The global offshore wind turbine market is predicted to attain a revenue of $68,869.3 million by 2026, increasing from $24,683.3 million in 2019, according to research conducted by P&S Intelligence. The market has been registering growth due to the rising investments in renewable energy resources, favorable government policies, and technological advancements. When water depth is taken into consideration, the market is divided into deep water (>60 m), transitional water (30 m to 60 m), and shallow water (up to 30 m).
Among all these, the shallow water division dominated the market in 2019 and is projected to account for the major share of the market during the forecast period as well. Shallow-water regions are ideal for setting the foundation for wind towers, since they offer more convenience as compared to deep water and transitional water installations. The maintenance and repair of devices is easier to take care in shallow water, owing to which, the division is predicted to register significant growth in the years to come.
On the basis of installation, the offshore wind turbine market is bifurcated into floating and fixed, between which, the fixed category held the larger share of the market in 2019. This is due to the various benefits of fixed installations, as opposed to floating installations, such as easier decommissioning and commissioning processes and economic feasibility. In addition to this, the cables of fixed installations retain their positions, as the impact of current and waves is weaker.
Geographically, the Asia-Pacific region is projected to register the highest number of wind turbine projects in the offshore wind turbine market, owing to the rising government initiatives regarding the promotion of offshore installation of windmills. The surging energy demand and high dependence on fossil fuels for power generation are further creating the high need for eco-friendly and cost-effective wind turbine installations on oceans, lakes, and seas. These factors are leading to the growth of the regional market.
The increasing investments in the renewable energy industry and supportive regulations implemented by governments are resulting in the growth of the offshore wind turbine market. Apart from declining rapidly, fossil-fuel-based energy has severe effects on the environment, and the world now is shifting towards using cleaner and renewable resources for power generation, such as offshore wind energy. Furthermore, governments across the globe are also investing heavily for increasing the adoption of renewable energy resources, which is further projected to drive the market in the near future.
A key trend being witnessed in the offshore wind turbine market is the developments in turbine technology. In the last decade, the power generated by offshore wind turbines was costlier than it is at the present time. An increased number of small turbines had to be utilized for meeting the needed requirement for energy. However, now developments are being made in the turbine technology for augmenting the capacity of these devices and decreasing their costs.
Hence, the market is being driven by the rising investments in the renewable energy sector, supportive government policies, and developments in the wind turbine technology.
