Offshore wind power is the usage of wind farms constructed in water bodies, to convert wind energy into electricity. Offshore wind speed is faster than that on land, hence even a small increase in wind speed yields a larger energy production. Offshore wind energy has multiple advantages similar to land-based wind farms as they do not consume water, provide renewable energy, create jobs, and do not emit environmental pollutants or greenhouse gases. It also overcomes economic, technical, and political challenges for commercial and large-scale deployment. Multiple developing countries have opened up opportunities for offshore wind power market due to the rising emphasis on reducing carbon emission.
The major factors propelling the growth of the Offshore Wind Power market include the increasing government initiatives to reduce carbon footprint, growing energy demand coupled with the rising share of renewable energy in the power generation mix, and is highly cost-efficient as compared to the traditional turbines. Historically, the cost of offshore wind power was higher than that of onshore wind generation as the designs of offshore wind turbines were technically challenging, facing both aerodynamic and hydrodynamic loads. However, along with passing years, multiple changes have been made in turbine design. Through technical innovation, turbine equipment manufacturers have been able to reduce the turbine cost and managed to decrease the total mass. Therefore, continuous growth in the capacity of the off-shore wind power turbines, design improvements, and upscaling of wind turbine is catalyzing the growth of the Offshore Wind Power market globally.
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The major players in the market include Siemens AG, ABB Ltd, Nexans SA, EEW Group, General Electric Co, Sinovel Wind Group Co. Ltd, Dong Energy A/S, Vestas Wind Systems A/S, Equinor Energy AS, and MHI Vestas Offshore Wind among others.
The Global Offshore Wind Power market has been segmented based on Component, Location, and Key Region. Based on Component, the market is segmented into Turbine, Substructure, Electrical Infrastructure, and Others. Based on Location, the market is segmented into Shallow Water, Transitional Water, and Deep Water.
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