MarketResearchNest.com adds “Global Offshore Wind Turbine Market 2017-2021” new report to its research database. The report spread across 73 pages with table and figures in it.
Research analysts forecast the global offshore wind turbine market to grow at a CAGR of 20% during the period 2017-2021.
About Offshore Wind Turbine
Offshore wind power or wind energy is the use of offshore constructed wind farms, usually on the continental shelf, to harvest wind energy and convert it into electrical energy. This electrical energy is transferred to an electrical grid and then to commercial and residential areas. Power generated from wind is one of the cleanest sources of power generation. The existing energy in the wind turns the turbine blades around the rotor, which is coupled to the main shaft that rotates the generator to produce electricity. Conventional power generation is slowly losing its sheen owing to growing environmental awareness. Renewable energy sources, such as wind and solar, have gained popularity worldwide.
Covered in this report
The report covers the present scenario and the growth prospects of the global offshore wind turbine market for 2017-2021. To calculate the market size, the report considers the new installations and exclude the retrofit/spares market.
Browse full table of contents and data tables at https://www.marketresearchnest.com/global-offshore-wind-turbine-market-2017-2021.html
The market is divided into the following segments based on geography:
Technavio’s report, Global Offshore Wind Turbine Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Offshore Wind Turbine Market 2017-2021
Technavio recognizes the following companies as the key players in the global offshore wind turbine market: ADWEN, MHI Vestas Offshore Wind, Senvion, and Siemens Wind Power.
Other Prominent Vendors in the market are: AREVA WIND, Clipper Windpower, Doosan, Gamesa, GENERAL ELECTRIC, Samsung Heavy Industries, and Sinovel Wind Group.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Reduction in cost for wind energy. The primary drivers that regulate the cost of electricity from wind energy are capital costs, capacity factor, and operating costs. CAPEX, OPEX, project design, and cost of financing turbine performance are the main drivers that regulate cost reduction for wind energy. Along with the high hub heights, large rotor diameters cubed with large turbines as well as improved operations and financial conditions act as the key factors for wind projects. The drop-in prices for offshore applications are also acting as a driver for the reduction in cost for wind energy. As wind energy prices are extremely competitive, it offers costs that are lower than all other renewable resources, which is in turn driving the market for wind energy worldwide.”
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According to the report, one of the major drivers for this market is Government support for wind energy projects. Governments worldwide are supporting wind energy projects through favorable policies and tax incentives. One distinguished example of such initiatives is the FiT policy, which was designed to encourage investments in technologies related to renewable energy generation. The Renewable Energy Sources Act 2014 in Germany established fixed FiTs for renewable energy-generating power utilities in the country. The FiT policy covers numerous aspects of the wind energy industry such as bonuses, eligibility, and various other grants. Distinct policies specific to numerous wind energy generation facilities, such as offshore and onshore, are also defined in the policy document.
Further, the report states that one of the major factors hindering the growth of this market is Competition from fossil fuels. According to the U.S. Energy Information Administration, in 2016, the share of renewable energy in global electricity production was 23%. We expect it to increase to 26% by 2020. Fossil fuels that have dominated global power generation since their discovery accounted for around 67% share in 2016. The share of wind power in global electricity production was 3.1% in 2016. Since 2001, the share of wind power in the global energy mix has been increasing steadily. However, the share is still low considering the huge amount of electricity that is generated globally.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Key questions answered in this report: What will the market size be in 2021 and what will the growth rate be; What are the key market trends; What is driving this market; What are the challenges to market growth; Who are the key vendors in this market space; What are the market opportunities and threats faced by the key vendors; What are the strengths and weaknesses of the key vendors;
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Mr. Jeet Jain