Offshore Wind Turbines Market by Water Depth (Shallow Water, Transitional Water, Deep Water), Installation (Fixed, Floating), Turbine capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028

  • Publish Date: Sep, 2022
  • Report ID: 419986
  • Category: Energy & Power
  • Pages: 234
$4700

The Offshore Wind Turbines market is expected to grow from USD 14.16 billion in 2020 and to reach USD 53.22 billion by 2028, growing at a CAGR of 18% during the forecast period 2021-2028.

The offshore wind turbines are very vulnerable to environmental externalities. The turbines harness the wind energy and transform it into electricity. The offshore wind turbine market gives a plethora of offerings which include material expertise, welding solutions, coatings and resurfacing, design modeling of the wind turbine facility, installing sensors for ordinary monitoring, and undertaking inspections to the sites.

The factors driving the market are growth in the projects to reduce carbon footprints, overpower structures and to decrease air pollution, and contributing to the pool of energy through renewables. The factors restraining the market growth are the adoption of clean energy supplies like solar and different alternatives and excessive capitals expenditures associated with substructure and installation expenses. Technological improvements inclusive of increased capacity of wind turbines, floating wind turbines, and 3D printing will provide market growth opportunities.

This study delivers a comprehensive analysis of Water depth, Installation, Turbine capacity, and region. The Water depth segment includes Shallow Water, Transitional Water, and Deep Water. The Shallow Water segment held the largest market share, owing to their areas that are ideal for constructing the inspiration for wind towers. The Installation segment includes Fixed and Floating. The Fixed segment holds the largest market share, owing to the numerous benefits provided by constant installations over floating installations. The Turbine capacity segment includes Up to 3 MW, 3 MW to 5 MW, and > 5 MW. The3 MW to 5 MW holds the largest market share, owing to the excessive strength generation capacity of those turbines.

The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe holds the largest market share owing to the significant demand for easy strength technology in the region. Considering the Asian nations, there would be rising demand for the turbines in Taiwan, South Korea, Japan, and Vietnam. India is anticipated to be the rising united states of America to harness almost all forms of renewable strength given the various set of resources it has by earmarking about 70GW of offshore wind strength development.

Some of the notable players in the market are Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Senvion SA, Suzlon Energy Ltd, Xinjiang Goldwind Science & Technology Co. Ltd., Guodian United Power Technology Company Limited. In December 2019, Orsted A/S signed a 10-yr index-constant price agreement for Borkum Riffgrund 3 offshore wind farm with Covestro AG, a supplier of high-performance polymer materials.

Offshore Wind Turbines Market Analysis and Forecast, Water depth

  • Shallow Water
  • Transitional Water
  • Deep Water

Offshore Wind Turbines Market Analysis and Forecast, Installation

  • Fixed
  • Floating

Offshore Wind Turbines Market Analysis and Forecast, Turbine capacity

  • Up to 3 MW
  • 3 MW to 5 MW
  • > 5 MW

Offshore Wind Turbines Market Analysis and Forecast, Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Sweden
    • Netherland
    • U.K.
    • Italy
    • Spain
    • Turkey
    • Switzerland
    • Belgium
    • Rest Of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
    • Singapore
    • Malaysia
    • Thailand
    • Indonesia
    • Philippines
    • Rest Of APAC
  • South America
    • Brazil
    • Argentina
    • Peru
    • Colombia
    • Rest Of South America
  • The Middle East And Africa
    •  UAE
    •  Saudi Arabia
    •  Egypt
    •  Nigeria
    •  South Africa
    • Rest Of Mea

Report Description:

  • The base year for the study has been considered 2020, the historic year 2018, and 2019, the forecast period considered is from 2021 to 2028.
  • The study delivers a comprehensive analysis of the global market for all segments and regions.
  • The report offers an in-depth analysis of driving factors, opportunities, and restraints for gaining key insight into the market. The report emphasizes all the key trends that play a vital role in the enlargement of the market from 2021 to 2028.
  • Porter's Five Forces model is used in order to recognize the competitive scenario in the market. This report incorporates the industry analysis, which is focused on providing an extensive view of the market.
  • The study also includes attractiveness analysis of all segments and regions, which are benchmarked based on their market size, growth rate, and attractiveness in terms of present and future opportunists for understanding the future growth of the market.
  • The report provides company profile of the key players operating in the market and comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
  • The market estimates have been evaluated by considering the effect of different political, economic, social, technological, and legal factors, which are based on our extensive secondary research, primary research, and in-house databases.
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Water depth
          4.3.2. Market Attractiveness Analysis By Installation
          4.3.3. Market Attractiveness Analysis By Turbine capacity
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends
5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Growth in the projects to reduce carbon footprints over power structures and decreasing air pollution.
          5.2.2. Contributing to the pool of energy through renewables
    5.3. Restrains
          5.3.1. Adoption of clean energy supply like solar and different alternatives
          5.3.2. Excessive capitals expenditures associated with substructure and installation expenses
    5.4. Opportunities
          5.4.1. Technological improvements inclusive of increased-capacity
6. Global Offshore Wind Turbines Market Analysis and Forecast, By Water depth
    6.1. Segment Overview
    6.2. Shallow Water
    6.3. Transitional Water
    6.4. Deep Water
7. Global Offshore Wind Turbines Market Analysis and Forecast, By Installation
    7.1. Segment Overview
    7.2. Fixed
    7.3. Floating
8. Global Offshore Wind Turbines Market Analysis and Forecast, By Turbine capacity
    8.1. Segment Overview
    8.2. Up to 3 MW
    8.3. 3 MW to 5 MW
    8.4. > 5 MW
9. Global Offshore Wind Turbines Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa
10. Global Offshore Wind Turbines Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Offshore Wind Turbines Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Installation Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions
11. Company Profiles
    11.1. Vestas Wind Systems A/S
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Installation Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Siemens Gamesa Renewable Energy SA
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Installation Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. General Electric Company
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Installation Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Nordex SE,Senvion SA
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Installation Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Suzlon Energy Ltd
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Installation Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Xinjiang Goldwind Science & Technology Co. Ltd.
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Installation Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Guodian United Power Technology Company Limited
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Installation Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis

List of Table

1. Global Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

2. Global Shallow Water, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion) 

3. Global Transitional Water, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion)

4. Global Deep Water, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion)

5. Global Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

6. Global Up to 3 MW, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion)

7. Global 3 MW to 5 MW, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion)

8. Global > 5 MW, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion)

9. Global Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

10. Global Fixed, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion)

11. Global Floating, Offshore Wind Turbines Market, By Region, 2018-2028(USD Billion)

12. North America Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

13. North America Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

14. North America Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

15. U.S. Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

16. U.S. Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

17. U.S. Offshore Wind Turbines Market, By Power Installation, 2018-2028(USD Billion)

18. Canada Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

19. Canada Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

20. Canada Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

21. Mexico Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

22. Mexico Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

23. Mexico Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

24. Europe Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

25. Europe Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

26. Europe Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

27. Germany Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

28. Germany Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

29. Germany Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

30. France Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

31. France Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

32. France Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

33. U.K. Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

34. U.K. Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

35. U.K. Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

36. Italy Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

37. Italy Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

38. Italy Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

39. Spain Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

40. Spain Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

41. Spain Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

42. Asia Pacific Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

43. Asia Pacific Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

44. Asia Pacific Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

45. Japan Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

46. Japan Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

47. Japan Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

48. China Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

49. China Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

50. China Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

51. India Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

52. India Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

53. India Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

54. South America Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

55. South America Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

56. South America Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

57. Brazil Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

58. Brazil Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

59. Brazil Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

60. Middle East and Africa Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

61. Middle East and Africa Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

62. Middle East and Africa Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

63. UAE Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

64. UAE Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

65. UAE Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

66. South Africa Offshore Wind Turbines Market, By Water depth, 2018-2028(USD Billion)

67. South Africa Offshore Wind Turbines Market, By Turbine capacity, 2018-2028(USD Billion)

68. South Africa Offshore Wind Turbines Market, By Installation, 2018-2028(USD Billion)

List of Figures 

1. Global Offshore Wind Turbines Market Segmentation

2. Global Offshore Wind Turbines Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Offshore Wind Turbines Market Attractiveness Analysis By Water depth 

9. Global Offshore Wind Turbines Market Attractiveness Analysis By Turbine capacity

10. Global Offshore Wind Turbines Market Attractiveness Analysis By Installation

11. Global Offshore Wind Turbines Market Attractiveness Analysis By Region

12. Global Offshore Wind Turbines Market: Dynamics

13. Global Offshore Wind Turbines Market Share by Water depth (2021 & 2028)

14. Global Offshore Wind Turbines Market Share by Turbine capacity (2021 & 2028)

15. Global Offshore Wind Turbines Market Share by Installation (2021 & 2028)

16. Global Offshore Wind Turbines Market Share by Regions (2021 & 2028)

17. Global Offshore Wind Turbines Market Share by Company (2020)

Research Methodology

Market research is a method of gathering, assessing and deducing data & information about a particular market. Market research is very crucial in these days. The techniques analyze about how a product/service can be offered to the market to its end-customers, observe the impact of that product/service based on the past customer experiences, and cater their needs and demands. Owing to the successful business ventures, accurate, relevant and thorough information is the base for all the organizations because market research report/study offers specific market related data & information about the industry growth prospects, perspective of the existing customers, and the overall market scenario prevailed in past, ongoing present and developing future. It allows the stakeholders and investors to determine the probability of a business before committing substantial resources to the venture. Market research helps in solving the marketing issues challenges that a business will most likely face.

Market research is valuable because of the following reasons:

  • Market research helps businesses strengthen a company’s position
  • Market research helps in minimizing the investment risks associated with the businesses in any industry vertical
  • Market research helps in identifying the potential threats and opportunities associated with the business industry
  • Market research aids in spotting the emerging trends and facilitates strategic planning in order to stay ahead in the competition

Our research report features both the aspects; qualitative and quantitative. Qualitative part provides insights about the market driving forces, potential opportunities, customer’s demands and requirement which in turn help the companies to come up with new strategies in order to survive in the long run competition. The quantitative segment offers the most credible information related to the industry. Based on the data gathering, we use to derive the market size and estimate their future growth prospects on the basis of global, region and country.

Our market research process involves with the four specific stages.

  • Data Collection
  • Data Synthesis
  • Market Deduction & Formulation
  • Data Screening & Validation

Data Collection: This stage of the market research process involves with the gathering and collecting of the market/industry related data from the sources. There are basically two types of research methods:

  • Primary Research: By conducting primary research, it involves with the two types of data gathering; exploratory and specific. Exploratory data is open-ended and helps us to define a particular problem involving surveys, and pilot study to the specific consumer group, knowing their needs and wants catering to the industry related product/service offering. Explanatory data gathering follows with the bit of unstructured way. Our analyst group leads the study by focusing on the key crowd, in this manner picking up bits of knowledge from them. In light of the points of view of the clients, this data is used to plan advertise techniques. In addition, showcase overviews causes us to comprehend the current scenario of the business. Specific data gathering on the hand, involves with the more structured and formal way. The primary research usually includes in telephonic conversations, E-mail collaborations and up close and personal meetings/interviews with the raw material suppliers, industrial wholesalers, and independent consultants/specialists. The interviews that we conduct offers important information on showcase size and industry development patterns. Our company likewise conducts interviews with the different business specialists so as to increase generally bits of knowledge of the business/showcase.
  • Secondary Research: The secondary research incorporates with the data gathering from the non-profit associations and organizations, for example, World bank, WHO, investor relations and their presentations, statistical databases, yearly(annual reports) reports, national government records, factual databases, websites, articles, white papers, press releases, blogs and others. From the annual report, we deduce an organization's income/revenue generation to comprehend the key product segment related to the market. We examine the organization sites and implement product mapping strategy which is significant for determining the segment revenue. In the product mapping technique, we choose and categorize the products offered by the companies catering to the industry specific market, derive the segment revenue for each of the organizations to get the market estimation. We also gather data & Information based on the supply and demand side of the value chain involved with the domain specific market. The supply side denotes the distributors, wholesalers, suppliers and the demand side denotes the end-consumers/customers of the value chain. The supply side of the market is analyzed by examining the product growth across industry in each of the region followed by its pricing analysis. The demand side is analyzed by the evaluating the penetration level and adoption rates of the product by referring to the historical/past data, examine the present usage and forecasting the future trends. 
  • Purchased Database: Our purchased data provides insights about the key market players/companies along with their financial analysis. Additionally, our data base also includes market related information. 
    • We also have the agreements with various reputed data providers, consultants and third party vendors who provide information which are not limited to:
      • Export & Import Data
      • Business Information related to trade and its statistics
      • Penetration level of a particular product/service based on geography mainly focusing on the unmet prerequisites of the customers.
  • In-house Library: Apart from these third-party sources, we have our in-house library of quantitative and qualitative data & information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, internal audit reports, historic databases, archives and journal publications. Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those particular cases, we utilize our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopts a robust research technique in order to deduce the market size and its estimates:
  • Examining demographic along with psychographic segmentation for market evaluation
  • Analyzing the macro and micro-economic indicators for each demography
  • Evaluating the current industry trends popular in the market.

Data Synthesis: This stage includes the evaluation and assessment of all the data acquired from the primary and secondary research. It likewise includes in evaluating the information for any disparity watched while information gathering identified with the market. The data & information is gathered with consideration to the heterogeneity of sources. Scientific and statistical methods are implemented for synthesizing dissimilar information sets and provide the relevant data which is fundamental for formulating strategies. Our organization has broad involvement with information amalgamation where the information goes through different stages:

  • Information Screening: Information screening is the way toward examining information/data gathered from the sources for errors/mistakes and amending it before data integration process. The screening includes in looking at raw information, identifying and distinguishing mistakes and managing missing information. The reason for the information screening is to ensure information is effectively entered or not. Our organization utilizes objective and precise information screening grades through repetitive quality checks.
  • Data Integration: The data integration method involves with the incorporation of numerous information streams. The data streams is important so as to deliver investigate examines that give overall market scenario to the investors. These information streams originate from different research contemplates and our in house database. After the screening of the information, our analysts conduct efficient integration of the data streams, optimizing connections between integrated surveys and syndicated data sources. There are two research approaches that we follow so as to coordinate our information; top down methodology and bottom up methodology. 
    • Top-down analysis generally refers to using broad factors as a basis for decision making. The top-down approach helps in identifying the overall market scenario along with the external and internal factors effecting the market growth.
    • The bottom-up approach takes a completely different approach. Generally, the bottom-up approach focuses its analysis on micro attributes and specific characteristics of the domain specific market.

Market Formulation & Deduction: The last stage includes assigning the data & information in a suitable way in order to derive market size. Analyst reviews and domain based opinions based on holistic approach of market estimation combined with industry investigation additionally features a crucial role in this stage.

This stage includes with the finalization of the market size and numbers that we have gathered from primary and secondary research. With the data & information addition, we ensure that there is no gap in the market information. Market trend analysis is finished by our analysts by utilizing data extrapolation procedures, which give the most ideal figures to the market.

Data Validation: Validation is the most crucial step in the process. Validation & re-validation through scientifically designed technique and process that helps us finalize data-points to be used for final calculations. This stage also involves with the data triangulation process. Data triangulation generally implicates the cross validation and matching the data which has been collected from primary and secondary research methods.

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Dear Siddhartha,
The report looks good, and we believe the material mix is more realistic now. It is good to know you report “Net” Manufacturing Selling Price, as that can make a difference in how we view the numbers. The reports were great and we appreciate your working with us.
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