Offshore Wind Turbines Market Growth Analysis, Opportunities, Trends, Developments and Forecast Through 2026

 Breaking News
  • No posts were found

Offshore Wind Turbines Market Growth Analysis, Opportunities, Trends, Developments and Forecast Through 2026

December 22
16:46 2021
Offshore Wind Turbines Market Growth Analysis, Opportunities, Trends, Developments and Forecast Through 2026
Globally, the offshore wind turbine market is predicted to register the highest growth in the Asia-Pacific region in the upcoming years. This would be a result of the large-scale deployment of wind towers in the region in the coming years.

With the declining availability of land for setting up wind turbines, the demand for offshore wind turbines is surging sharply across the globe. Moreover, the lack of availability of large land areas for building wind farms is encouraging manufacturers all over the world to focus heavily on technological advancements in order to develop better and robust offshore wind foundations. These initiatives are resulting in the establishment of new wind energy farms in various offshore locations. For instance, as per reports, the total offshore wind energy capacity stood at 4,888 MW in 2018, with 38 announced projects and 46 MW of operational projects.

Additionally, the soaring investments being made in the offshore wind energy sector, on account of the growing public awareness about the benefits of renewable energy, are also driving the expansion of the global offshore wind turbine market. Furthermore, the rapidly depleting fossil fuel reserves in several countries are also encouraging many private organizations and governments to focus heavily on clean and non-conventional energy sources for producing power. The governments of many countries are also investing heavily in green energy sources in order to meet the future power requirements and minimize the conventional energy supply.

Get the sample pages of this report at: https://www.psmarketresearch.com/market-analysis/global-offshore-wind-turbine-market-analysis/report-sample

Due to the aforementioned factors, the value of the offshore wind turbine market is predicted to surge from $24,683.3 million in 2019 to $68,869.3 million by 2026. Depending on water depth, the market is divided into transitional water, deep water, and shallow water categories. Out of these, the shallow water category is predicted to contribute the highest revenue to the market in the forthcoming years. This is mainly because of the high convenience, ease of access to these wind farms for regular maintenance and repair, and suitability offered by these wind farms.

Offshore wind turbines are installed via floating and fixed methods. Between these, the demand for fixed offshore wind turbines was found to be higher during the last few years, and this trend will continue in the upcoming years as well. This is credited to the various benefits of using fixed installations, such as easier installation and decommissioning procedures, their greater compatibility with several foundation types, and their lower costs than floating wind turbines.

Globally, the Asia-Pacific (APAC) region will be a large offshore wind turbine market in the coming years, as per the estimates of P&S Intelligence, a market research firm based in India. This is attributed to the growing focus of the governments of the regional countries, such as India, China, and Vietnam, on developing the renewable energy sector to meet the power demand. Moreover, the surging investments being made in this sector in order to use the untapped potential are also propelling the advancement of the market in the region.

Browse detailed report on Offshore Wind Turbines Market Share, Segment Analysis, Future Opportunity, Current Challenges and Forecast to 2026

Hence, the demand for offshore wind turbines will soar all over the world in the forthcoming years, mainly because of the limited availability of land for building wind farms, growing requirement for eco-friendly energy, depleting fossil fuel reserves, and surging investments being made in the renewable energy sector in several countries.

Offshore Wind Turbine Market Size Breakdown by Segment

By Water Depth

  • Shallow Water (up to 30 m)
  • Transitional Water (30 m to 60 m)
  • Deep Water (> 60 m)

By Installation

  • Fixed
  • Floating

By Turbine Capacity

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

By Region

  • North America Offshore Wind Turbine Market
    • By water depth
    • By installation
    • By turbine capacity
    • By country – U.S. and Canada
  • Europe Offshore Wind Turbine Market
    • By water depth
    • By installation
    • By turbine capacity
    • By country – U.K., Germany, Denmark, Netherlands, Belgium, and Rest of Europe
  • Asia-Pacific (APAC) Offshore Wind Turbine Market
    • By water depth
    • By installation
    • By turbine capacity
    • By country – China, Vietnam, Japan, South Korea, India, and Rest of APAC
  • Rest of the World (RoW) Offshore Wind Turbine Market
    • By water depth
    • By installation
    • By turbine capacity
    • By country –Mexico, Brazil, and Others

Browse Other Related Reports

Wind Turbine Composite Materials Market – Geographically, Asia-Pacific has been the largest wind turbine composite materials market, historically, which is because it is the largest producer of wind energy in the world. The two largest onshore wind farms on earth are in China and India, which have a cumulative capacity to generate around 8.5 GW of clean electricity. In 2017, of the total wind energy generation capacity added throughout the world, around 50% was added in China alone, according to the oil supermajor BP PLC.

Flywheel Energy Storage Market – Globally, the North American flywheel energy storage market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period as well. 

Media Contact
Company Name: P&S Intelligence
Contact Person: Abhishek
Email: Send Email
Phone: +918887787886
Address:Noida Sector 2
City: Noida
State: UP
Country: India
Website: https://www.psmarketresearch.com/market-analysis/global-offshore-wind-turbine-market-analysis