The report states that the global offshore wind turbine market is likely to find tremendous scope for growth as the world is worried about environmental hazards of using conventional sources of energy. The growing concerns about global warming and growing energy demands is expected to propel the global offshore wind turbine market.
According to the research report, the global offshore wind turbine market is expected to progress at a CAGR of 20% during the forecast of 2017 to 2021. The significant rise of the global market will be attributable to the increasing number of wind farms and the perpetually soaring demand for energy. Furthermore, a deliberate shift toward using renewable sources of energy such as wind and solar have also raised the scope for the adoption of offshore wind turbines. Analysts expect that the wind turbine market will do exceptionally well in the near future as an unprecedented support from various governments pours in. The reduced cost of producing wind energy has also been identified as the key growth driver for the global market.
On the other hand, the global offshore wind turbine market is being challenged by the hesitant end users, who prefer using fossil fuels. The adamant mindsets of end users is anticipated to be a notable challenge for the global market. However, this can be overcome with adequate knowledge, affordability of new forms of energy, and bigger understanding of sustainable solutions.
Regionally, the global market is divided into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Of these, the developed regions such as North America and Europe hold a major share in the market. The supportive government policies to curb carbon emissions and to make the regions greener have played a tremendous role in putting both the regions at the forefront.
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Some of the key player operating in the global offshore wind turbine market are Siemens Wind Power, ADWEN, MHI Vestas Offshore Wind, Senvion, Samsung Heavy Industries, Clipper Windpower, AREVA WIND, Doosan, Gamesa, and GENERAL ELECTRIC. The research report provides a detailed understanding of the research and development activities being carried out by these companies, their expansion strategies for the coming years, and their financial outlooks. Furthermore, the research report also offers an insightful take on the threat from new comers in the market and the growing level of competition amongst existing players. Furthermore, the research report also uses inputs from market experts to offers the readers a holistic outlook to the market dynamics.