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A report on Asia-Pacific Offshore Wind Turbines Market was added by Kenneth Research which covers the market size and growth over the forecast period 2022-2031. The market study involves analysis of the product demand and market on the basis of various factors and through a number of analytical tools. It is anticipated to grow at a significant CAGR during the forecast period. This can be attributed to the growth in the energy and power industry at a global scale.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Asia-Pacific Offshore Wind Turbines Market valued approximately USD 8950 Million in 2017 is anticipated to grow with a healthy growth rate of more than 23.10 % over the forecast period 2018-2025. The growth of the market is attributed by the increasing demand for clean energy in order to cut down carbon emissions and protect the environment by generating electricity through renewable resources. Offshore wind energy forms an integral part of these clean energy resources and also has a higher capacity factor compared to onshore wind.as per regional analysis High capital cost and maintenance and logistics issues could be restraints of the offshore wind market which might lead to decline in profit.
Offshore wind turbines are susceptible to erosion since it operates for decades in the harsh marine environment. At times, even some of the most advantageous features such as high wind speeds could be a negative factor for offshore wind turbines. Moreover, offshore wind turbines are installed miles away from the shore which makes it difficult to access easily, especially during bad weather conditions. So, rectifying small issues would incur high costs in terms of maintenance, transportation, and logistics. These factors can be some challenging factors in the offshore wind deployment.
The regional analysis of Offshore Wind Turbines Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Component:
Turbine
Electrical Infrastructure
By Location:
Shallow Water (<30m Depth)
Transitional Water (30-60M Depth)
Deep Water (>60 m Depth)
By Regions:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2022 to 2031
The industry is seeming to be fairly competitive. Some of the leading market players include Sinowel Wind Group Co Ltd, China Ming Yang Wind Power Group Ltd., Siemens Wind Power, Gamesa Corporation Technologies S.A, Nordex S.E, Vestas Wind Systems A/S, Dong Energy A/S, Suzlon Group, GE Wind Energy, Goldwind Science Technology Co., Ltd. and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
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