Offshore Wind Turbine Market To Generate Revenue Worth $68,869.3 Million by 2026

The rapid increase in the investments in the renewable energy sector and strong government support, along with the technological developments in offshore foundations, are some of the major factors that are positively impacting the installation of offshore wind plants. Owing to such factors, the global offshore wind turbine market is expected to generate $68,869.3 million revenue by 2026.

The ongoing coronavirus pandemic has impacted several markets across the globe, including the offshore wind turbine market. The countrywide lockdown imposed by several governments in Western Europe and Asia during the first quarter of 2020 led to a shutdown of numerous turbine component manufacturing facilities, which, in turn, created supply chain disruptions in the industry. However, with the relaxation of government-imposed lockdowns in several countries and resumption of operations at manufacturing facilities, the industry is expected to recover.

Shallow-Water-Depth Installations To Dominate Market

On the basis of water depth, the offshore wind turbine market is categorized into shallow water, transitional water, and deep water. Among these, the shallow water category is expected to lead the market in the coming years. This is primarily owed to the high suitability, convenience, and ease of access to such wind farms, for regular repairs and maintenance.

Additionally, the development of reliable and cost-effective foundations for offshore wind turbines and bottom-fixed foundations, such as monopile, are driving the installation of shallow-water-depth windmills. Owing to such factors, the offshore deployment of wind turbine structures in shallow water is expected to grow, in turn, boosting the offshore wind turbine market during the forecast period (2020–2026).

Additionally, on the basis of installation, the offshore wind turbine market is classified into fixed and floating, of which the fixed offshore wind turbine category held the larger share in 2019, and the trend is likely to continue during the forecast period. This is ascribed to the several advantages of fixed installations, which include lower costs, easier installation and decommissioning, as well as compatibility with various foundation types. Owing to such factors, fixed offshore wind turbine is expected to account for the larger share in the coming years as well.

Geographically, Asia-Pacific (APAC) is expected to witness the highest offshore deployment rate of wind towers in 2026. In order to meet the energy demand, governments of the developing countries in the region, including China, Vietnam, and India. are implementing a strong focus on the renewable energy sector. The offshore wind turbine market in APAC holds a high potential for growth, and, in order to make use of the untapped potential of the market, investments are likely to increase in the region. Therefore, owing to such factors, APAC is expected to witness the highest offshore deployment of windmills in the coming years.

Partnerships & Agreements Being Adopted as Key Strategy

Players in the offshore wind turbine market are engaging in partnerships with each other, in order to enhance their market presence. For instance, in January 2019, Orsted A/S signed a memorandum of understanding (MoU) with Tokyo Electric Power Company Holdings Inc., to work jointly on the Choshi offshore wind project. This MoU provides Orsted A/S with a platform to expand its presence in the APAC region.

Browse report overview with detailed TOC on "Offshore Wind Turbine Market Research Report: By Water Depth (Shallow Water, Transitional Water, Deep Water), Installation (Fixed, Floating), Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW) - Global Industry Analysis and Demand Forecast to 2026" at:https://www.psmarketresearch.com/market-analysis/global-offshore-wind-turbine-market-analysis

Additionally, in December 2018, Nordex SE collaborated with Fábrica Argentina de Aviones, an Argentine aircraft manufacturer, to set up a new assembly line for wind turbines in Córdoba, Argentina. This collaboration has improved the company’s competitiveness in Argentina and shored up its growth path for the long term.

Siemens Gamesa Renewable Energy S.A., General Electric Company, Nexans S.A., Ocean Breeze Energy GmbH & Co. KG, Ørsted A/S, Nordex SE, MHI Vestas Offshore Wind A/S, Envision Energy, Sinovel Wind Group Co. Ltd., Mingyang Smart Energy Group Co. Ltd., and Xinjiang Goldwind Science Technology Co. Ltd. are some of the key players operating in the global offshore wind turbine market.