The global Offshore Wind Energy Market size is segmented on the basis of product type, application, and region. Wind energy is also known as wind power. Wind energy refers to the extraction of kinetic energy from the wind and conversion of it into a useful type of energy: thermal, mechanical, or electrical. This can be accomplished through the use of wind turbines to generate electricity, windmills for mechanical power, wind pumps for water pumping or drainage, or sails to propel ships.
Wind energy is one of the indirect forms of solar energy. Some energy emitted by sun is directly absorbed by the air, and most of the energy in wind is first absorbed by earth’s surface and then transferred in the air by convection. Wind energy is thus recognized globally as a proven technology to resolve rising electricity demands in a clean and sustainable way.
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Offshore wind energy possesses minimal environmental hazards and in broader terms, wind energy is the best resources reasonably located to cater to the electricity demand. Additionally, the higher wind speeds at sea imply increased energy production, since energy output is a function of the cube of the wind speed. Offshore wind farms can harness more frequent and powerful winds than available to land based installations.
Based on product type, the global market size is classified into gravity caisson foundation, single pile foundation, tripod foundation. Based on application, the global market size is classified into commercial use, industrial, household, and others. Geographically, the global market size is classified into North America, Europe, China, Japan, and Southeast Asia, India.
Europe is presently the largest market size for offshore wind energy since it is the only region that has made significant investments in the field. Europe is expected to remain dominant over the forecast period. Implementation of numerous favorable initiatives such as the Electricity Market Reform Package and the new Energy Act, the England has developed as the most prominent offshore wind energy market size in Europe.
Asia Pacific market is growing at fastest pace. However, China is currently the only country with a separate target allotment when it comes to offshore wind energy installations.
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The key players in the offshore wind energy market include Donghai Bridge, Suizhong Offshore Wind Energy, Changdao Offshore Wind Energy, Weihai Offshore Wind Farm, ZhoushanDaishan Offshore Wind Farm, Nantong Offshore Wind Farm, Cangzhou Offshore Wind Farm, NanAo Offshore Wind Farm, Cixi Offshore Wind Farm, and Zhangzhou Liu Ao Offshore Wind Farm.
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