Higher energy consumption drives the growth of the global offshore wind turbine market in the upcoming five years.
According to TechSci Research report, “Offshore Wind Turbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”. Global offshore wind turbine market is anticipated to register an impressive growth with a CAGR of 13.75% during the forecast period, to achieve a market value of USD62.79 Billion by 2027. The market growth can be attributed to a surge in the consumption of energy throughout the world. Various end-use industries demand for large quantities of electricity and the consumption of electricity from the residential and corporate sectors is also rapidly increasing, thereby driving the growth of the global offshore wind turbine market in the upcoming five years. Moreover, increasing use of smart devices, home appliances, and technologically advanced equipment drives the market’s growth. Corporates are actively invested in maintaining zero carbon emissions and proclaiming the green building status, which influences them to invest and function with the generation of electricity and use of it from the renewable sources like wind and water, thereby anticipated to fuel the growth of the global offshore wind turbine market in the next five years.
Growing industrialization and an increasing number of manufacturing units, functioning of heavy-duty industries put forth higher electricity demands, also aiding the market growth. These industrialists and the manufacturers are investing in the implementation of the offshore wind turbines. The industries that are set up near a water body may benefit on a personal implanted offshore wind turbine thereby substantiating the growth of the global offshore wind turbine market in the future five years. Government further influences the adoption owing to concerns regarding depleting fuels, and power generating non-renewable resources like coal, oil and gas facilitates the growth of the global offshore wind turbine market in the forecast years through 2027. Technological advancements in enhancing the efficiency of offshore wind turbines further add to the growth of the global offshore wind turbine market in the forecast period.
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The global offshore wind turbine market is segmented by installation type, turbine capacity, regional distribution, and the competitive landscape. Based on installation type, the market is differentiated between fixed and floating. The fixed turbine segment is anticipated to hold the largest revenue share. This will aid in leading the market segment in the next five years as the demand for the longer period of power generation from each unit increases. Installing offshore wind turbines is a difficult task since it requires movement and, lifting & placing of big and heavy instruments and equipment that is a challenge. The use of advanced technology and cost-effective solutions further facilitate the growth of the segment along with the growth of the global offshore wind turbine market in the next five years. The floating installation type is also anticipated to register significant growth in the future due to increasing facilitation from the temporary solutions to the power generations from water sources.
By turbine capacity, the market is bifurcated into up to 3 MW, 3 MW to 5 MW, and more than 5 MW. The market analysis also studies the regional segmentation divided among the Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
Some of the market players, dominating the global offshore wind turbine market includes:
- Ørsted A/S
- GE Renewable Energy
- ABB Ltd.
- Vestas Wind Systems A/S
- Siemens Gamesa
- Schneider Electric SE
- Nordex SE
- Equinor ASA
- Envision Group
- Mingyang Smart Energy Group Co., Ltd
- Xinjiang Goldwind Science & Technology Co., Ltd.
- Rockwell Automation Inc.
- Invenergy LLC
- EDP Renewables North America LLC
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“Europe is anticipated to hold the largest revenue shares of the market and dominate the regional segment of the market in the upcoming five years. Countries like France and Germany are world leaders in the power generation sector that generate power through offshore wind turbines, thereby facilitating the growth of the global offshore wind turbine market in Europe. Initiatives like the ‘European Wind Initiative’ collectively support market growth. Advancing electrical infrastructure and evolving power generation would probably fuel the growth of the global market in the region. New market players may focus on research and product development. Technological advancement in the offshore wind turbine to enhance their performance would allow the new market entrants to establish their brands in the market and support the market growth in future too,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Offshore Wind Turbine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Installation Type (Fixed, Floating), By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW), By Region”, has evaluated the future growth potential of global offshore wind turbines and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global offshore wind turbine market.
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