Global Offshore Wind Turbines Market is expected to foresee significant growth. Europe to lead the growth
Global Offshore Wind Turbines Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. Wind turbines generate electricity from wind that passes through the turbine’s blades. The wind’s kinetic energy is then captured by the blades through rotation and is converted into mechanical power. Offshore wind turbines are much larger in size (in range of 5 to 10 MW per turbine) as against 2-3 MW of an onshore wind turbine. While the cost per MW for offshore turbines are higher because of stronger structures and foundations needed in marine environment, the desirable tariffs can be achieved on account of higher efficiencies of these turbines after development of the eco system. Also, constant advancements in Offshore Wind Turbines have been made in the turbine technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions.
The growth of Offshore Wind Turbines Market expanded significantly over recent years, underpinned by increasing GHG emissions, generally higher wind speeds compared to onshore sites, ability to utilize larger turbine designs and implementation of favorable government policies in several countries. For instance, as per GWEC, the level of annual installations is likely to quadruple by 2025 from 6.1 GW in 2020, bringing offshore’s market share in global new installations from today’s 6.5% to 21% by 2025. In total, more than 70 GW offshore is expected to be added worldwide in 2021-2025.
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The turbine represents the largest cost component, accounting for up to 45% of total installed costs for offshore wind. Improvement in wind turbine technology is helping to further drive down costs. The total installed costs in 2018 were 5% lower than those commissioned in 2010. Total installed costs in 2018 were 5% lower than for projects commissioned in 2010. Also, Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels.
Based on water depth type, the market is segmented into Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m). The Shallow Water (up to 30 m) segment grabbed XX% market share of the Global Offshore Wind Turbines Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to shallow-water regions being ideal for building the foundation for wind towers, on account of the higher convenience offered by them over the deep and transitional-water installations.
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The unprecedented rise of the global health emergency caused by COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries. Various countries across the globe have observed investment deficits owing to the halt in revenue-generating industrial operations. Additionally, several small and medium organizations have also been significantly impacted by the pandemic resulting in various problems such as no cash flows and unavailability of skilled professionals.
Under the COVID-19 scenario, there has been a decline in the capital-intensive offshore wind energy projects and so does the demand for the turbines. In the short term, during the global lockdown events, there has been a negative impact over the wind projects as it has prioritized after the necessary plans and projects. The precautions measures have disrupted the supply chain halting the movement of the basic construction material for the turbine market, delaying offshore wind turbine installations.
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Additionally, the report provides detailed initiatives that are being taken in the field of Offshore Wind Turbines market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Europe dominated the Global Offshore Wind Turbines Market, accounting for nearly xx% share in 2020 due to largest share of offshore wind power installed capacity in 2020 & favorable government policies in countries, such as UK, Denmark, Netherlands, which are driving clean energy usage.
Global Offshore Wind Turbines Market Segmentation
Market Insight, by Water Depth
- Shallow Water (up to 30 m)
- Transitional Water (30 m to 60 m)
- Deep Water (> 60 m)
Market Insight, by Installation
Market Insight, by Turbine Capacity
- Up to 3 MW
- 3 MW to 5 MW
- > 5 MW
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Envision Energy Limited
- Enercon GmbH