Offshore Wind Power Market to Reach a Capacity of 94 GW by 2026 – GlobeNewswire

Pune, India, June 01, 2021 (GLOBE NEWSWIRE) -- The global offshore wind power market size is anticipated to reach a capacity of approximately 94 GW by 2026, exhibiting a CAGR of 19.2% during the forecast period. The growth is primarily attributable to the rising investments in wind power projects. Favorable government policies are also complementing the market growth. Fortune Business Insights has presented this information in their report titled, Offshore Wind Power Market, 2019-2026. The market size stood at 23 GW in 2018.

Offshore wind power is one of the most valuable renewable energy sources worldwide. The market has gradually been gaining traction and is expected to witness substantial growth in the forthcoming years. The global market comprises countries like U.K., Denmark, Germany, China, and Belgium as the leading territories.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

Please visit: https://www.fortunebusinessinsights.com/industry-reports/offshore-wind-power-market-100148

COVID-19 Impact-

The coronavirus pandemic has restrained the growth of many industries and markets, including the offshore wind power market. The pandemic has resulted in a decline in power consumption as many industries remain shut due to lockdowns, curfews, and social distancing norms. The pandemic has delayed projects, and the investments have also declined, inflicting a negative impact on the market. However, favorable government policies regarding wind energy production are expected to attract investments in the upcoming years. The reduction in the cost of wind power is also expected to propel the market growth post-pandemic.

Segmentation-

Based on the installation, the market divides into floating structures and fixed structures. On the basis of water depth, the market bifurcates into above 30m and up to 30m. Based on capacity, the market trifurcates into Above 5MW, 3MW to 5MW, and up to 3MW. Geographically, the market is categorized into prominent countries; U.K., China, Belgium, Denmark, Germany, Netherlands, U.S., Sweden, Netherlands, Vietnam, Spain, South Korea, France, Japan, Ireland, and the Rest of the World.

Report Coverage-

Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/offshore-wind-power-market-100148

Drivers & Restraints-

Rising Investments to Augment Market Growth

As the world has limited supplies of non-renewable energy sources, it has become crucial to adopt renewable energy sources. Evolution in energy and power generation through technology has paved new ways for the offshore wind energy industry to grow. Several countries are formulating favorable government rules and regulations that are anticipated to drive the market growth further. Additionally, the installation costs have declined as the efficiency of offshore wind energy units has improved due to advance technology. Increasing investments in the sector will further propel market growth.

However, high maintenance costs are likely to act as a restraint to offshore wind power market growth.

Regional Insights-

China to Emerge as Global Leader

The U.K. currently accounts for holding the lions share in the global installed offshore wind power market. China is anticipated to emerge as a global leader due to upcoming projects and ongoing construction projects. China had reportedly installed about 40% of the global offshore wind energy in 2018. The trend is likely to surge in the upcoming years, and China will likely hold the highest offshore wind power market share. Countries like India, Japan, Taiwan, U.S., and Vietnam are a few emerging countries in the global market.

Competitive Landscape-

Strategic Collaborations to Offer Lucrative Growth Opportunities

In the highly fragmented landscape of the offshore wind energy industry, key players are focusing on innovating product offerings and introducing products that convey more efficiency and incur low installation and maintenance costs. Major players are adopting collaboration and partnerships in order to strengthen their market position. For instance, Senvion S.A. collaborated with Renexia to install 30 MW offshore wind farms in the Italian Mediterranean Sea in March 2019.

Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/offshore-wind-power-market-100148

Industry Developments-

Key Players in the Global Offshore Wind Power Market are:

Quick Buy - Offshore Wind Power Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100148

Major Table of Contents:

TOC Continued!

Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/offshore-wind-power-market-100148

Have a Look at Related Research Insights:

District Cooling Market Size, Share, and COVID-19 Impact Analysis, By Technology (Electric Chillers, Absorption Chillers, and Others), By End User (Residential, Industrial, and Commercial), and Regional Forecast, 2021-2028

District Heating Market Size, Share & Industry Analysis, By Heat Source (Coal, Natural Gas, Renewables, Oil & Petroleum Products, and Others), By Plant Type (Boiler, CHP, Others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2020-2027

Solid Oxide Fuel Cell Market Size, Share & Industry Analysis, By Application (Stationary, Transport, Portable), By End-User (Commercial, Data Centers, Military & Defense, Others), and Regional Forecast, 2019-2026

Hydrogen Generation Market Size, Share & Industry Analysis, By Type (On-site and Portable) By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others), and Regional Forecast, 2020-2027

Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), Others), By Application (Portable, Stationary, Transport), and Regional Forecast, 2021-2028

About Us:

Fortune Business Insights delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: sales@fortunebusinessinsights.com

LinkedIn: https://www.linkedin.com/company/fortune-business-insights

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd

Twitter: https://twitter.com/FBInsightPvtLtd

Read Press Release: https://www.fortunebusinessinsights.com/press-release/offshore-wind-power-market-9120

Read more here:

Offshore Wind Power Market to Reach a Capacity of 94 GW by 2026 - GlobeNewswire