PUBLISHER: Allied Market Research | PRODUCT CODE: 1140163
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140163
The global offshore wind turbine market size was valued at $17.8 billion in 2021, and projected to reach $39.2 billion by 2031, with a CAGR of 8.28% from 2022 to 2031.
Wind is the most readily available source of renewable energy. Wind turbines capture the wind's kinetic energy and convert it into electricity. Wind energy is an important source of inexpensive renewable energy, which helps reduce greenhouse gas emissions, diversify energy supply, and deliver cost-competitive electricity. The major benefit of wind energy is cost certainty as it is one of the cheapest forms of electricity generation. Further, the government is taking initiatives to explore alternative sources of energy, which is beneficial to minimize the dependency on other limited sources, such as fossil fuel, oil, and gas.
Wind is a significant source of affordable renewable energy, which currently contributes to 5% of the global electricity demand. The technological development for the growth of more reliable and efficient wind turbines is making wind power more cost-effective. Further, depleting natural resources and government initiatives to explore alternative sources of energy are driving the global wind turbine market. The cost of electricity generated using wind energy is expected to decline in near future owing to technological development. This is expected to deliver substantial growth opportunity for the wind turbine market in the near future. However, heavy investment for the production and installation of wind turbines hinder the growth of the market.
Rise in need for eco-friendly energy solutions further propels the demand for offshore wind turbines. For instance, according to the International Energy Agency, global energy utilization increased by 4.6% in 2021, twice than the normal rate in 2018. Energy utilization was driven by expanded interest for warming and cooling systems in certain locales of North America, Europe, and other regions.
Rise in utilization of petroleum products secured 70% in the global energy generation, and sustainable power sources contributed for around 25% of the global energy development. The demand for power increased with a rate of 4.5% and the share of electricity in global energy consumption reached 20% in 2021. Moreover, with the rapidly growing population, the demand for electricity is expected to increase significantly. Thus, all these factors collectively are expected to augment the growth of the offshore wind turbine market globally. However, high initial installation cost and location constraints are expected to hamper sales of the offshore wind turbine market during the forecast period.
The offshore wind turbine market is segmented on the basis of capacity, application, and region.
On the basis of capacity, the global offshore wind turbine market is segmented into small (less than 10MW), medium (10-100MW), and large (greater than 100MW). On the basis of application, the market is segmented into industrial, commercial, and residential. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
The major companies profiled in this report include, Enercon Gmbh, General Electric, Goldwind, Nordex SE, Regen Powertech, Sinovel Wind Group, Suzlon Energy Limited, Zhejiang Windey, VESTAS, and Siemens Energy. Additional growth strategies such as expansion of production capacities, acquisition, collaboration, joint venture, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the global offshore wind turbine market trends.
COVID-19 Analysis:
By Capacity
By Application
By Region