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Off Shore Wind Turbine Market Share, Size, Trends And Growth Analysis 2033
Off Shore Wind Turbine Market Share
As per the report, the off shore wind turbine market size has grown rapidly in recent years. It will grow from $27.14 billion in 2023 to $31.74 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The off shore wind turbine market size is expected to see rapid growth in the next few years. It will grow to $57.27 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%.
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Rising Demand For Renewable Energy Fuels Growth In Offshore Wind Turbine Market
The increase in demand for renewable and sustainable energy is expected to propel the offshore wind turbine market. Renewable and sustainable energy is referred to as clean energy, which is derived from renewable natural resources or processes such as solar and wind. The demand for renewable and sustainable energy is increasing as other energy sources, such as the combustion of fossil fuels and nuclear power reactors, emit dangerous pollutants into the air and water. Renewable energy, such as solar and wind, does not contaminate nature. Producing electricity through offshore wind turbines is an efficient use of sustainable development. For instance, in 2023, according to reports published by the Business Council for Sustainable Energy., a US-based clean energy trade association, renewable energy made significant progress in the US. In 2022, renewables met 13% of total US energy demand, and renewables and natural gas grew from a combined 43% of total power generation to 62% in just a few years. In 2022, the US added over 25.5 GW of new clean power, representing nearly 80% of all new capacity. Therefore, the increase in demand for renewable and sustainable energy is driving the growth of the offshore wind turbine market.
Offshore Wind Turbine Market Surges With Increasing Partnerships And Collaborations
Increasing partnerships and collaborations is a key trend gaining popularity in the offshore wind turbine market. Major companies operating in the market collaborate with industry stakeholders to advance technology development and market presence. For instance, in May 2021, GE Renewable Energy, a US-based manufacturer of wind turbines, partnered with Toshiba Energy Systems and Solutions Corporation. The partnership aims to promote the localization of the Haliade-X offshore wind turbine's commercialization in the nation and to localize key manufacturing stages. Toshiba Energy Systems and Solutions Corporation is a Japan-based manufacturer of large-scale power generation systems.
The off shore wind turbine market covered in this report is segmented -
1) By Foundation Type: Monopile, Jacket, Tripod, Floating
2) By Capacity: Up To 3 Megawatt (MW), 3 MW To 5 MW, Above 5MW
3) By Depth: Shallow Water, Transitional Water, Deep Water
4) By Application: Industrial, Commercial, Residential
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Major companies operating in the off shore wind turbine market report are ABB Ltd., Orsted A/S, Shanghai Electric Group Co Ltd., Vestas Wind Technology India Private Limited, Vestas Wind Systems A/S, MHI Vestas Offshore Wind A/S, General Electric Renewable Energy LLC, Siemens Gamesa Renewable Energy S.A., Nordex Acciona Windpower S.A., Tata Power Company Limited, Xinjiang Goldwind Science Technology Co Ltd., Goldwind Science & Technology Co Ltd., MingYang Smart Energy Co Ltd., Eneco Group NV, Northland Power Inc., Senvion S.A., ReNew Energy Global plc, Suzlon Energy Limited, Adani Green Energy Limited, Envision Energy Limited, Sinovel Wind Group Co Ltd., Copenhagen Infrastructure Partners, White Energy Company Limited, Inox Wind Energy Ltd., Adwen Offshore Wind Power SAS, Ecoventia S.L., XEMC Windpower Co Ltd., Jiangsu Aeolos Wind Energy Corporation, CSIC Haizhuang Windpower Equipment Co Ltd., NSL Renewable Power Private Limited
Contents of the report:
1. Executive Summary
2. Off Shore Wind Turbine Market Report Structure
3. Off Shore Wind Turbine Market Trends And Strategies
4. Off Shore Wind Turbine Market - Macro Economic Scenario
5. Off Shore Wind Turbine Market Size And Growth
…..
27. Off Shore Wind Turbine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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