Offshore Wind Turbines Market 2020 : Global Industry Trends, Growth, Segmentation, Future Demands, Latest Innovation, Sales Revenue by Regional Forecast to 2030

Offshore Wind Turbines Market: Introduction

In terms of value, the global offshore wind turbines market is expected to reach US$ 120 Bn by 2030, expanding at a CAGR of ~8% during the forecast period. Based on volume, the global offshore wind turbines market is estimated to reach 65,037 MW by 2030, expanding at a CAGR of ~8% during the forecast period. Among foundation types, the monopile segment is anticipated to contract due to increase in average turbine size, which requires large foundations. In terms of location proximity, the shallow water segment held larger share of the global offshore wind turbines market in 2019. However, the trend for deeper waters (up to 60 meters) for proposed wind farms is projected to rise by 2030. The 5MW & above capacity segment is likely to account a major share of the global offshore wind turbines market by 2030 due to installations of large-sized turbines in Europe and Asia Pacific. The offshore wind turbines market in Asia Pacific is expected to expand at a substantial pace during the forecast period. The region installed 2.5 GW of offshore wind capacity in 2019; of this, China installed 2.4 GW capacity.

Get A Complete Report Details - https://www.transparencymarketresearch.com/offshore-wind-turbines-market.html

Major Drivers of Offshore Wind Turbines Market

Lucrative incentive mechanism with favorable regulatory frameworks for offshore wind power generation is propelling the demand for offshore wind turbines across the globe. Essential support incentive schemes and regulatory frameworks are driving the global offshore wind turbines market. Incentives are anticipated to be provided until the offshore wind power generation technology develops significantly. The offshore wind turbines market is likely to remain largely dependent on policy-based incentive schemes provided to offshore wind power generation projects in order to ensure capacity addition unless considerable reduction in cost is achieved in these projects.

Rapid advancements in offshore wind technologies and addition of large capacity offshore wind turbines are increasingly becoming a possibility with rise in the pace of advancement of offshore wind technology in Europe, the U.S., and China. This advancement of technology is anticipated to reduce the levelized cost of electricity from offshore wind in the near future. This, in turn, is likely to propel the demand for offshore wind turbines across the globe.

Make an Enquiry before Buying - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=8785

Asia Pacific Offers Lucrative Opportunities to Offshore Wind Turbines Market

Asia Pacific dominated the global offshore wind turbines market in 2019, owing to significant demand for renewable fuel generation in the region. The wind power sector has been dominated by China and Southeast Asia (particularly Thailand and Vietnam). These countries are projected to play a key role in the growth of installations of offshore wind turbines. Rise in penetration of offshore wind turbines in major countries such as China is also projected to boost the offshore wind turbines market in Asia Pacific during the forecast period.

Prominent Developments in Offshore Wind Turbines Market

In June 2020, Lloyd's Register Group Limited announced that it had won a contract to provide consultancy design services for control rooms at the 88-MW Hywind Tampen floating wind farm in the Norwegian North Sea. As part of the Human-Machine Interface (HMI) engineering services contract, Lloyd's Register Group Limited will help with the integration into the existing onshore wind control room for Hywind Tampen, which would be located together with an existing control room for Valemon, an unmanned offshore installation in the North Sea. In June 2020, DEME, a dredging company, announced that the first of 58 Siemens Gamesa turbines had been installed at the 487-MW SeaMade cluster of offshore wind projects off the coast of Belgium .The Belgian firm is tasked with the installation of monopile foundations, subsea cables, and two offshore substations for wind farms.

Competition Landscape of Offshore Wind Turbines Market

Dynamics of the global offshore wind turbines market are dependent on long-term contracts, goodwill of companies, and product portfolio. Internationally organized players and manufacturers with integrated operations possess competitive advantages due to the expertise in turbine manufacturing and power supply. Major players operating in the global offshore wind turbines market are Enercon GmbH, Siemens Gamesa Renewable Energy, S.A., General Electric, Nordex S.E., Xinjiang Goldwind Science & Technology Co., Ltd., Vestas, Scheidt & Bachmann GmbH, Suzlon Energy Limited, Guodian United Power Technology Company Ltd, and Ørsted A/S.

Request for Covid-19 Impact Analysis - https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=8785

Global Offshore Wind Turbines Market: Segmentation

Offshore Wind Turbines Market, by Foundation Type

Monopile
Jacket
Tripod
Floating & Others

Offshore Wind Turbines Market, by Location Proximity

Shallow Water
Transitional Water
Deep Water

Offshore Wind Turbines Market, by Capacity

Up to 1 MW
1-3 MW
3-5 MW
Above 5 MW

More Trending Reports by Transparency Market Research -

Membrane Bioreactor (MBR) Systems Market - https://www.transparencymarketresearch.com/membrane-bioreactor-mbr-market.html

Geophysical Services Market - https://www.transparencymarketresearch.com/geophysical-services-market.html

LNG Bunkering Market - https://www.transparencymarketresearch.com/lng-bunker-fuel-market.html

Industrial Wastewater Treatment Market - https://www.transparencymarketresearch.com/industrial-wastewater-treatment-market.html

Air Cooled Heat Exchanger Market - https://www.transparencymarketresearch.com/air-cooled-heat-exchangers-market.html

About Us Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

This release was published on openPR.