SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Offshore Wind - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: April 2021
Executive Pool: 14278
Companies: 56 - Players covered include A2Sea A/S; ABB Group; Adwen Offshore SL; Doosan Heavy Industries & Construction Co., Ltd.; EEW Group (Erndtebrucker Eisenwerk GmbH & Co. KG); General Electric Company; Mhi Vestas Offshore Wind A/S; Minerals Technologies, Inc.; Nexans SA; Senvion SA; Siemens AG; Sinovel Wind Group Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Component (Turbine, Substructure, Electrical Infrastructure, Other Components); Location (Shallow Water, Transitional Water, Deep Water)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Offshore Wind Market to Reach $78.5 Billion by 2026
Amid the COVID-19 crisis, the global market for Offshore Wind estimated at US$35.1 Billion in the year 2020, is projected to reach a revised size of US$78.5 Billion by 2026, growing at a CAGR of 14.1% over the analysis period. Turbine, one of the segments analyzed in the report, is projected to record a 14.9% CAGR and reach US$32.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Substructure segment is readjusted to a revised 14.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $10.8 Billion in 2021, While China is Forecast to Reach $17.1 Billion by 2026
The Offshore Wind market in the U.S. is estimated at US$10.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$17.1 Billion by the year 2026 trailing a CAGR of 18.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10% and 12.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.1% CAGR.
Electrical Infrastructure Segment to Reach US$8.4 Billion by the year 2026
In the global Electrical Infrastructure segment, USA, Canada, Japan, China and Europe will drive the 12.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.9 Billion in the year 2020 will reach a projected size of US$6.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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