Offshore wind energy has been on the rise in the past few years, particularly in North America, Europe, and the Asia Pacific. The rise of offshore wind energy is attributed to offshore wind speeds, which tend to be faster.
A slight increase in wind speed at an offshore location yields to large energy production, as a turbine in 15-mph wind speed can generate double as much energy as a turbine in 12-mph wind speed.
Offshore wind speeds are steadier than on land due to large open spaces at sea or oceans. As offshore wind energy installations are on a rise year-on-year, the size of offshore wind assets has been increasing with advanced equipment and technology. The current wind turbine hub height has reached to a total of 164 meters.
In accordance with the rise in offshore wind energy projects, MarketsandMarkets has conducted deep-dive studies dedicated to offshore wind energy ecosystem such as the global offshore wind market, the global offshore support vessel market, and submarine cable system market among others.
The global offshore wind market is projected to grow at a CAGR of 15.3% between 2017 and 2022, to reach a market size of U.S.$55.1 billion by 2022. The turbine segment is projected to hold the largest market share, mainly because it contains the most important components, such as nacelle, rotor and blades, and a tower, which helps to generate electricity. The global offshore support vessel market is predicted to grow at a CAGR of 5.0%, between 2018 and 2023 — reaching a size of $25.6 billion by 2023.
Among regions, North America is likely to be a fast- growing market for offshore support vessels during the forecast period. The growth in deployment of offshore wind farms in countries such as China and the U.S. is expected to drive the offshore support vessel, for installation, maintenance, and during the replacement of offshore wind turbines. The overall submarine cable system market is expected to grow from $11.7 billion in 2018 to $20.9 billion by 2023, growing at a CAGR of 12.2%.
New offshore wind capacity additions and high demand for inter-country and island connections are the major factors driving the growth of the submarine power cable market. Europe is expected to lead the global submarine power cable market by 2023, owing to the booming offshore wind industry, of which submarine power cables are one of the critical components.
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