Offshore Wind Energy market growth outlook with industry review and forecasts 2023-2032

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Offshore Wind Energy Market is expected to be USD
266.8 Billion by 2032
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Industry Overview

• Offshore Wind Energy Market is projected to
  demonstrate sturdy growth through 2032, owing to
  the growing trend of reducing the dependency on
  non-renewable sources. Offshore wind is ideal for
  the environment as it generates electricity
  without emitting carbon dioxide or burning fuel.
  Besides, the rising inclination towards
  accelerating offshore-based electricity
  generation due to the presence of potential sites
  and the advantage of clean power production will
  bolster the industry growth during 2023-2032.
• In addition, several advantages offered by
  offshore wind energy, such as more energy
  generated, greater wind consistency, less visual
  impact, and bigger turbines, will further
  positively impact market growth.
• Key providers in the offshore wind energy
  industry are engaging in partnerships, mergers,
  and acquisitions and launching new products to
  stay competitive in the overall market. To cite
  an instance, in March 2022, Southwire Company,
  one of the world's leading developers,
  manufacturers, and suppliers of building wire and
  utility cable, acquired Novinium, Inc., a cable
  regeneration solutions provider focused on
  electric utilities. The move was undertaken to
  support the company's growth strategy and to
  strengthen its commitment to remain
  generationally sustainable.

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• Considering the component, the turbines segment
  held over USD 12 billion market share in 2022 and
  is expected to grow considerably throughout 2032.
  Different types of turbines are used in
  hydropower, wind power, propulsion, and heat
  engines. Besides, almost all electricity gets
  generated with the help of the turbines by
  changing mechanical to electrical energy using a
  generator. In addition, the constant research and
  developments for increasing the turbine capacity
  will drive the overall business outlook in the
  coming years.
• Based on depth, the gt 50m segment was valued at
  over USD 880 million in 2022 and is anticipated
  to grow considerably through 2032. The
  development of floating infrastructure, along
  with the advancements of large-scale projects in
  deep-water sites, will increase the gt50 m depth
  penetration in the near future.
• In the regional context, the Europe offshore wind
  energy market accounted for over USD 19 billion
  revenue share in 2022 and is expected to
  demonstrate sturdy growth between 2023-2032. The
  rising focus of the government on clean energy
  transition, coupled with the ongoing development
  of offshore wind infrastructure, will positively
  impact regional growth in the future. Besides,
  the presence of suitable component supply chains
  such as foundations and cables and constant
  innovations for deploying new projects will
  enhance the overall business outlook in the
  region.

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Offshore Wind Energy Market

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