August 20, 2020
According to the recent study titled ‘Offshore Wind Turbine Market Size By Rating, By Installation, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 a?? 2026’, available with Market Study Report LLC, global offshore wind turbine market is expected to record an healthy y-o-y growth rate during 2020-2026.
As per the report findings, growing adoption of renewable energy sources and increasing R&D activities by leading industry players is fueling the growth of global offshore wind turbine market. Furthermore, favorable policies for consumption of renewable energy are enhancing the opportunities in this business space. However, growing availability of auxiliary electricity generation sources will negatively impact the market expansion over the forecast period.
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For the uninitiated, offshore wind speeds are likely to flow faster than on land as there are no obstructions that can decrease the wind speed, hence, offshore wind turbines can produce more energy as compared the onshore ones. Also, offshore wind speeds are steadier than on land, making it a much more reliable energy source. In addition, offshore wind farms offer several advantages such as they are domestic source of energy, have zero water consumption, and don’t release any GHG or other environmental pollutants.
In terms of rating, ≤ 2 MW segment is likely to gain considerable traction in the upcoming years, fueled by the initiation of several experimental projects by various research and government organizations. Whereas, >2 ≤ 5 MW segment is driven by increasing investments in development of low capacity projects.
Meanwhile, >10 ≤ 12 MW segment will witness a substantial growth in the upcoming years owing to technological advancements aimed at amplifying the capacity of wind farm with a limited number of components.
Based on installation, global offshore wind turbine market is split into fixed and floating. The fixed turbines will experience an increased demand in the coming years owing to their affordable costs and power generation efficiency.
Considering the regional outlook, exempting North America, APAC, and Europe, the other regions are expected to witness substantial growth over the estimated timeframe chiefly on the back of rising adoption of various renewable technologies and increasing land acquisition cost compelling the deployment of offshore wind turbines.
Leading players in global offshore wind turbine market are Sinovel Wind Group Co., Ltd., EOLINK, CSSC Haizhuang Windpower, Hitachi Ltd., Doosan Heavy Industries & Construction Co., Ltd., Envision Energy, Ltd., Siemens Gamesa Renewable Energy S.A., Goldwind, General Electric, and MHI Vestas Offshore Wind A/S among others.