Offshore Wind Turbine Market to Grow With a 13.75% CAGR through 2027
Higher energy consumption drives the growth of the global offshore
wind turbine market in the upcoming five years.
According
to TechSci Research report, “Offshore Wind Turbine Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”. Global
offshore wind turbine market is anticipated to register an impressive growth
with a CAGR of 13.75% during the forecast period, to achieve a market value of
USD62.79 Billion by 2027. The market growth can be attributed to a surge in the
consumption of energy throughout the world. Various end-use industries demand
for large quantities of electricity and the consumption of electricity from the
residential and corporate sectors is also rapidly increasing, thereby driving
the growth of the global offshore wind turbine market in the upcoming five
years. Moreover, increasing use of smart
devices, home
appliances, and technologically
advanced equipment drives the market’s growth. Corporates are actively invested
in maintaining zero carbon emissions and proclaiming the green building status,
which influences them to invest and function with the generation of electricity
and use of it from the renewable sources like wind and water, thereby
anticipated to fuel the growth of the global offshore wind turbine market in
the next five years.
Growing
industrialization and an increasing number of manufacturing units, functioning
of heavy-duty industries put forth higher electricity demands, also aiding the
market growth. These industrialists and the manufacturers are investing in the
implementation of the offshore wind turbines. The industries that are set up
near a water body may benefit on a personal implanted offshore wind turbine
thereby substantiating the growth of the global offshore wind turbine market in
the future five years. Government further influences the adoption owing to
concerns regarding depleting fuels, and power generating non-renewable
resources like coal, oil
and gas facilitates the growth of
the global offshore wind turbine market in the forecast years through 2027. Technological
advancements in enhancing the efficiency of offshore wind turbines further add
to the growth of the global offshore wind turbine market in the forecast period.
Browse over 149 market data figures and 4 tables spread
through 184 Pages and an
in-depth TOC on "Global Offshore Wind Turbine Market"
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The
global offshore wind turbine market is segmented by installation type, turbine
capacity, regional distribution, and the competitive landscape. Based on installation
type, the market is differentiated between fixed and floating. The fixed
turbine segment is anticipated to hold the largest revenue share. This will aid
in leading the market segment in the next five years as the demand for the
longer period of power generation from each unit increases. Installing offshore
wind turbines is a difficult task since it requires movement and, lifting &
placing of big and heavy instruments and equipment that is a challenge. The use
of advanced technology and cost-effective solutions further facilitate the
growth of the segment along with the growth of the global offshore wind turbine
market in the next five years. The floating installation type is also
anticipated to register significant growth in the future due to increasing
facilitation from the temporary solutions to the power generations from water
sources.
By
turbine capacity, the market is bifurcated into up to 3 MW, 3 MW to 5 MW, and
more than 5 MW. The market analysis also studies the regional segmentation
divided among the Asia-Pacific, Europe, North America, Middle East &
Africa, and South America.
Some
of the market players, dominating the global offshore wind turbine market includes:
·
Ørsted
A/S
·
GE
Renewable Energy
·
ABB
Ltd.
·
Vestas
Wind Systems A/S
·
Siemens
Gamesa
·
Schneider
Electric SE
·
Nordex
SE
·
Equinor
ASA
·
Envision
Group
·
Mingyang
Smart Energy Group Co., Ltd
·
Xinjiang
Goldwind Science & Technology Co., Ltd.
·
Rockwell
Automation Inc.
·
Invenergy
LLC
·
EDP
Renewables North America LLC
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“Europe is anticipated to hold the
largest revenue shares of the market and dominate the regional segment of the
market in the upcoming five years. Countries like France and Germany are world
leaders in the power generation sector that generate power through offshore
wind turbines, thereby facilitating the growth of the global offshore wind
turbine market in Europe. Initiatives like the ‘European Wind Initiative’
collectively support market growth. Advancing electrical infrastructure and
evolving power generation would probably fuel the growth of the global market
in the region. New market players may focus on research and product
development. Technological advancement in the offshore wind turbine to enhance
their performance would allow the new market entrants to establish their brands
in the market and support the market growth in future too,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Offshore Wind Turbine Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By
Installation Type (Fixed, Floating), By Turbine Capacity (Up to 3 MW, 3 MW to 5
MW, > 5 MW), By Region”, has evaluated the future
growth potential of global offshore wind turbines and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers make
sound investment decisions. The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
the global offshore wind turbine market.
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