[147 Pages Report] The offshore wind market is expected to grow from an estimated USD 27,019.1 million in 2017 to USD 55,109.6 million by 2022, registering a CAGR of 15.32% from 2017 to 2022. This growth is attributed to the increasing demand for clean energy in order to cut down carbon emissions and protect the environment by generating electricity through renewable resources. Offshore wind energy form an integral part of these clean energy resources and also has a higher capacity factor compared to onshore wind.

The report segments the offshore wind market on the basis of component such as turbine, substructure, and others (logistics and transportation, and assembly and installation). The turbine segment is projected to dominate the market. This is mainly because it contains most important components such as nacelle, rotor and blades, and tower which helps to generate electricity. Moreover, turbine cost accounts for the maximum share in the overall cost of the offshore winds project. The market in Europe is the largest for turbines, where in, companies like MHI Vestas (Denmark) and Siemens AG (Germany) among others manufacture turbines with high capacity and cater the needs of wind farms all across the globe.

In this report, the offshore wind market has been analyzed with respect to three regions, namely, Europe, Asia-Pacific, and North America. Europe is expected to dominate the global market during the forecast period, owing to high amount of investments and government incentives in the offshore winds sector.

The North American market is projected to grow at the highest CAGR from 2017 to 2022. In this report, we have considered the U.S. offshore wind Industry. The U.S. started its offshore wind operations for the first time in 2016 and the government has approved various offshore wind projects in this region as it would contribute towards generating clean energy. Moreover, offshore wind is expected to save billion dollars as a result of reduction in greenhouse gases which leads to environmental pollution. According to the report published by the Department of Energy (DOE), the U.S. has the potential to produce 7,200 terawatt hours (TWh) of electricity per year through offshore wind.

High capital cost and maintenance and logistics issues could be restraints of the market which might lead to decline in profit. Offshore winds turbines are susceptible to erosion since it operates for decades in the harsh marine environment. At times, even some of the most advantageous features such as high wind speeds could be a negative factor for offshore wind turbines. Moreover, offshore wind turbines are installed miles away from the shore which makes it difficult to access easily, especially during bad weather conditions. So, rectifying small issues would incur high costs in terms of maintenance, transportation, and logistics. These factors can be some challenging factors in the offshore wind deployment.

Leading players in the offshore wind market includes Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), and General Electric (U.S.) among others. Contracts & agreements was the strategy most commonly adopted by the top players, constituting 81% of the total developments from 2014 to 2017. It was followed by new product developments, joint ventures and partnerships, and expansions and investments.

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