What the Future of Offshore Wind Turbines Market Looks Like (2022-2028)?

 

 The rising need to curb global greenhouse gas (GHG) emissions from numerous sources and significant measures to achieve a carbon-free society is fueling the demand for global Offshore Wind Turbines market growth.

Investments in the offshore wind energy sector have augmented in recent times, due to the surging awareness about the advantages of renewable sources of energy. Moreover, the limited availability of fossil fuel reserves is encouraging many governments and private organizations to focus on non-conventional and clean energy sources for generating power.

𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=6154

Moreover, Offshore wind energy has higher potential of power production as compared to onshore wind energy. It maintains better productivity and can ensure wildlife and human habitat conservation in a more efficient manner. Furthermore, higher, and more consistent wind speeds in offshore wind farms have the potential to generate more electricity at a steadier rate than their onshore counterparts. This is estimated to be a key demand driver of the offshore wind turbines market across the globe.

In recent years, rapid advancements in offshore wind technologies and addition of large capacity offshore wind turbines are increasingly becoming a possibility with rise in the pace of advancement of offshore wind technology in Europe, the US, and China. This advancement of technology is anticipated to reduce the levelised cost of electricity (LCOE) from offshore wind in the near future. This, in turn, is likely to propel the demand for offshore wind turbines across the globe.

According to UnivDatos Market Insights (UMI)’ research report “Global Offshore Wind Turbines Market”, the market is expected to witness a CAGR growth of xx% during the forecast period 2021-2027F. Constant advancements in Offshore Wind Turbines have been made in the turbine technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels. Also, technological improvements such as increased capacity of wind turbines, floating wind turbines, and 3D printing, have brought the overall cost of offshore wind power to lowest level and opened up new offshore locations such as deep water that were previously inaccessible due to lack of investment and technology. Country governments are partnering with private sector to invest heavily in Offshore Wind Turbines technology to increase their renewable power mix which is further driving the market growth in the global context.

𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=6154

Based on the Water Depth Type, the market is segmented into Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m). The Shallow Water (up to 30 m) segment grabbed XX% market share of the Global Offshore Wind Turbines Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to shallow-water regions being ideal for building the foundation for wind towers, on account of the higher convenience offered by them over the deep and transitional-water installations.

Based on installation, the market is segmented into Fixed & Floating. In 2020, the fixed segment dominated the Offshore Wind Turbines Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the ease of operation and cost-effectiveness.

Based on turbine capacity, the market is classified into Up to 3 MW, 3 MW to 5 MW and > 5 MW. The > 5 MW segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) due to more installations of large-sized turbines in Europe and Asia Pacific & their impact on achieving more power generation offsetting initial capital costs.

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Europe to Grab Lion’s Share, However, Asia Pacific also emerges as a next fast growth market

Based on regions, the report provides detailed analysis for overall adoption of Offshore Wind Turbines in the Global region including North America, Europe, Asia-Pacific, and rest of World. Europe has grabbed the major market share in 2020 due to largest share of offshore wind power installed capacity in 2020 & favorable government policies in countries, such as UK, Denmark, Germany, Netherlands etc., which are driving clean energy usage. However, Asia pacific region especially due to China’s recent years’ capacity addition & planned projects is poised to grow at an accelerated rate in the forecasted period.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Offshore Wind Turbines Market are Nordex SE, Suzlon Energy Ltd, Ørsted A/S, GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co., Ltd., Envision Energy Limited & Enercon GmbH. These companies are investing heavily on Offshore Wind Turbines production & technology to increase their customer base.

“Global Offshore Wind Turbines Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.   

Market Segmentation:

1.     By Water Depth (Shallow Water (up to 30 m), Transitional Water (30 m to 60 m), & Deep Water (> 60 m))

2.     By Installation (Fixed, and Floating)

3.     By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, and > 5 MW)

4.     By Region (North America, Europe, Asia-Pacific, and Rest of World)

5.     By Company (Nordex SE, Suzlon Energy Ltd, Ørsted A/S, GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co., Ltd., Envision Energy Limited & Enercon GmbH)

Key questions answered in the study:

1.     What are the current and future trends of the Global Offshore Wind Turbines industry?

2.     How the industry has been evolving in terms of end-user demand and product category?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the Global Offshore Wind Turbines industry?

5.     What is the customer orientation, purchase behavior, and expectations from the Global Offshore Wind Turbines suppliers across various countries?