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Offshore Platform Electrification Market Size

Report ID: GMI5519
Published Date: Jul 2023
Report Format: PDF

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Offshore Platform Electrification Market Size

Offshore Platform Electrification Market size was valued at USD 1.6 billion in 2022 and is anticipated to grow at 19.7% CAGR from 2023 to 2032.

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Growing advancements in renewable energy technologies comprising of offshore wind turbines, floating solar arrays and more efficient power storage systems coupled with development of feasible and economically viable offshore platform electrification network will energize the business landscape. In addition, increasingly reliable and cost-effective technologies in line with ongoing demand for more stable and reliable power supply, driving the adoption of efficient electrification network in the offshore industry. Moreover, growing energy transition towards cleaner and more sustainable sources is influencing the offshore oil and gas industry.

Offshore Platform Electrification Market Report Attributes
Report Attribute	Details
Base Year:	2022
Offshore Platform Electrification Market Size in 2022:	USD 1.6 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	19.7%
2032 Value Projection:	USD 6.8 Billion
Historical Data for:	2019 to 2022
No. of Pages:	100
Tables, Charts & Figures:	178
Segments covered:	Technology and Region
Growth Drivers:	Stringent regulatory norms toward emissions Favorable policies toward renewable energy
Pitfalls & Challenges:	High capital cost

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Authors: Ankit Gupta, Abhishek chopra

Frequently Asked Questions (FAQ) :

The market size of offshore platform electrification reached USD 1.6 billion in 2022 and is anticipated to grow at a CAGR of 19.7% during 2023 to 2032, backed by the increasing environmental regulations and commitments to reduce greenhouse gas emissions.

Offshore wind segment accounted for over USD 580 million in 2022 as offshore wind power is driving the need for offshore platform electrification to harness and distribute clean energy.

Europe offshore platform electrification industry size is expected to be valued at USD 6 billion by 2032, on account of continuous development and expansion of existing offshore wind farms in the region.

ADNOC Group, BP p.l.c., Prysmian Group, Aker Solutions, General Electric, Siemens Energy, Equinor ASA, Nexans, Havfram, ABB, SLB, Cerulean Winds Ltd., NKT A/S, and Norddeutsche Seekabelwerke GmbH.