Seattle, WA -- (SBWire) -- 10/03/2019 --Offshore wind or offshore wind power uses the wind farms that are constructed in water bodies, usually oceans, to harvest wind energy to generate electricity. Offshore wind turbines are also constructed near coastal areas, which eliminates the need for new overland transmission lines. In fact, slightest increase in speed of wind can generate a substantially greater amount of electricity, as the potential energy of wind is directly proportional to the cube of wind speed. For instance, the turbine at a site with average wind speed 16 miles per hour (mph) would produce around 50% electricity than 14 mph average speed of the same turbine.

Heavy investments in renewable sources of energy and favorable government policies are expected to propel the global offshore wind market during the forecast period. For instance, in 2017, the National Ocean Industries Association was the first offshore wind farm in the U.S. Moreover, growing concern toward the non-renewable source of energy such as fossil fuel, awareness of harmful effects of greenhouse gases such as carbon dioxide, and increasing demand for electricity are expected to boost the global offshore wind market growth.

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In 2016, Europe held the dominant position in the global offshore wind market with a market share of 56.99% and was expected to reach US$ 39.39 billion by 2025 with a CAGR of 12.9%. The growth is attributed to its favorable weather for the offshore wind market. According to Global Wind Energy Council (GWEC), 2016, out of all the offshore wind installations, around 88% were located in coastal waters of 10 European economies and remaining installations (around 12%) were located in China, Japan, Taiwan, South Korea, and the U.S.

According to Bureau of Ocean Energy Management, around 50% population in the U.S lives near coastal areas. Moreover, in coastal areas, land-based renewable sources are limited and energy demand and its cost is comparatively very high. Offshore wind energy has significant potential to supply large amount of renewable energy to the U.S coastal cities such as Los Angeles, New York City, and Boston.
On the basis of depth of wind turbines, shallow water offshore wind turbines segment dominated the market. This is owing to cost effectiveness and easy maintenance of the wind turbine. Moreover, shallow water wind turbines are majorly installed in the Europe, owing to favorable weather conditions in Europe. On the basis of components, turbines components segment accounted for the largest share in the global offshore wind market. Different components of turbines such as, tower, rotator, blade, and nacelle have the highest share of the capital cost. Larger the turbine, more energy it produces when it rotates.

Europe held dominant position in the global offshore wind market, which is expected to valuation of US$ 13.27 billion in 2016. The region is projected to witness a CAGR of 12.9% in terms of revenue during the forecast period 2017 - 2025.

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Major Players in the Global Offshore Wind Market:
Some of the major players in the global offshore wind market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S.

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