comparatively lesser share of the capital expenditure, mainly in shallow water locations.
Companies are upgrading and increasing the turbine size due to advanced technologies and to
increase energy efficiency. Moreover, larger the wind turbine, the more energy they produce each
time the turbines rotate. Therefore, turbine manufacturers are continuously upgrading and
expanding their product portfolio to contribute to the ever increasing demand for high capacity
wind turbines.
Asia-Pacific: The second largest market for offshore wind
The market in this region is expected to grow at the second position followed by the market in
Europe, due to its growing trends such as increasing urbanization and industrialization which is
leading to higher demand in the power sector. The countries are focusing on power generation
through renewable energy sources and the offshore wind forms an integral part of the renewable
based power generation. Technological advancement and clean energy consumption would
further propel wind power deployment and open up opportunities in the emerging market s of
Asia-Pacific, especially in countries like China, Japan, and South Korea as they are looking for an
alternative source of energy to diversify their energy mix to reduce CO2 emissions. The other
major drivers include strict government regulations on energy efficiency.
To provide an in-depth understanding of the competitive landscape, the report includes profiles
of some of the leading players in the offshore wind market, namely, Siemens AG (Germany), ABB,
Ltd. (Switzerland), MHI Vestas (Denmark), General Electric (U.S.), EEW Group (Germany), A2Sea
(Denmark), and Nexans (France) among others. Leading players are trying to penetrate the
markets in developing economies and are adopting various strategies to increase their market
share.
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