Transparency Market Research (TMR) observes that the global offshore wind turbines market faces a high degree of competition, especially in the manufacturing sector. The key players in the industry are emphasizing on expanding their geographical reach to increase their revenue earnings. Vestas Wind Systems A/S, Siemens AG, and GE Wind Energy are the leading players in the global market. This cream of the crop held a share of about 30% in the global market in 2016.
Shallow Water Segment to Pace Ahead at a CAGR of 7.7% between 2017 and 2025
According to the research report, the global offshore wind turbines market is projected to be worth US$58,729.7 mn by the end of 2025 from US$29,418.9 mn in 2016. During the forecast period of 2017 and 2025, analysts estimate that the global market will surge at a CAGR of 7.7%. In terms of location proximity, the global offshore wind turbines market is segmented into shallow, transient, and deep water. Of these, the shallow water segment is projected to witness a spike in the coming years as it surges at a CAGR of 7.7% during the forecast period.
From a geographic point of view, the global offshore wind turbines market will be led by Asia Pacific. The report suggests that this regional market will account for 55% of the global market by the end of 2025. Europe is also slated to be an important regional market in the global market in the coming years.
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Higher Potential to Produce Energy to Ensure Steady Demand for Offshore Wind Turbines
The global offshore wind turbines market is expected to grow at a steady pace in the coming years as the demand for renewable energy is projected to soar. The key advantage of using offshore wind turbines as compared to onshore wind energy is that it has a higher potential for power production. Additionally, it plays a greater role in conservation of human and wildlife habitat. Incentives schemes given out by governments for adoption of wind energy has also had a positive influence on the adoption of offshore wind turbines market. Owing to this reason, wind energy is making a significant contribution to the renewable energy mix in various nations.
Rapid advancements in development of offshore wind energy technologies in countries such as China, the U.S., and Europe have noticeably augmented the growth of the global offshore wind turbines market. Improvements in technology are projected to bring down the cost of electricity derived from offshore wind turbines, which, in turn, is projected to drive the market growth.
High and Regular Maintenance to be Market’s Downside
On the downside, the global offshore wind turbines market is likely to be affected by the high capital costs that are associated with installation of these turbines. The rising prices of steel are also expected to hamper the growth of the overall market as it is an important commodity required for building turbines. To make matters worse, the high cost of maintenance is yet another impediment in the global offshore wind turbines market. Offshore wind turbines are prone to corrosion are they are fixed in moist areas. Thus, they need regular maintenance, which is a costly affair.
This review is based on Transparency Market Research’s report, titled “Offshore Wind Turbines Market - (Foundation - Mono Pile, Jacket, Tripod, and Floating; Location Proximity - Shallow Water, Transient Water, and Deep Water; Capacity - Upto 1 MW, 1-3 MW, 3-5 MW, and 5 MW and Above) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
The global offshore wind turbines market has been segmented as follows:
Global Offshore Wind Turbines Market: by Foundation Type
- Mono Pile
- Jacket
- Tripod
- Floating & Others
Global Offshore Wind Turbines Market: by Location Proximity
- Shallow Water
- Transient Water
- Deep Water
Global Offshore Wind Turbines Market: by Capacity
- Upto 1 MW
- 1-3 MW
- 3-5 MW
- 5 MW and Above
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