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Offshore Wind Turbines Market to exceed $21 Bn by 2026

  • Published Date: July 13, 2020

Offshore Wind Turbines Market is estimated to surpass USD 21 billion by 2026, as reported in the latest study by Global Market Insights Inc.

The offshore wind turbine industry is set witness robust growth due to the ongoing shift toward the adoption of sustainable technologies on account of stringent environmental norms. Growing investments toward the installation of sustainable energy platforms will drive the market demand.

Growing R&D initiatives toward improving the CUF for power generation at an efficient and more economical manner will positively raise the offshore wind turbines market demand over the forecast timeframe. Minimal maintenance, and limited manpower requirement for installation are few indispensable parameters supplementing the demand for offshore wind turbines.

Increasing installation across deep waterbeds will fuel floating offshore wind turbines demand

Rising project depth along with ongoing technological advancements have aligned developer’s focus toward the deployment of floating foundation offshore wind turbines. In order to effectively capture the abundantly available offshore potential, these developers are now focusing on deep sea location of 60 meter or more. As a result, suppliers are significantly engaged in the production of high quality floating turbine structures which are able to withstand at extreme environmental and water flow conditions. Growing installation of various deep water offshore wind energy projects will create a demand for high quality floating offshore wind turbines.

Browse key industry insights spread across 403 pages with 755 market data tables & 33 figures & charts from the report, “Offshore Wind Turbine Market Size By Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Component [Blades, Tower]}, Fixed {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Component [Blade, Tower]}}}), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026in detail along with the table of contents:

Soaring electricity demand coupled with ongoing investments to explore untapped offshore potential will augment Asia Pacific offshore wind turbines market growth

The energy requirement across the Asia Pacific is soaring at a significant rate with the growing population index. However, still majority of the market demand fulfilled from conventional fossil fuel powered technologies. To enhance sustainability of the regional power sector, respective policy makers have developed stringent mandates which are obligating the adoption of renewable energy to cater the rising energy requirements.

Asia Pacific nations including South Korea, Japan, Taiwan and China are considered as emerging markets for offshore wind turbines. Some of these countries including Japan are raising their existing market size by investing heavily on offshore wind sector due to availability of limited land space and future instability of their nuclear power.

Rising investments toward the deployment clean energy technologies has witnessed significant gain, especially in offshore wind turbine technologies owing to the availability of immense resource potential. Growing opportunities along with the presence of a robust consumer base will expand the market size, thereby driving the industry growth. Supportive regulatory policies enabling the construction of new offshore platforms which will drive the market demand of offshore wind turbines over the forecast timeline.

The eminent players active across offshore wind turbines market includes Vestas, GE Renewable Energy, Siemens Gamesa, Goldwind, MHI - Vestas, Senvion, Ming Yang and Doosan Wind amongst others.

Authors: Ankit Gupta, Aditya Singh Bais

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