Offshore Wind Turbines Market - Global Industry Analysis 2025 | Research Report
Global Offshore Wind Turbines Market: Snapshot
Wind
energy has been harnessed by the oldest of civilizations. Today, the
wind energy sector has evolved to generate electricity, through wind
turbines taking off a major load from conventional sources of energy.
Wind turbines use the power of natural wind to generate electricity. The
technology is still in its nascent stage. It must overcome technical,
economic and political challenges for commercial and large-scale
deployment. Several developing countries have opened up a plethora of
opportunities for the global offshore wind turbines market as the
pressure of keeping the carbon emissions low is mounting each day.
According to the research report, the global offshore wind turbines
market is projected to be worth US$58,729.7 mn by the end of 2025 from
US$29,418.9 mn in 2016. During the forecast period of 2017 and 2025,
analysts estimate that the global market will surge at a CAGR of 7.7%.
This
134 page report gives readers a comprehensive overview of the Offshore
Wind Turbines Market. Browse through 45 data tables and 51 figures to
unlock the hidden opportunities in this market.
Floating Offshore Wind Turbines See Higher Adoption due to Advantages over Traditional Turbines
As
shallow- and deep-water spots being explored harness the potential for
power generation from wind, they are likely to augment the growth of the
floating wind turbines segment over the forecast period. Offshore
floating turbines are advantageous over fixed structures in terms of the
total cost incurred in installation and production. These wind turbines
come with a floating platform to support the entire turbine structure.
On the other hand, traditional offshore plants need fixing of
foundations to the seafloor and bolting of massive turbines on them,
which can hamper the ecology as well.
Several
new, offshore, floating wind turbine projects are in the prototype
phase for testing of their operational feasibility, particularly in
India, China, South Korea, the Pacific Islands, and Japan. A floating
platform and its turbine are entirely manufactured onshore. They are
then towed out and tethered to the seafloor. Another advantage of the
floating platform is that they can be identical in shape, which reduces
the cost of customization.
Asia Pacific and Europe to Remain Nip and Tuck in Global Offshore Wind Turbines Market
From
a geographic point of view, Europe and Asia Pacific are expected to
provide significant growth potential for the offshore wind turbines
market during the forecast period. Europe dominated the global offshore
wind turbines market in 2016, with vast expansion in offshore wind power
generation. Wind is one of the leading sources of the renewable energy
mix in the region. Offshore wind energy is gaining market share at a
rapid pace in the renewable energy mix because of the advantages that it
possesses over onshore wind energy.
Various
countries across the globe have established electricity generation
targets from renewable energy. Developing economies such as India are
now focusing on renewable sources of energy for power generation. India
has set targets of electricity generations by wind energy and solar
energy. Exploration of offshore sites is being carried out in order to
enhance profitability of power generation from wind. Unlike onshore
sites, offshore sites generally have uninterrupted winds throughout the
year.
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Some
of the key players operating in the global offshore wind turbines
market are Enercon GmbH, Siemens Wind Power, Gamesa Corporacion
Technologica S.A., Guodian United Power Technology Company Ltd, Nordex
S.E., Vestas Wind Systems A/S, Upwind Solutions Inc., Suzlon Group,
Xinjiang Goldwind Science & Technologies Co. Ltd, and GE Wind
Energy.
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