Offshore Wind Turbines Market to Grow at a CAGR of 7.7% through 2025
According to Transparency Market Research (TMR), the global offshore wind turbines market is expected to almost double in valuation over the 2017-2025 forecast period. The offshore wind turbines market’s valuation is expected to rise from US$29.4 bn in 2016 to US$58.6 bn by 2025, at a solid CAGR of 7.7%.
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Asia Pacific, Europe Likely to Remain Leading Contributors to Offshore Wind Turbines Market
Regionally, emerging economies in Southeast Asia are likely to be the leading contributors to the global offshore wind turbines market over the forecast period. Several economies in this region, including dynamic rising economic powers such as China and India, have set definite targets for wind power generation, among the rising support being provided to a number of alternative power sources. This is the major driver for the Asia Pacific offshore wind turbines market. The increasing wind energy operations in the Pacific Islands and Japan are also crucial for the global offshore wind turbines market and are likely to constitute a key part of the offshore wind turbines market in Asia Pacific.
The scientifically oriented developed economies in Western Europe are also expected to be major consumers in the global offshore wind turbines market. Leading countries in the region, such as Germany, France, Belgium, and the U.K. have paid great emphasis on development of the wind energy sector in recent years, which has led to steady demand from the offshore wind turbines market in Europe. Continued development of the Europe offshore wind turbines market is also dependent on a large extent to the steady progress of the wind energy sector in Scandinavian countries. The availability of easily accessible and controllable water bodies in abundance has driven the offshore wind turbines market in Northern and Western Europe.
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Cost Advantages over Conventional Offshore Turbines Enable Steady Demand for Floating Turbines
The key factor propelling the global offshore wind turbines market is the significant cost advantages they present over conventional wind turbines. This is also illustrated within the hierarchy of the global offshore wind turbines market, which is led by the floating turbines segment in terms of foundation. The high expenses of constructing a solid foundation have made floating offshore wind turbines more feasible. They are likely to remain the leading contributor to the global offshore wind turbines market in the coming years due to the growing ease of installing floating offshore wind turbines even in developing regions.
The steady government support in Europe, particularly around the North Sea, and Asia Pacific is the prime driver for the global offshore wind turbines market in the coming years. Moreover, in many developing countries, private investment in the wind energy sector has also been forthcoming, which has led to strong growth of the offshore wind turbines market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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