Offshore Wind Turbine Market Growth, Demand & Opportunities.
In 2019, the global offshore wind turbine market attained a revenue of $24,683.3 million and the market is predicted to reach a valuation of $68,869.3 million by 2026. The main factors driving the progress of the market are the rapid technological innovations in offshore plants and the soaring investments being made in renewable energy across the world. Additionally, the implementation of favorable government regulations in several countries regarding the usage of renewable energy is boosting the advancement of the market.
Moreover, according to various reports and surveys, there were 38 announced projects and operating projects having a total capacity of 46 MW across the world in 2018. The offshore wind turbine industry will demonstrate rapid expansion in the coming years. For example, in the U.K., the first 30 MW demonstration project called “Hywind” was commissioned in October 2017 and it is now operating successfully. Because of these projects, the generation of power from offshore wind farms is now possible.
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This type of wind energy production is very useful for countries and regions that have a limited land area. Furthermore, the setting up of offshore wind turbines eliminates the requirement for huge land areas, which can now be used for various commercial, residential, and industrial purposes. When water depth is taken into consideration, the offshore wind turbine market is divided into three categories namely transitional water, deep water, and shallow water.
Out of these, the shallow water category is predicted to dominate the market in the forthcoming years. This is attributed to the greater convenience and sustainability of the shallow-water wind farms and the higher ease of access offered by these wind turbines for regular maintenance and repair works than the deep water and transitional water turbines. Across the globe, the offshore wind turbine market will register the highest growth in the Asia-Pacific (APAC) region in the future.
Hence, it can be safely concluded that the market would exhibit huge growth in the coming years, mainly because of the growing demand for renewable energy and the rising investments being made in the development of offshore wind turbines in several countries across the world.
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