Market Summary The  Offshore Wind Energy market is projected to witness significant growth, increasing from USD 29,418.9 million in 2017 to USD 58,729.7 million in 2025, with a compound annual growth rate (CAGR) of 7.7%.

The market's development is driven by several factors, including rising oil prices, a shift towards renewable energy sources, and particularly the offshore wind energy sector, which benefits from existing infrastructure supported by offshore oil and gas plants. As a result, major players in the oil and gas industry recognize the immense potential in transitioning to offshore wind energy, leveraging their existing infrastructure and skill set to boost the turbine market.

Building sustainable infrastructure for offshore power generation, especially on the ocean floor, is crucial. Given the experience of the oil and gas industry in this area, more oil giants are investing in offshore wind production. Companies like Shell and Stat oil are diversifying their reach by entering this new market. Additionally, companies providing services for offshore fossil fuel platforms are witnessing the emergence of a new market.

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Off-Shore Wind Turbine Market Drive factors

Various factors are driving the growth of the Offshore Wind Energy market:

1.      Increasing Oil Prices: The rising prices of oil have incentivized the shift towards renewable energy sources. Offshore wind energy presents a viable alternative, attracting investments and driving market growth.

2.      Shift to Renewable Energy: There is a global shift towards renewable energy as countries and industries seek to reduce greenhouse gas emissions and combat climate change. Offshore wind energy is a clean and sustainable option, leading to increased investments in the market.

3.      Existing Infrastructure: Offshore wind energy benefits from the infrastructure already in place for offshore oil and gas operations. Companies in the oil and gas industry can leverage their existing infrastructure and skill sets to venture into offshore wind energy, boosting the market.

4.      Potential for Oil & Gas Companies: Oil and gas giants recognize the potential in offshore wind energy and the opportunity to diversify their portfolios. With their existing resources, expertise, and infrastructure, these companies are well-positioned to enter the offshore wind market, driving its growth.

5.      Sustainable Infrastructure Development: Offshore wind power generation requires the construction of sustainable infrastructure, particularly on the ocean floor. The expertise gained from the oil and gas industry in building offshore infrastructure contributes to the growth of the offshore wind turbine market.

6.      Market Diversification: Companies providing services for offshore fossil fuel platforms are witnessing the emergence of a new market in offshore wind energy. These companies are expanding their reach and offerings, further fueling the growth of the market.

These factors collectively contribute to the increasing demand for offshore wind turbines and the projected growth of the market in the coming years.

Key Report Coverage:

• Consumption statistics of offshore wind turbines by region and country from 2015 to 2025, with historic data from 2015 to 2017 and forecasts from 2018 to 2025
• Estimation of installations, production capacity, shipment data, and analysis of consumption trends
• Analysis of interest rates and government subsidies for wind-generated distributed energy
• Demand and supply gap analysis
• Consumption of wind-generated electricity by region
• Outlook on regional residential, commercial, and industrial sectors
• Government spending on infrastructure and renewable energy development
• Inter-nation trade analysis
• Wind energy scope, commission rate, and future demand forecasting for Asia Pacific and Europe
• Cost analysis of wind energy generation, distribution, transmission, and energy exchange forecast
• Economics of scale for offshore wind turbine production
• Offshore oil rig counts
• Product complexity analysis and ratings
• Salient trends in the offshore wind market

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