Offshore Wind Turbine Market Worth $68,869.3 Million by 2026 says P&S Intelligence
NEW YORK, Feb. 26, 2021 /PRNewswire/ -- With the increasing government initiatives for clean energy production, the global offshore wind turbine market is expected to grow to $68,869.3 million by 2026, from $24,683.3 million in 2019, according to P&S Intelligence. The generation of electricity from fossil fuels is leading to a rise in air pollution levels, which are, in turn, resulting in global warming. Moreover, as per BP plc, if the crude oil, natural gas, and coal reserves are exploited at the 2016 levels, then the current stocks are only enough for the next 50.6 years.
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Due to the COVID-19 crisis, the offshore wind turbine market is witnessing subdued growth, as the lockdown initiated in numerous countries has halted the supply of wind tower components. Moreover, the ongoing projects for offshore windmill installation have also been postponed, for want of funding and laborers. However, once the situation betters and lockdown is lifted, the market is projected to recover.
The shallow-water (up to 30 meters) category, on the basis of water depth, dominated the offshore wind turbine market in the past, on account of the higher convenience this depth offers for the setting up of windmills, compared to transitional and deep waters. Moreover, maintaining and repairing shallow-water wind installations are also easier, which is why this depth is preferred for establishing wind power plants.
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In the coming years, fixed will be the larger bifurcation in the offshore wind turbine market, based on installation. This is because fixed windmills are not only cost-effective, but also easier to commission and decommission. In addition, strong currents, waves, and winds are not that impactful on fixed installations, which are able to stay where they are, under such conditions.
The 3 Megawatt (MW)-to-5 MW classification, under the turbine capacity segment, contributes the highest revenue to the offshore wind turbine market, and this situation is predicted to be unchanged in the immediate future. This is because turbines of this power rating have a higher electricity generation capacity, but lower maintenance costs, which is why they are garnering heavy investments from private and public enterprises.
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Asia-Pacific (APAC) would account for a considerable share in the offshore wind turbine market in the years to come because of the high dependence on fossil fuels for electricity. As this has raised air pollution in APAC to alarming levels, governments of regional countries are taking initiatives to generate clean energy, including installing wind towers on seas and lakes. For instance, the Chinese government is targeting a 400 Gigawatts (GW) wind power capacity by 2030, for which several provinces, such as Fujian, Jiangsu, and Guangdong, have already reached their individual targets.
The most prominent firms in the global offshore wind turbine market are Envision Energy, MHI Vestas Offshore Wind A/S, Nordex SE, Ocean Breeze Energy GmbH & Co. KG, Nexans S.A., Sinovel Wind Group Co. Ltd., Ørsted A/S, Xinjiang Goldwind Science Technology Co. Ltd., Mingyang Smart Energy Group Co. Ltd., General Electric Company, and Siemens Gamesa Renewable Energy S.A.
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