According to the latest report by GMI Research, Offshore Wind Power Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2020-2027. The global offshore wind power market studies the impact of the COVID-19 pandemic and represents that the market is expected to accelerate in 2021 over 2020 while growing at a significant growth rate from 2022 onwards. Offshore wind power refers to the process of using wind farms located in the water bodies for converting wind energy into electricity. This form of energy offers numerous benefits, such as they do not consume water, provide renewable energy, create jobs, and do not release environmental pollutants or greenhouse gases.s

Competitive Landscape: The global offshore wind power market report also scans the competitive landscape and profiles the major players operating in the market, including ABB Ltd, Equinor Energy AS, Nexans SA, EEW Group, Siemens AG, General Electric Co, Dong Energy A/S, Vestas Wind Systems A/S, Sinovel Wind Group Co. Ltd, and MHI Vestas Offshore Wind.

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The major factors boosting the growth of the offshore wind power market include the rising number of government initiatives to decrease carbon footprint, the strong energy demand, followed by the rising share of renewable energy in the power generation mix, and its highly cost-efficient feature as compared to the traditional turbines. In the past years, the overall cost of offshore wind power was higher than that of the onshore wind generation as the designs of offshore wind turbines were technically challenging. With the passing of years, there have been numerous changes in the design of the turbine. This technical innovation has decreased the turbine cost, thereby encouraging the manufacturers to opt for offshore wind power systems. Moreover, the continuous growth in the capacity of the off-shore wind power turbines, design innovations, and upscaling of wind turbines further surges the growth of the offshore wind power market share in terms of revenue.

For further information on these analyses, please visit: https://www.gmiresearch.com/report/offshore-wind-power-market/

Market Segments:

Breakup by Component:

Turbine
Substructure
Electrical Infrastructure
Others
Nacelle
Rotors and Blades
Tower
Monopile
Jacket and Gravity Based
Others
Breakup by Location:

Shallow Water (< 30m Depth)
Transitional Water (30m – 60m Depth)
Deep Water (> 60m Depth)
Breakup by Region:

North America
o United States of America

o Canada

Asia Pacific
o China

o Japan

o India

o Rest of APAC

Europe
o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

RoW
o Brazil

o South Africa

o Saudi Arabia

o UAE

o Rest of the world (remaining countries of the LAMEA region)

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