Marine Wind Turbine Market- Overview
Rapid depletion of non-renewable energy sources is leading to the increased demand for utilization of renewable energy obtained through wind, tidal waves, sun, and others. Wind energy is one of the cleanest and widely distributed renewable energy sources. Wind farms constructed on offshore locations provide optimum power generation due to the availability of higher wind speed as compared to onshore sites. Marine wind turbines prove to be a suitable alternative for non-renewable energy sources such as fossil fuels as it aids in reducing air pollution and emission of greenhouse gas significantly.
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Marine Wind Turbine Market- Notable Developments
Some of the notable developments in the global marine wind turbine market are given below:
- Recently, Suzlon, one of the leading companies in the global wind turbine market, announced that the company has commissioned a second 8.4 MW wind power project in Bagalkot district of Karnataka state in India.
- In October 2019, Siemens Wind Power Inc., announced that the company is planning to expand its production capacities. The company is planning to open three new power plants.
Marine Wind Turbine Market- Drivers and Restraints
There are multiple factors that are aiding the growth of the global marine wind turbine market. Some of the major driving factors for propelling the market growth are paradigm shift towards utilizing renewable energy sources and rise in government investments on new projects for generation of energy through renewable sources. Increased energy consumption and introduction of technologically advanced turbines are also fuelling the expansion of the global marine wind turbine market.
Although marine wind turbines contribute to be the important source of renewable energy, the environmental impacts caused on the ecosystem by marine wind turbine operations are restraining the growth of the global marine wind turbine market. Another factor that is negatively impacting the demand for marine wind turbine is its restricted geographical reach. However, significant increase in research and development funding by the manufacturers is leading to the development of highly efficient, floating and silent wind turbines for offering optimized safety with reduced noise.
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Marine Wind Turbine Market- Geographical Outlook
In terms of geography, there are five major regions that divide the global marine wind turbine market. These regions are North America, Latin America, Middle East and Africa, Europe and Asia Pacific. Of these, the global marine wind turbines market is currently dominated by Europe. The regional market is anticipated to continue its dominance over the given forecast period owing to the high focus on offshore wind generation through wind turbines as a result of stringent government policies for environment protection. Currently, the U.K. holds the leading installed offshore wind capacity in the Europe.
Significant opportunities are expected to be created in the U.S. due to the presence of limited number of offshore wind farms in this area. In the Asia Pacific region, the countries like China, South Korea, Japan, Taiwan and India are adopting renewable energy generation operations and have approved multiple projects that are currently in developing stage. This is estimated to produce significant growth opportunities in this region. Rapid depletion of non-renewable energy sources and the harmful effects caused on environment due to fossil fuel emission are leading to the rise demand for alternative renewable energy options, which in turn is estimated to propel the growth of the marine wind turbine market in the Latin America and Middle East and Africa regions.
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