Press release
Offshore Wind Turbine Market Ongoing Trends, Opportunities & Forecast To 2031
The offshore wind turbine industry was valued at $17.8 billion in 2021, and offshore wind turbine market size is estimated to reach $39.2 billion by 2031, growing at a CAGR of 8.28% from 2022 to 2031.
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Offshore wind turbines are typically installed in shallow waters near the coast or in deeper waters using specialized vessels and equipment. The installation process involves transporting the turbine components to the installation site, assembling them offshore, and fixing them to the seabed using foundations such as monopiles, jackets, or floating structures.
The major companies profiled in offshore wind turbine market report include, Enercon Gmbh, General Electric, Goldwind, Nordex SE, Regen Powertech, Sinovel Wind Group, Suzlon Energy Limited, Zhejiang Windey, VESTAS, and Siemens Energy.
In 2021, Asia-Pacific region dominated the global offshore wind turbine market with more than 41.4% of the share, in terms of revenue.
Offshore Wind Turbine Market Analysis, the large (greater than 100MW) segment accounted for 75.04% offshore wind turbine market share in 2021, and is anticipated to grow at a rate of 8.12% in terms of revenue, increasing its share in the global offshore wind turbine market during the forecast period.
The industrial segment is the fastest-growing application segment in the global offshore wind turbine market, and is expected to grow at a CAGR of 7.97% during 2022-2031. This is due to increase in investment in the major manufacturing industries, such as chemical, electronic towards the renewable energy as a power source.
Increase in research and development of more efficient wind turbine is expected to drive the growth of the offshore wind turbine market for the industrial segment across the globe.
The technological development to produce more efficient and reliable wind turbines is making wind power more cost-effective.
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The maintenance of offshore wind turbines can be challenging due to their remote location and exposure to harsh marine conditions. Maintenance teams use service vessels equipped with specialized equipment and technologies to access the turbines for regular inspections, repairs, and component replacements.
Government initiative to discover alternative sources of energy and depleting natural resources of energy drives the offshore wind turbine market.
However, heavy initial investment for the production and installation of wind turbines hamper the offshore wind turbine market growth.
Benefits of Offshore Wind Turbines:
Higher Wind Speeds: Offshore wind turbines tend to experience higher and more consistent wind speeds compared to onshore turbines, resulting in increased energy production.
Reduced Visual and Noise Impact: Offshore wind farms are located farther from populated areas, reducing visual and noise impact on local communities.
More Available Space: Offshore areas provide vast open spaces for installing wind farms, allowing for the deployment of larger and more powerful turbines.
Potential for Higher Capacity Factors: Due to better wind resources, offshore wind turbines often achieve higher capacity factors, meaning they generate more electricity on average compared to onshore turbines.
IMPACT OF COVID-19
Emergence of COVID-19 had a negative impact on the growth of the offshore wind turbine market during this period.
This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand power hence decrease in the demand for offshore wind turbine market during this period.
The increasing demand for environment friendly manufacturing products and increase in awareness among the people towards the environment will hamper the growth of offshore wind turbine market.
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Wind turbine allows harnessing the power of the wind and turning it into the electrical energy. Wind energy is one of the most affordable, clean, and readily available renewable energy sources.
Similar Reports:-
Wind Turbine Market by Axis Type (Horizontal and Vertical), by Installation (Onshore and Offshore), by Component (Rotator Blade, Gearbox, Generator, Nacelle, and Others), and by Application (Industrial, Commercial, Residential, and Utility): Global Opportunity Analysis and Industry Forecast 2021-2030
https://www.alliedmarketresearch.com/wind-turbine-market
Wind Energy Market by Type (Offshore and Onshore) and End-User (Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2020-2027
https://www.alliedmarketresearch.com/wind-energy-market-A10536
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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