Offshore Wind Turbine Market Emerging Growth Analysis, Future Demand and Business Opportunities 2026
Selbyville, Delaware, United States, October 7 2020 (Wiredrelease) Global Market Insights, Inc –:The offshore wind turbine market is anticipated to witness a lucrative growth over the forthcoming years owing to the global shift towards renewable energy and increasing R&D by key market players. Offshore wind speeds have a tendency to flow faster than on land as there are no obstructions that slow the wind down.
Small increases in wind speed generally results in large upsurges in energy production. In fact, a turbine standing in a 15-mph wind is capable of generating double the amount of energy as a turbine in a 12-mph wind. Since wind speeds are faster offshore, more energy can be produced through offshore wind farms, creating a demand for offshore wind turbines. Additionally, offshore wind speeds are also steadier than on land, which makes for a much more reliable source of energy.
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Offshore wind farms have numerous advantages; they provide a domestic source of energy, do not consume water, create jobs, deliver effective renewable energy, and also do not release greenhouse gases or other environmental pollutants. These further would promotes the offshore wind turbine market growth of offshore wind turbine.
from an environmental conservation perspective, offshore wind farms also deliver an unintended benefit, they greatly help the marine ecosystem by providing them an undisturbed environment. Studies have suggested that offshore wind energy farms effectively protect sea life because they restrict access to vast stretches of water. Considering this unforeseen factor, offshore farms have a better chance of getting approvals.
The offshore wind turbine market is segmented in terms of rating, installation, and regional landscape.
Based on rating, the offshore wind turbine market is classified into > 12 MW, >10≤ 12 MW, >8≤10 MW, >5≤ 8 MW, >2≤ 5 MW, ≤ 2 MW. Execution of various experimental projects by several government and research organizations will foster the installation of ≤ 2 MW offshore wind turbines over the coming years, driving the ≤ 2 MW segment growth.
Growing investments towards development of low capacity projects will drive the >2≤ 5 MW offshore wind turbine market.
Technological advancements pertaining to enhancing the capacity of the wind farm with limited component will surge the >10≤ 12 MW offshore wind turbine market growth. For instance, in 2019, GE Renewable Energy unveiled Haliade-X 12 MW, the company’s offshore turbine that is being touted as the world’s most powerful wind turbine, having a 107-meter blade, 220-meter rotor, digital capabilities and leading capacity factor.
In terms of installation, the offshore wind turbine market is categorized into fixed and floating. Economical cost and effective power generation capabilities will drive the fixed turbine market outlook over the coming years.
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From a regional frame of reference, apart from North America, Asia-Pacific, and Europe, positive outlook towards various renewable technologies coupled with growing land acquisition cost will raise the deployment of offshore wind turbines in other regions. In the Middle East, recently as per government officials, Oman is exploring the opportunity of building wind farms in the Arabian Sea.
Table of Contents (ToC) of the report:
Chapter 3 Offshore Wind Turbine Market Insights
3.1 Industry segmentation
3.2 Industry Ecosystem
3.2.1 Vendor matrix
3.3 Innovation & sustainability
3.3.2 General Electric
3.3.3 MHI Vestas
3.3.4 Siemens Gamesa
3.3.5 Nordex Acciona
3.4 Regulatory landscape
3.4.1 Global wind turbine standards and qualifications
188.8.131.52 IEC 61400
184.108.40.206.1 Purpose and function
220.127.116.11 Wind Turbine Generator (WTG) classes
18.104.22.168 List of IEC 61400 parts
22.214.171.124 Renewable Electricity Production Tax Credit (PTC)
126.96.36.199.1 Renewable Electricity Production Tax Credit (PTC) rebate amount
188.8.131.52 Renewable Portfolio Standard (RPS)
184.108.40.206 European Union member states 2020 wind energy capacity targets (MW)
220.127.116.11 France multi-annual energy program renewable targets
18.104.22.168 National offshore wind power development layout under the 13th Five-Year Plan by 2020 (in million kilowatts)
22.214.171.124 Feed-In Tariff (FIT) levels for wind energy (USD/kwh)
3.5 Global energy investment scenario (2019)
3.5.1 Largest asset finance deals in renewable energy, 2019
3.6 New renewable energy investment, by economy
3.7 Major offshore wind energy project landscape
3.7.11 South Korea
3.8 Summary of technical potential outlook
3.8.5 South Africa
3.8.6 Sri Lanka
3.9 Price trend analysis
3.10 Comparative analysis
3.11 Industry impact forces
3.11.1 Growth drivers
126.96.36.199 Favorable renewable policies
188.8.131.52 Significant untapped offshore wind potential
184.108.40.206 Increasing adoption of renewable sources
3.11.2 Industry pitfall & challenges
220.127.116.11 Availability of auxiliary electricity generation sources
3.12 Growth potential analysis
3.13 Porter’s analysis
3.13.1 Bargaining power of suppliers
3.13.2 Bargaining power of buyers
3.13.3 Threat of new entrants
3.13.4 Threat of substitutes
3.14 Competitive landscape, 2019
3.14.1 Strategy dashboard
18.104.22.168 Siemens AG
22.214.171.124 MHI Vestas Offshore Wind
126.96.36.199 General Electric
188.8.131.52 Shanghai Electric
184.108.40.206 Doosan Heavy Industries & Construction
3.14.2 Company market share, 2019
220.127.116.11 Europe wind turbine manufacturers, 2019
3.14.3 Technology landscape
18.104.22.168 HAWT & VAWT
3.15 PESTEL analysis
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