Offshore Wind Turbine Market Trends, Business Strategies, Regional Outlook, Challenges and Analysis Through 2026

In recent years, the demand for renewable energy such as wind and solar energy has increased considerably, primarily because of the rapid degradation of the environment due to the extensive usage of non-renewable resources such as fossil fuels for energy production. Additionally, the limited availability of fossil fuels across the world is making many private organizations and governments focus heavily on clean energy sources for power generation. Moreover, wind energy producers are focusing on manufacturing offshore wind turbines, as the availability of large land areas for wind energy production is declining rapidly, due to the booming population and rising urbanization rate.

Furthermore, wind turbine manufacturers around the world are increasingly focusing on technological innovations for offering better offshore foundations. These initiatives have resulted in the opening of new geographical areas for the development of wind energy farms. As a result, the global offshore wind energy capacity increased to 4,888 MW in 2018, with 38 announced projects and 46 MW of operational projects. Furthermore, the industry is expanding rapidly, on account of the launch of several projects.

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For instance, ‘Hywind’, which was the first 30 MW demonstration project and commissioned in October 2017, is now operating successfully in the U.K. These developments are helping wind energy producers realize the potential of deep-water wind power. Due to these factors, the global offshore wind turbine market revenue is predicted to rise from $24,683.3 million in 2019 to $68,869.3 million by 2026. Among deep water, shallow water, and transitional water installations, the demand for the shallow water turbines is predicted to be the highest in the upcoming years.

This is ascribed to the high convenience, suitability, and ease of access to these wind farms for regular maintenance and repair. In addition to this, the development of cost-effective and reliable foundations for offshore wind turbines such as monopile foundations is also fueling the popularity of shallow-water windmills. Fixed and floating are the two most commonly deployed types of offshore wind turbines. Between these, the installation of the fixed offshore wind turbines was observed to be higher in 2019, and this trend will continue in the forthcoming years.

This will be due to the various advantages of fixed installations such as easier installation and decommissioning procedures, lower costs, and higher compatibility with several foundation types than the floating turbines. Across the globe, the installation of offshore wind turbines will rise at the fastest pace in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the growing focus of the governments of the regional countries such as India, Vietnam, and China on the renewable energy sector.

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Hence, it can be said without hesitation that the demand for offshore wind turbines will surge sharply in the coming years, primarily because of declining availability of land area for wind energy production in several countries, soaring investments being made by wind turbine manufacturers in the development of offshore installations, and the rising end-user preference for wind energy across the world.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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