Offshore Wind Market growing at over 17% CAGR by 2024

"The recent launch of two offshore wind farms by Dong Energy is an instance demonstrating the expansion of global offshore wind market. This Denmark based energy company has announced the inauguration of Gode Wind 1 and 2 offshore wind farms, located 45 km off the German coast, with a combined capacity of 582 MW. With most of the regional governments & regulatory organizations undertaking numerous initiatives to adopting renewable energy, offshore wind industry is estimated to surpass a capacity of 60 GW by 2024, having held a valuation of USD 60 billion in in 2016.

In 2017, the government of Germany in collaboration with the government of Denmark and Belgium stated to integrate 60 GW offshore capacity by 2027. With such favorable regulatory framework and the declining component costs, Germany offshore wind industry is poised to witness remarkable gains over 2017-2024.

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offshore wind market in Europe has generated quite an appreciable momentum on a global scale over the recent years. As per the records, in 2016, 88% of the overall offshore wind installations were located across ten European countries and the remaining 12% installations were spread across the U.S., China, Japan, and South Korea belt. This massive expansion of offshore wind power can certainly be credited to the rising emphasis of both the private and the government entities on energy optimization.

Netherlands offshore wind market is further slated to record remarkable gains over the coming six years, driven by the strict regulations to meet the energy demand. The country established its largest offshore farm across North Sea with a capacity to produce 2.6 TWh of clean energy annually.

The recently recorded price trends of the offshore wind have indeed led to a dynamic revolution in the global landscape. The Dutch tender for Borssele 1 &2 in June 2016 marked this transformation era with a valuation of €72/MWh. This was trailed by a Danish tender worth €64/MWh. November and December 2016 further registered these developments with tenders of €49.90/MWh and €54.50/MWh by Danish Krieger's Flak project and Netherlands Borssele 3 & 4 respectively.

Furthermore, the increasing urbanization and economic developments which have subsequently boosted the electricity demand is also playing a major role in fueling offshore wind market trends. Countries are treading toward the deployment of the renewable energy sources to fulfill their energy needs and meet the sustainability standards. Sources claim that by 2020, 8-10% of UK's electricity demand will be addressed by offshore wind.

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The U.S. offshore wind market is projected to register substantial gains through 2024, driven by the strong government initiatives to meet the clean energy demands. The country entered the offshore wind industry space profoundly post completing its first offshore wind farm of 30 MW capacity in 2016.

China offshore wind industry is set to exceed a capacity target of 12 GW by 2024, driven by strict targets pertaining to clean energy consumption and generation.

Some of the renowned names in the offshore wind industry include Siemens, Senvion, Adwen, Sinovel, MHI Vestas, and Doosan Heavy Industries & Construction.

Browse key industry insights spread across 240 pages with 168 market data tables & 9 figures & charts from the report, ""Offshore Wind Market Size By Component (Turbine (Floating (Tower, Rotor Blade), Grounded (Tower, Rotor Blade), Support Structure (Substructure{Steel}, Foundation (Monopile, Jacket)), Electrical Infrastructure (Wires & Cables, Substation)), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2017 – 2024"" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/offshore-wind-market

Chapter 5.    Offshore Wind Market, By Region

5.1.    Global market share by region, 2016 & 2024

5.2.    North America

5.2.1.  Market estimates and forecast, 2013 – 2024

5.2.2.   Market estimates and forecast by component, 2013 – 2024

5.2.3.   U.S.

5.2.3.1.    Market estimates and forecast, 2013 – 2024

5.2.3.2.    Market estimates and forecast by component, 2013 – 2024

5.3. Europe

5.3.1.  Market estimates and forecast, 2013 – 2024

5.3.2.   Market estimates and forecast by component, 2013 – 2024

5.3.3.   UK

5.3.3.1.    Market estimates and forecast, 2013 – 2024

5.3.3.2.    Market estimates and forecast by component, 2013 – 2024

5.3.4.  Germany

5.3.4.1.    Market estimates and forecast, 2013 – 2024

5.3.4.2.    Market estimates and forecast by component, 2013 – 2024

5.3.5.  Denmark

5.3.5.1.    Market estimates and forecast, 2013 – 2024

5.3.5.2.    Market estimates and forecast by component, 2013 – 2024

5.3.6.  Netherlands

5.3.6.1.    Market estimates and forecast, 2013 – 2024

5.3.6.2.    Market estimates and forecast by component, 2013 – 2024

5.3.7.  Belgium

5.3.7.1.    Market estimates and forecast, 2013 – 2024

5.3.7.2.    Market estimates and forecast by component, 2013 – 2024

5.4. Asia Pacific

5.4.1.  Market estimates and forecast, 2013 – 2024

5.4.2.   Market estimates and forecast by component, 2013 – 2024

5.4.3.   China

5.4.3.1.    Market estimates and forecast, 2013 – 2024

5.4.3.2.    Market estimates and forecast by component, 2013 – 2024

5.4.4.  Japan

5.4.4.1.    Market estimates and forecast, 2013 – 2024

5.4.4.2.    Market estimates and forecast by component, 2013 – 2024

5.4.5.  South Korea

5.4.5.1.    Market estimates and forecast, 2013 – 2024

5.4.5.2.    Market estimates and forecast by component, 2013 – 2024

5.4.6.  Taiwan

5.4.6.1.    Market estimates and forecast, 2013 – 2024

5.4.6.2.    Market estimates and forecast by component, 2013 – 2024

Browse Full TOC @ https://www.gminsights.com/toc/detail/offshore-wind-market

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