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$ 66,018.30 Mn by the end of 2027 from US$ 35,143.60 Mn in 2018. During the forecast period of 2019 and 2027, analysts estimate that the global market will surge at a CAGR of 8.2%.

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. 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. Asia Pacific accounted for the major share of the global offshore wind turbines market in 2018. In Asia Pacific, China has the largest offshore wind capacity, with 1,164 MW new installations of offshore wind towers taking place in 2017. In terms of revenue, China, Japan, and South Korea are the major revenue generator in Asia Pacific region.

Europe held another major share of the global offshore wind turbines market in 2018 majorly due to vast expansion in offshore wind power generation. European governments and EU as whole, have supported wind projects with favorable incentives as part of their carbon emission reduction goals. This factor influencing positively on the growth of the market.

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.

Some of the key players operating in the global offshore wind turbines market are

  • Enercon GmbH
  • Siemens Wind Power
  • Gamesa Corporacion Technologica SA
  • 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,
  • GE Wind Energy.
new global offshore wind turbines market

Expansions, Acquisitions, and New Contracts in Global Offshore Wind Turbines Market

  • In November 2019, Siemens Gamesa Renewable Energy (SGRE) has announced that it has received a firm order to supply wind turbines for the 448 MW Neart na Gaoithe (NnG) offshore wind power project, being developed by the utility EDF Renewables in Scotland. The company would install 54 of its SG 8.0-167 DD offshore turbines, with 167-meter rotor diameter and 208-meter tip height.
  • In October 2019, Siemens Gamesa received a firm order from partners Macquarie’s GIG and Swancor Renewable Energy for the 376 MW Formosa 2 offshore wind project. The project, located in Miaoli County, will consist of 47 units of the SG 8.0-167 DD offshore wind turbine and construction is expected to begin in 2020.
  • In April 2018, Ampelmann, the global leader in offshore access solutions, has opened its first office in Germany, in response to growing business in the offshore wind sector. The new base, located in Hamburg, will be led by Tim Börner, who has been appointed as Business Development Manager Offshore Wind Germany for Ampelmann

Global Offshore Wind Turbines Market – Scope of Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global offshore wind turbines market to accurately gauge its future growth. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for future growth of the global offshore wind turbines market, to identify new growth opportunities for stakeholders. The report also provides insightful information about how the global offshore wind turbines market is expected to expand during the forecast period i.e. from 2019 to 2027.

The report offers intricate dynamics about different aspects of the global offshore wind turbines market, which aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the global offshore wind turbines market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global offshore wind turbines market and estimates statistics related to the market growth, in terms of volume (MW) and value (US$ Mn).

This study covers detailed segmentation of the global offshore wind turbines market along with key information and a competition outlook. The report mentions company profiles of key players that are currently dominating the global offshore wind turbines market, wherein various developments, expansions, and winning strategies practiced and implemented by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Global Offshore Wind Turbines Market

The report provides detailed information about the global offshore wind turbines market on the basis of comprehensive research on various factors that are playing a key role in promoting growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are finding innovative methods to create a unique benchmark in the global offshore wind turbines market. This helps them in designing strategies and making target-driven decisions.

  • Which foundation segment would emerge as a revenue generator for the global offshore wind turbines market during the forecast period?
  • How are key market players successfully earning revenues in the competitive global offshore wind turbines market?
  • What would be the Y-o-Y growth trend of the global offshore wind turbines market between 2019 and 2027?
  • What are the winning imperatives of leading players operating in the global offshore wind turbines market?
  • Which capacity segment of the global offshore wind turbines market is likely to be highly attractive between 2019 and 2027?
  • Which regions are expected to provide growth opportunities to players operating in the offshore wind turbines market during the forecast period?

Research Methodology – Global Offshore Wind Turbines Market

The research methodology adopted by analysts for compiling the report on the global offshore wind turbines market is based on detailed primary as well as secondary research. With the help of in-depth insights of market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global offshore wind turbines market.

During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales & marketing managers. On the basis of the data obtained through interviews, analysts have emphasized the changing scenario of the global offshore wind turbines market.

For secondary research, analysts have scrutinized numerous annual reports, publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global offshore wind turbines market.

Global Offshore Wind Turbines Market – Segmentation

TMR’s research study assesses the global offshore wind turbines market in terms of foundation, location proximity, capacity, and region. This report presents extensive market dynamics and trends associated with different segments and how they are influencing the growth prospects for the global offshore wind turbines market.

Foundation

Monopile

Jacket

Tripod

Floating

Others

Location Proximity

Shallow Water

Transitional Water

Ultra-transitional Water

Process

Upto 1 MW

1-3 MW

3-5 MW

5 MW and Above

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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Offshore Wind Turbines Market

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