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Offshore Wind Turbine Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Installation Type (Fixed, Floating), By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW), By Region


Published on: 2024-12-01 | No of Pages : 320 | Industry : Power

Publisher : MIR | Format : PDF&Excel

Offshore Wind Turbine Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Installation Type (Fixed, Floating), By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW), By Region

Global offshore wind turbine market was valued at USD28.20 billion in 2021 and is anticipated to project robust growth in the forecast period with a CAGR of 13.75% due to high investment and development in the power industry.

A wind turbine is a device that converts wind kinetic energy into electricity. Wind turbines are implemented in water bodies to generate electricity from the wind over open water, called offshore wind turbines. Wind turbine blades turn between 13 and 20 revolutions per minute, depending on technology, at a constant or variable velocity, with the rotor's velocity varying about the wind's velocity to achieve greater efficiency. Further, owing to the larger structures and complex logistics of installing the towers, offshore wind

Adoption of Sustainable Development Driving Market Growth

Rising concerns about climate change encourage individuals, commercial and government setups to adopt alternatives that generate cleaner energy with no or lesser carbon emissions. Offshore wind turbines harness wind energy and convert mechanical energy into electrical energy. In the complete process, no carbon emission is recorded; thus, energy generation from wind turbines is deemed a cleaner fuel. Thus, the energy produced through offshore wind turbines acts as a catalyst to promote sustainable development and fulfill future generation demands.

Increasing Investments in Renewable Energy Boosting Market Demand

The demand for oil and gas firms to adjust their investment plans to the requirements of clean energy transitions is intensifying. This includes agreements to minimize oil and gas emissions or invest in new sectors such as clean power or sustainable fuels. Innovation in the energy business is nothing new; energy use has evolved throughout history. Recent evidence of this trend in the United States includes a loss in coal use and a decrease in oil demand, while renewable sources such as wind, solar, geothermal, and

R&D in Offshore Wind Turbines and Power Industry

Over the years, industry professionals have collaborated to reduce the entire capital expenditure connected with offshore wind farms and optimize manufacturing efficiency to realize economies of scale. The major firms in the worldwide offshore wind turbine market are doing research and development related to the increasing size of turbine blades, which would increase the efficiency of wind turbines. The increasing size of the wind turbine blade enhances the power production capacity of each wind turbine. It minimizes the total number of wind turbines required to achieve the desired energy output from a wind farm. Increasing the wind turbine size may decrease the project's total capital cost. Another instance reflecting an emphasis on R&D is the U.S. Department of Energy (DOE) approved USD20.5 million for collaboration to perform research and development (R&D) to solve technology impediments and reduce offshore wind costs and hazards in the United States. The National Offshore Wind Research and Development Consortium is a non-profit public-private partnership dedicated to advancing offshore wind technology in the United States through high-impact research projects and cost-effective and responsible development that maximizes economic benefits.

Green Hydrogen

The offshore wind turbine is utilized to produce environmentally friendly hydrogen. In several projects, the offshore wind turbine produces environmentally friendly hydrogen. For example, as part of the AquaVentus/AquaDuctus project, Shell, Gasunie, RWE, CASCADE, Equinor, Ørsted, and Boskalis use 10 gigawatts (GW) of offshore wind energy to make green hydrogen, which is intended to bring to Europe via pipeline. It is projected that a growing preference for environmentally friendly hydrogen will drive the market for offshore wind turbines. The growing interest in environmentally friendly forms of energy has put pressure on governments and energy businesses (mainly oil and gas companies) to give serious thought to alternative forms of power that are both environmentally friendly and efficient in terms of energy use.

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MIR Segment1

Market Segmentation

The Europe offshore wind turbine market stood at USD14.20 billion in the year 2021 and is projected to grow at a CAGR of 13.05% during the forecast period

Company Profiles

Ørsted A/S, GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S,

Attribute

Details

Market size value in 2021

USD28.20 Billion

Revenue Forecast in 2027

USD62.79 Billion

United States Market size value in 2021

USD2.89 Billion

Growth Rate

13.75%

Base Year

2021

Historical Years

2017 – 2020

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Billion, and CAGR for 2017-2021 and 2022E-2027F

Report Coverage

·         Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Installation Type

·         Turbine Capacity

Regional Scope

Europe; Asia-Pacific; North America; South America; Middle East & Africa

Country Scope

United Kingdom; Germany; Denmark; Netherlands; Belgium; Sweden; Finland; China; Japan; Taiwan; South Korea; India; Vietnam; Australia; United States; Canada; Mexico; Argentina; Colombia; Brazil; United Arab Emirates; Saudi Arabia; South Africa

Key Companies Profiled

Ørsted A/S; GE Renewable Energy; ABB Ltd.; Vestas Wind Systems A/S; Siemens Gamesa; Schneider Electric SE; Nordex SE; Equinor ASA; Envision Group; Mingyang Smart Energy Group Co., Ltd; Xinjiang Goldwind Science & Technology Co., Ltd.; Rockwell Automation Inc.; Invenergy LLC; EDP Renewables North America LLC

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )