Offshore Wind Turbine Market By Capacity (Small (Less Than 10MW), Medium (10–100MW), Large (Greater Than 100MW)), By Application (Industrial, Commercial, Residential): Global Opportunity Analysis And Industry Forecast, 2021-2031
The global offshore wind turbine market size was valued at $17.8 billion in 2021, and projected to reach $39.2 billion by 2031, with a CAGR of 8.28% from 2022 to 2031.
Wind is the most readily available source of renewable energy. Wind turbines capture the wind’s kinetic energy and convert it into electricity. Wind energy is an important source of inexpensive renewable energy, which helps reduce greenhouse gas emissions, diversify energy supply, and deliver cost-competitive electricity. The major benefit of wind energy is cost certainty as it is one of the cheapest forms of electricity generation. Further, the government is taking initiatives to explore alternative sources of energy, which is beneficial to minimize the dependency on other limited sources, such as fossil fuel, oil, and gas.
Wind is a significant source of affordable renewable energy, which currently contributes to 5% of the global electricity demand. The technological development for the growth of more reliable and efficient wind turbines is making wind power more cost-effective. Further, depleting natural resources and government initiatives to explore alternative sources of energy are driving the global wind turbine market. The cost of electricity generated using wind energy is expected to decline in near future owing to technological development. This is expected to deliver substantial growth opportunity for the wind turbine market in the near future. However, heavy investment for the production and installation of wind turbines hinder the growth of the market.
Rise in need for eco-friendly energy solutions further propels the demand for offshore wind turbines. For instance, according to the International Energy Agency, global energy utilization increased by 4.6% in 2021, twice than the normal rate in 2018. Energy utilization was driven by expanded interest for warming and cooling systems in certain locales of North America, Europe, and other regions.
Rise in utilization of petroleum products secured 70% in the global energy generation, and sustainable power sources contributed for around 25% of the global energy development. The demand for power increased with a rate of 4.5% and the share of electricity in global energy consumption reached 20% in 2021. Moreover, with the rapidly growing population, the demand for electricity is expected to increase significantly. Thus, all these factors collectively are expected to augment the growth of the offshore wind turbine market globally. However, high initial installation cost and location constraints are expected to hamper sales of the offshore wind turbine market during the forecast period.
The offshore wind turbine market is segmented on the basis of capacity, application, and region.
On the basis of capacity, the global offshore wind turbine market is segmented into small (less than 10MW), medium (10-100MW), and large (greater than 100MW). On the basis of application, the market is segmented into industrial, commercial, and residential. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
The major companies profiled in this report include, Enercon Gmbh, General Electric, Goldwind, Nordex SE, Regen Powertech, Sinovel Wind Group, Suzlon Energy Limited, Zhejiang Windey, VESTAS, and Siemens Energy. Additional growth strategies such as expansion of production capacities, acquisition, collaboration, joint venture, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the global offshore wind turbine market trends.
COVID-19 Analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturing companies led to the decline in the demand for solar-related equipment in most of the countries across the globe, which led to decline in demand for the offshore wind turbine market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
After the global vaccination, the government of various countries has taken initiatives to increase the investment in the renewable energy related industries, especially solar and wind power systems. The increase in the investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to the outbreak of the COVID-19 pandemic are expected to have positive impact on the development of the market during the forecast period.
Key Benefits for Stakeholders
This report provides a detailed quantitative analysis of the current offshore wind turbine market trends and estimations from 2021 to 2031, which assists to identify the prevailing opportunities.
An in-depth analysis of the offshore wind turbine market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the global offshore wind turbine market is provided.
Region-wise and country-wise market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current trends and future market potential from 2021 to 2031 in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global offshore wind turbine market.
Key Market Segments
By Capacity
Small (Less than 10MW)
Medium (10–100MW)
Large (Greater than 100MW)
By Application
Industrial
Petrochemical
Oil gas
Power generation
Others
Commercial
Residential
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
U.K.
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Enercon Gmbh
GENERAL ELECTRIC
GOLDWIND
NORDEX SE
REGEN POWERTECH
SINOVEL WIND GROUP
SUZLON ENERGY LIMITED
ZHEJIANG WINDEY
VESTAS
Siemens Energy
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