Seattle, WA -- (SBWIRE) -- 11/25/2019 -- Offshore wind energy, also called as offshore wind power, is the utilization of wind farms constructed off the shore or on the continental shelf to harvest wind energy for electricity generation. Offshore wind power includes inshore water areas such as fjords, lakes, and sheltered coastal areas, which utilize conventional fixed bottom wind turbine technologies and deep water areas utilize floating wind turbines.

Increasing awareness toward refurbishment of existing power generation technologies that comprises substantial use of fossil fuels to curtail greenhouse gas emissions will stimulate the offshore wind energy market growth. Positive regulatory inclination pertaining to optimum extraction of energy sources along with sustainable energy potential will positively impact the business dynamics. Furthermore, limited land utilization, reduced human interventions and low maintenance are some of the prominent factors which will enhance the product adoption.

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Market Segmentation:

By Type:

- Turbine

- Substructure

- Electrical Infrastructure

- Others

By Location:

- Transitional Water

- Shallow Water

- Deep Water

- Others

Regional Analysis:

The North America offshore wind energy market is growing rapidly. Significant investments to increase offshore supply chain along with discovery of untapped potential sites will strengthen the product demand. In addition, favourable economic outlook coupled with positive government decarbonization regulations and reforms will augment the product demand.

Europe accounted huge share of the total revenue in 2016, followed by Asia-Pacific. The developing countries in Asia-Pacific are anticipated to register steady growth rate, owing to increase in growth of the overall economy. Moreover, rise in investments by key manufacturers is another key aspect that fuels the market growth.

Key Players:

GE Renewable Energy, MHI Vestas, Statoil, Siemens Gamesa, Adwen Offshore Inc., Orsted, Senvion, Petrofac Inc., ABB ltd., Sinovel, Nexans, EEW Group, and so on.

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