Offshore Wind Turbine Market Size, Share, and Industry Analysis, By Type (Horizontal Axis, Vertical Axis), By Application (Shallow Sea, Deep Sea) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2030

Updated On: 11 September 2023

Offshore Wind Turbine Market Report Overview

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The global offshore wind turbine market size is expected to be USD 51.11 billion in 2022 and is projected to touch USD 85.39 billion by 2028, at a CAGR of 8.9% during the projected period.

Wind whipping across the sea generates electricity for offshore wind farms. They are thought to be more effective than onshore wind farms due to higher wind speeds, greater consistency, and an absence of physical interference from the land or man-made objects. Offshore wind turbines have a higher efficiency. Offshore wind farms mean minimal turbines to generate the same amount of power as onshore wind farms due to higher wind gusts and consistency in direction. Offshore wind turbines are so far away from the surrounding population because they are located miles from the coast. Limited access to their locations may even aid in the conservation of the nearby marine ecosystems. In terms of size and openness, oceans are the ideal location for wind farms.

"COVID-19 Impact: Supply and Lockdown Hindrances to Downswing Market Advancement "

The global COVID-19 pandemic has been unprecedented and staggering, with offshore wind turbine lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 has had a devastating effect on global trade, affecting households, businesses, financial institutions, industrial establishments, and infrastructure companies all at the same time. The coronavirus has impacted several economic systems and ended up causing shutdown in many countries, limiting market growth. The closure of industrial manufacturing companies reduced demand for solar-related machinery throughout most countries around the world, resulting in a drop in consumption and for offshore wind turbine market. The reduction in power utilization in industrial facilities around the world during the pandemic has a negative effect on offshore wind turbine market growth.

LATEST TRENDS 

"Initiatives by Government and Businesses to Intensify Market Magnification "

Renewable energy popularity will continue to increase as innovation costs fall, the need to decrease carbon dioxide emissions grows, and energy usage in underdeveloped and developing nations rises. In accordance with the (IRENA) International Renewable Energy Agency, the share of renewables in annual global energy generation must increase from 25% to 86% by 2050 in order to meet the Paris Agreement's targets. To do so, the society must engage USD 111 trillion in the industry by 2050, an increase from the USD 98 trillion expected to be engaged by 2030. This shift will result in a noticeable shift away from fossil fuels and toward renewable energy sources. Bloomberg BNEF estimates that between 2019 and 2050, China will contribute for 50% of global electricity production.

RESTRAINING FACTORS

"Massive Capital Costs and Logistical Difficulties Factors to Diminish Market Growth "

Offshore wind is among the most favourable and environmentally friendly energy-generation technologies. Despite having a high load factor when compared to related technologies including solar or even onshore wind, its high capital cost prevents its implementation. Offshore wind turbine is indeed prone to erosion because they operate in severe marine environments for decades. Even the most beneficial characteristics, including high wind speeds, can become a disadvantage for offshore wind turbine.

For example, whenever the wind speed reaches 25 m/s, the turbines typically shut down. As the size of offshore wind farms has grown over time, so have the challenges associated with construction, transportation, installation, and operation. Logistics obstacles, in general, are a larger challenge in offshore wind fields or farms. Windfarms are typically located far away from the coast and are challenging to access, particularly in bad weather. As a result, even minor technical issues can be difficult and costly to resolve. Other difficult aspects of offshore wind power implementation include resource description, grid connectivity and operation, and transmission infrastructure development, all of which are much relatively simple in other technologies including solar and onshore wind. As a result, the global market is constrained by capital costs and issues related to operational processes, servicing, transportation, and logistics.

Offshore Wind Turbine Market Segmentation

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• By Type

Based on type; the market is divided into horizontal axis, vertical axis

Horizontal axis is the leading part of the type segment

• By Application

Based on the application; the market is divided into shallow sea, deep sea

Shallow sea is the leading part of the application segment.

DRIVING FACTORS

"Increased Research and Development Projects to Assist Market Evolution"

With growing environmental concern, major market sectors are focusing on increasing energy production from renewable resources, such as wind and solar power, to reduce harmful emissions. The major market players are directed to create a fantastic budget for the implementation of projects and research and development activities in order to enhance the effectiveness of the working and the product offerings. These are several ongoing projects that are incorporating advanced technology and are expected to enhance the facilities of existing or current projects, which is anticipated to increase the worldwide offshore wind turbine market share over the forecast period.

"Expansion in global Financing to Nurture Market Share "

Owing to the aspects such as the requirement to reduce carbon dioxide emissions, the exhaustion of fossil fuels, climatic change, and so on, there has been a significant shift in the energy industry toward green and renewable energy. Several government policies have been established to support the green energy initiative. Many multinational corporations are implementing initiatives to reduce their carbon footprint in an effort to contribute to a sustainable environment and sustainability. Norway, for example, aims to reduce its carbo emission levels by half by 2050. Part of the strategy is to expand its renewable energy organizations, particularly offshore wind, which could reach 6,000 megawatts in seven years and 18,000 megawatts in fifteen years.  Therefore, the increasing global financing will expand the offshore wind turbine market share.

Offshore Wind Turbine Market Regional Insights

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"Offshore Wind Companies to Foster Market Growth in Europe "

Across all regions, Europe had the largest proportion of offshore wind turbine market. Numerous significant offshore wind companies are headquartered in Europe, including Nordex SE (Germany), Siemens, Vestas (Denmark), ABB (Switzerland), and others. The European Union has been a leader in the advancement of wind energy farms and offshore wind technology. The European Wind Initiative (EWI), a wind energy innovation and research program designed to take Europe's wind industry to a higher level, is supporting the growth of offshore wind energy.

KEY INDUSTRY PLAYERS

"Notable Players in the Industry to Promote Market Expansion "

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• ADWEN (Finland)
• MHI Vestas Offshore Wind (Japan)
• Senvion (Germany)
• Siemens Wind Power (Germany)
• AREVA WIND (France)
• Clipper Windpower (U.S.)
• Doosan (South Korea)
• Siemens (Gamesa) (Germany)
• General Electric (U.S.)
• Samsung Heavy Industries (South Korea)
• Sinovel Wind Group (China)

REPORT COVERAGE

The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.

The report also examines the equipment market's current state of development and its overall market trend. It also separates the market by categories based on type and applications in order to conduct a detailed study and demonstrate the industry's characteristics and prospects. By taking into account a range of elements, such as growth rate, trends, industrial advancements, technologies, growth, distribution, and barriers, it offers a thorough assessment as well as a detailed analysis.

If the significant competitors or the predicted assessment of market dynamics change, the analysis would need to be updated. In terms of production, this study looked at consumption, manufacturing, annual growth, and share prices of manufacturers. It also delivers detailed information and cutting-edge assessment required to create an ideal strategic plan and outline the best path for speedy growth for all industry participants. With this knowledge, participants will be better able to build new strategies are focused on market prospects that would benefit them, thereby rendering their company ventures successful. The market informs the readers about its product lines, applications, and specifications. The research identifies key market players and highlights the strategies used by the businesses to strengthen their market position. The strong points, weaknesses, possibilities, and configurations of major manufacturers are comprehensively derived and cited in the report through extensive use of situation analysis tools. Every major player in this world market is profiled, including types of products, companies set up, revenues, skilled workforce, applications, and other requirements. The market has been steadily expanding in recent years and is expected to expand even further in the coming years.