According to a new report published by UnivDatos Markets Insights, the Offshore Wind Market was valued at USD 25.6 billion in 2022 & is expected to grow at a CAGR of 12% from 2023-2030. The analysis has been segmented into Installation (Fixed Structure and Floating Structure); Component (Turbines, Electrical Infrastructure, Substructure and Others); Location (Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m)); Region/Country.

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The offshore wind market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the offshore wind market. The offshore wind market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the offshore wind market at the global and regional levels.

Key Market Dynamics

The offshore wind market is projected to be driven by rising global investments in renewable energy. Installing offshore wind turbines is expanding rapidly throughout Europe and the Asia-Pacific area. The energy efficiency requirements of nations in Europe, Asia, and the US are being met in large part because of the fast-expanding offshore wind industry. To meet the rising need for power, several advancements are occurring, and offshore wind investments are being undertaken. Countries with lofty goals for offshore deployments include the US, China, and France. Consequently, the worldwide offshore wind energy industry would expand because of the growing need for renewable energy. Rising demand for energy attracts investment in the global offshore wind market. For instance, in August 2023, According to Wood Mackenzie's most recent Horizons report, the global offshore wind supply chain will need US$ 27 billion in secured investment by 2026 if it is to support a five-fold increase in annual installations (excluding China) by 2030. Wood Mackenzie is a global insight business for renewables, energy, and natural resources.

Recent Developments:

·        September 2023, OX2 Revealed Plans for a New Wind Farm named Ran, approximately twelve kilometres off Gotland’s east coast within Swedish territorial waters developed together with the Pleione offshore wind farm which is located approximately 35 kilometers off Gotland’s east coast in Sweden’s economic zone (SEZ). Ran and Pleione offshore wind farms are expected to have a combined installed power of approximately 2.8 GW and are planned to generate 13 TWh of fossil-free energy per year, which corresponds to the annual energy consumption of 2.7 million households in Sweden. In May 2021, the preferred supplier for the 1,044 MW Hai Long offshore wind projects in Taiwan has been identified as Siemens Gamesa.

·        In May 2023, India launched its first offshore wind tender, boosting its renewable energy portfolio. India's commitment to combat climate change and reduce global warming, with a target of achieving 500 GW of renewable energy by 2030, including approximately 140 GW from wind energy.

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Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the global offshore wind market?

·        Which factors are influencing the global offshore wind market over the forecast period?

·        What are the global challenges, threats, and risks in the global offshore wind market?

·        Which factors are propelling and restraining the global offshore wind market?

·        What are the demanding global regions of the global offshore wind market?

·        What will be the market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by the companies?

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