled with space constraints for the generation of solar electricity will boost the offshore wind energy market additionally over the coming years. Moreover, increasing positive outlook regarding the integration and development of huge wind turbines, coupled with the technology advancements regarding the blade sizes, and turbine efficiencies will further augment the additional market growth prospects till the end of 2025.
Huge capital costs involved in the setting up of wind turbines for the generation of offshore wind energy market is one of the major factors, which restrains the offshore wind energy
market growth over the coming years.
By component, the offshore wind energy market has been segmented into turbine, electrical infrastructure, and structure. Offshore wind energy turbine is expected to hold the large share of the overall revenue, as the turbines play a pivotal role towards the performance and feasibility of overall wind turbine. Moreover, technological developments such as high turbine sizes, innovative blade designs, etc. to generate an optimum energy through offshore installations are the key factors enhancing the product demand over the projected period.
North America offshore wind energy market is expected to dominate the global market over the entire projected period, majorly dominated by the U.S. The offshore wind energy generated in the U.S. reached to 1 MW by the end of 2017. Key players in the offshore wind energy market are continuously discovering new potential sites, to increase the electricity generation and are also investing to increase the offshore electricity, which will significantly drive the North America offshore wind energy market.
For instance, in April 2018, U.S. Business Network for Offshore Wind, in collaboration with Société Générale, held a workshop in coordination with offshore energy experts to improve the investments in the U.S. offshore energy sector.
Europe offshore wind energy market will grow at a high CAGR, on account of favorable government regulations, along with reforms to improve decarbonization and also due to various energy security initiatives. Growing investments by key players in order to explore the potential of offshore wind energy will further boost the market over the projected period.
According to stats by Wind Europe, the investments in this sector till 2017 was over US$ 59.0 billion. The investments are increasing with growing interests from public transactions, and mergers.
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Some of the notable players in the global offshore wind energy market include Vestas, Enercon, Nordex Acciona, GE, Senvion, Siemens Gamesa, Goldwind, MHI-Vestas, Envision Energy, United Power, Mingyang, Suzlon, WEG SA, Wobben, Clipper, Impsa, LM, Bergey, Northern Power Systems, Enessere, Global Energy Services, RTS, Prysmian, Availon, Furukawa Electric, General Cable, Nexans, Southwire, Sumitomo, and LS Cable among several others
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