Global Offshore Power Grid System Market: Power grids are interconnected distribution networks that transfer electricity from power plants to end users. Offshore power grids generate electricity by harvesting renewable sources of energy, especially wind energy.
Depleting non-renewable sources of energy and increasing global warming are major factors driving growth of the global offshore power grid system market. In addition, increasing investments by governments and private market players for offshore power grid systems are other major factors fueling growth of the global offshore power grid system market. Increasing adoption of internet of things (IoT) and smart grid networks are helping in reducing electricity losses and providing efficient grid networks. This factor is further expected to propel growth of the global offshore power grids system market to a significant extent.
Major factors hampering growth of the global offshore power grid system market are high and long term initial investment. In addition, political issues may pose a challenge for development of offshore power grids.
Moreover, development of offshore power grid systems may create opportunities for major market players to distribute electricity to various end users where electricity production prices are comparatively higher.
The global offshore power grid system is segmented on the basis of type, application, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Europe dominates the global offshore power grid system market in terms of revenue share and is expected to register highest CAGR of XX.X% during the forecast period. This growth can be attributed to favorable government policies and Europe’s 2020 target towards CO2 reduction. The market in North America accounted for second-highest revenue share, and is expected to witness considerable growth during the forecast period. Moreover, the market in Africa is also expected to witness significant development in offshore fields during the forecast period.
Key players in the global offshore power grid system market are Acciona Energia, ABB, Siemens AG, Nexans, FMC Technologies, General Electrics, Aker Solutions, Cameron International, and other prominent players.