PUBLISHER: Grand View Research | PRODUCT CODE: 1751383
PUBLISHER: Grand View Research | PRODUCT CODE: 1751383
The global offshore wind turbine market size is anticipated to reach USD 38.13 billion by 2030 and is anticipated to expand at a CAGR of 11.5% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven by the increasing focus on reducing the global carbon footprint and the rising demand for renewable energy sources. Governments and electrical companies are boosting their efforts to cut carbon emissions, which is a significant factor driving market growth.
The offshore wind turbine market is experiencing a trend of industrial expansion, including within the wind power sector, to overcome the growing need for clean, affordable, and diverse electricity. Offshore wind energy is a crucial clean energy solution for large communities seeking more energy from clean sources, and decreasing costs are making it a more accessible option.
The increasing development and deployment of floating offshore wind turbine technology. Floating offshore wind turbine technology is rapidly gaining attraction in the global renewable energy sector, offering a viable solution for utilizing wind power in deep waters where traditional fixed turbines are impractical. This innovation is opening up new markets and investment opportunities for energy companies, infrastructure developers, and supply chain partners. For instance, in October 2023, SBM Offshore successfully installed three floating wind units for the Provence Grand Large pilot project off the coast of France, marking a key milestone in their engineering and installation efforts. This 25 MW pilot farm, using advanced tension leg floaters with 8.4 MW turbines, is expected to generate enough electricity to power 45,000 homes, showcasing SBM offshore's commitment to clean energy and innovation.