Home > Energy, Mining, Oil & Gas > Offshore Wind Turbine Market
Industry Trends
Offshore Wind Turbine Market size exceeded USD 7 billion in 2019 and the installed capacity is anticipated to grow at over 18% CAGR between 2020 and 2026. The soaring energy demand along with rapidly growing emission levels from the conventional power stations will propel the market growth.
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Ongoing emphasis toward the adoption of clean energy sources including wind, geothermal, solar, and waste-to-energy has created prominent growth opportunities for the market. Deployment of offshore wind technologies are gaining considerable acknowledgment owing to their significant power generation abilities. Lower noise, no land acquisition expenses, and extensive availability of wind resource when compared to conventional onshore projects are few indispensable features fueling the offshore wind turbine market growth.
Offshore wind turbine systems have achieved substantial traction subjected to significant CUF and favorable regulatory norms. Regulators on a global scale are raising their efforts to effectively accomplish the GHG emission reduction targets according to Paris agreement. Respective state and national governments coupled with private market players are also investing substantially across various clean energy sectors. This in turn will fuel the deployment of high capacity offshore wind turbines over the coming years.
| Report Coverage | Details |
|---|---|
| Base Year: | 2019 |
| Market Size in 2019: | USD 7 Billion |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 18.9% |
| 2026 Value Projection: | 23 (GW) |
| Historical Data for: | 2015 to 2019 |
| No. of Pages: | 403 |
| Tables, Charts & Figures: | 788 |
| Segments covered: | Rating, Installation |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The global offshore wind turbine industry report covers detailed analysis of the industry trends that are segmented on a regional & country basis across rating and installation levels. Moreover, reported market forecasts & estimates are aligned with the data represented by state and federal authorities including the U.S. Department of Energy, Global Wind Energy Council (GWEC), Asian Development Bank, European Commission, American Wind Energy Association, World Energy Outlook, World Bank, regulatory bodies and company annual reports.
Growing technological advancements with rising new investments across offshore wind infrastructure will surge the market growth for turbines
>5≤ 8 MW turbines in 2019, accounted for over 60% of the total market revenue from the rating segment. Offshore wind turbines over the past decade have emerged as a vital element of modern day wind farms. Fundamental for this progression is due to the business re-structuring across electricity markets coupled with rapid technological developments in the field of aerodynamics, and material structure. Developers operating across the turbine sector through their effective optimization along with uniform product processes have fused environmental compatibility, significant technology competences and power output with low cost of installation. This will positively surge the market demand for high rating offshore wind turbines.
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The market leaders working across the sector are directing high budgets toward turbine development, installation and research activities targeted toward expanding the operational competencies and raise their existing product portfolio. The ongoing integration of advance components will boost the offshore wind turbine industry growth. For instance, in February 2020, Vestas introduced its new innovative wind turbine technology ‘EnVentus V162-5.6MW’ to the Swedish wind market.
Low cost and ease of installation will boost the market growth for fixed foundation offshore wind turbines
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Nearshore projects installation has gained substantial penetration over the past decade. Their ability to deliver a competitive energy transition with higher CUF has raised the adoption of fixed foundation offshore wind turbine across the globe. As of now, the average water depth for the deployment of fixed turbines is between 0-60 meters. Usually, the projects constructed across such depth offer significant potential for reliable grid connectivity. Further they are also considered to be more economical when compared with other available alternatives.
Implementation of favorable norms to boost the European market size for offshore wind turbines
Countries across the Europe have emerged as a flourishing and competitive market for the offshore wind turbine industry over the past decades. Denmark which was the first country to install a 5 MW offshore wind turbine in 1991 and now it has tripled its offshore wind capacity since 2008. The UK on the contrary considered as leading nation for the offshore wind turbine market having cumulative turbine installation of 9.9 GW in 2019 and its revenue is expected to witness growth of over 24% through 2026. The nation has deployed over 5 GW of offshore wind turbine in its renewable portfolio from 2015. The government of UK has developed Contracts for Difference to guarantee secure long-term returns from various electrical infrastructure projects. This in turn is minimizing the barriers to market entry for industry players.
The norms also lay requirement to develop viable return for stakeholders with promising funding via leveraging schemes. Focus on the development of large scale utility projects with ongoing investments towards identification of potential sites for various offshore projects will spur the industry growth. The market sentiment of the European Union toward the development of new offshore wind energy projects remains optimistic, thereby alluring prominent investments which will surge the installation of offshore wind turbines during the forecast timeline.
Strategic collaborations and ventures to remain a focal point for the market players
The prominent players operating across the offshore wind turbine market are raising their focus towards new collaborations and partnerships for achieving a competitive edge. Their strategy on ventures has been created to significantly alter the market trends by raising the production efficiency and lowers the overall turbine costs to add a dominant market share. The leading players in this business are MHI-Vestas, Goldwind, General Electric, and Siemens Gamesa amongst others.
This market research report for offshore wind turbine includes in-depth coverage of the market trends with estimates & forecast in terms of “MW, and ‘USD” from 2015 to 2026, for the following segments:
Market, By Rating
- ≤ 2 MW
- >2≤ 5 MW
- >5≤ 8 MW
- >8≤10 MW
- >10≤ 12 MW
- > 12 MW
Market, By Installation
- Floating
- Axis
- HAWT
- Up-wind
- Down-wind
- VAWT
- HAWT
- Component
- Blade
- Tower
- Others
- Axis
- Fixed
- Axis
- HAWT
- Up-wind
- Down-wind
- VAWT
- HAWT
- Component
- Blade
- Tower
- Others
- Axis
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Sweden
- Poland
- Denmark
- Netherlands
- Ireland
- Belgium
- Asia Pacific
- China
- Japan
- South Korea
- Vietnam
- Taiwan
- Rest of the World
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