Offshore Wind Turbines Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023

Fossil fuels are depleting and there is an associated negative impact on health, environment and energy security with the use of fossils. This has left people, governments and industries scouring for alternative sources of energy. The recent spurt in government support and favorable regulations across countries such as China, Germany, the U.S., India, France and the UK has led to increasing investments in the renewable energy market.Wind is one of the important sources of energy utilized by humans. Wind turbines are used to generate electricity from wind energy. The blades of turbine are connected to adrive shaft which turns a generator to produce electricity. Usually wind turbines were set upon land but now-a-days wind turbines are built offshore as well due to highpotential wind source availability. Offshore wind turbines refer to the infrastructures made in the water bodies to generate electricity through wind power. These turbines help to generate higher rates of electricity as stronger wind speeds are available offshore compared to land, thus, contributing toelectricity supply.The electrical energyproduced from wind energy is directly proportional to the cube of wind speed, as a result slight increase in wind speed can produce large amounts of electricity. The manufacturing and design of offshore wind turbines depend on site conditions, particularly the depth of water, geology of the seabed, and wave loading.Hence, the turbines are made with different technical specifications and system requirements based on the desired location condition.

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The growth in demand for wind turbines is because of the ascent in focus on utilization of renewable resources of energy. Developing awareness for preservation of naturalresources which are likely to get extinct in future, is anticipated to boost the interest inthe utilization of wind energy for creating electricity. Moreover, fast increment in establishment of offshore wind turbines is expected during the coming years as offshore sites have proven to be very reliable in terms of availability of wind. . Further, because of the accessibility of huge unused space over the water bodies, bigger foundation can be fabricated helping in expanded creation of power.Also,transportation of the equipment through ocean is simple and is another critical variable driving the growth of offshore wind turbines market.Increasing governmental regulations for ecologicaladvantageareexpected to augment the establishment of new offshore wind farms during the coming years.

Offshore wind turbine technology is rapidly evolving in order to meet the future project needs,wherein the offshore sites are anticipated to be deeper and far from the shore. The technological advancements and development have helped the industry to provide innovative cutting edge solutions and further aided high energy production. Some of the key factor hindering the offshore wind turbine market is the high construction costs compared to the onshore wind turbine equipment, as they are built stronger and more durable in order to withstand rough weather conditions.

The offshore wind turbines market can be categorized on the basis of foundation type which includes monopole foundation, gravity base foundation, tripod piled foundation, tripod suction caisson foundation, steel jacket foundation, and floating wind turbines foundation. Some of the key players of the offshore wind turbines market are Siemens AG, Vestas, Goldwind Science & Technology Co., Ltd., Gamesa, General Electric, Sinovel Wind Group Co.,Ltd, Suzlon Group, and Nordex SE.

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