Global Offshore Wind Turbine Market Overview
Wind energy has been evolved from the oldest of civilizations. Today, the wind energy sector has taken off the major load from conventional sources of energy and has developed to generate electricity, through wind turbines. Wind turbines generates electricity by utilizing the power of natural wind. The technology is still at its nascent stage. It is essential to overcome the technical, economic and political challenges for commercial and large-scale deployment. Multiple emerging countries have opened up a plethora of opportunities for the global offshore wind turbines market as the pressure of reducing the carbon emissions each day. The offshore wind turbine market accounted for US$ 7.4 billion in 2019 and is estimated to be US$ 51.8 billion by 2029 and is anticipated to register a CAGR of 21.7%.
Global Offshore Wind Turbine Market Dynamics
Innovations in turbine technology
Innovations in turbine technology such as two-bladed turbines, higher capacity wind turbines, modular turbines, and 3D printing have reduced the overall cost of offshore wind power by dropping the operational as well as the initial investment and maintenance (O&M) costs. Additionally, big data analytics and the internet of things (IoT) is another breakthrough technological advancement that is propelling the growth of the global offshore wind turbine market. Moreover, leveraging big data analytics and IoT, real-time monitoring of remote and difficult-to-access offshore locations helps to eliminates unnecessary routine maintenance and maintains accurate predictive activities.
As shallow- and deep-water spots being explored harness the potential for power generation from wind, they are mainly to boost the growth of the floating wind turbines segment in the coming years. Offshore floating turbines are beneficial as compared to fixed structures in terms of the total cost incurred in installation and production. These wind turbines are designed with floating platform to support the entire turbine structure.
Conversely, traditional offshore plants requires fixing of foundations to the seafloor and bolting of massive turbines on them, which can limit the ecology as well.
Global Offshore Wind Turbine Market Segmentation
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
The global offshore wind turbine market is segmented based on the installation, water depth, capacity, and region.
On the basis of the installation, the global offshore wind turbine market is segmented into fixed structure and floating structure. Based on the water depth, the target market is segmented into up to 30m and above 30m. On the basis of capacity, the global market is bifurcated into up to 3MW, 3MW-5MW, and above 5MW.
Regional Insights:
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
In the region, the global offshore wind turbine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe and Asia Pacific are projected to offer substantial growth potential for the offshore wind turbines market in the coming years. In this region, wind is one of the foremost sources of the renewable energy mix. Offshore wind energy is witness rapid pace market share in the renewable energy mix because of the benefits that it holds over onshore wind energy. Asia Pacific estimates for maximum share of the global offshore wind turbines market in 2018. In Asia Pacific, China has the biggest offshore wind size, with 1,164 MW new installations of offshore wind towers in 2017. Moreover, China, Japan, and South Korea are the main revenue generator in Asia Pacific region. Europe accounts another major share of the global offshore wind turbines market in 2018, owing to vast expansion in offshore wind power generation. Furthermore, favorable government incentives as part of their carbon emission reduction goals. This factor manipulates positive growth of the target market.
Report Scope:
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Attribute |
Details |
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The base year for estimation |
2019 |
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Forecast period |
2019 – 2029 |
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Market representation |
Revenue in USD Million & CAGR from 2019 – 2029 |
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Market Segmentation |
By Installation - Fixed Structure and Floating Structure By Water Depth - Up to 30m and Above 30m By Capacity - Up to 3MW, 3MW-5MW, and Above 5MW |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the global Offshore Wind Turbine market report based on Installation, Water Depth, Capacity, and region.
Global Offshore Wind Turbine Market, By Installation:
- Fixed Structure
- Floating Structure
Global Offshore Wind Turbine Market, By Water Depth:
- Up to 30m
- Above 30m
Global Offshore Wind Turbine Market, By Capacity:
- Up to 3MW
- 3MW-5MW
- Above 5MW
Global Offshore Wind Turbine Market, By Region:
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-
- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Offshore Wind Turbine Market Key Players
The key players operating in the global offshore wind turbine market include Enercon GmbH, Siemens Wind Power, Gamesa Corporacion Technologica SA, Nordex S.E., Guodian United Power Technology Company Ltd., Upwind Solutions Inc., Vestas Wind Systems A/S, Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd,, and GE Wind Energy. Numerous companies aim to enhance life extension projects for turbines. In addition, they are highlighting to shorten the maintenance interval period. The companies are supporting technical capabilities to provide services at remote locations. Such initiatives by several companies are projected to have a positive impact on the industry growth in the coming years. For instance, in October 2019, Siemens Gamesa received a firm order from partners Macquarie’s GIG and Swancor Renewable Energy for the 376 MW Formosa 2 offshore wind project.
Global Offshore Wind Turbine Market Company Profile
- Enercon GmbH
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Siemens Wind Power
- Gamesa Corporacion Technologica SA
- Nordex S.E.
- Guodian United Power Technology Company Ltd.
- Upwind Solutions Inc.
- Vestas Wind Systems A/S
- Suzlon Group
- Xinjiang Goldwind Science & Technologies Co. Ltd.
- GE Wind Energy
“*” marked represents similar segmentation in other categories in the respective section
Global Offshore Wind Turbine Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Offshore Wind Turbine Strategies
- Key Questions this Study will Answer
- Market Snippet, By Installation
- Market Snippet, By Water Depth
- Market Snippet, By Capacity
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Offshore Wind Turbine Market, By Installation, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Fixed Structure
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Floating Structure
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Offshore Wind Turbine Market, By Water Depth, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Up to 30m
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Above 30m
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Offshore Wind Turbine Market, By Capacity, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Up to 3MW
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- 3MW-5MW
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Above 5MW
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Offshore Wind Turbine Market, By Region, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Installation, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Water Depth, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Capacity, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Installation, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Water Depth, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Capacity, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Installation, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Water Depth, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Capacity, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Installation, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Water Depth, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Capacity, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Installation, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Water Depth, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Capacity, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
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- Enercon GmbH
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Siemens Wind Power
- Gamesa Corporacion Technologica SA
- Nordex S.E.
- Guodian United Power Technology Company Ltd.
- Upwind Solutions Inc.
- Vestas Wind Systems A/S
- Suzlon Group
- Xinjiang Goldwind Science & Technologies Co. Ltd.
- GE Wind Energy
- Enercon GmbH
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- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The offshore wind turbine market is segmented into installation, water depth, capacity, and region.
Driving factors in the Wind Turbine Market include the increasing demand for clean and renewable energy sources, government initiatives promoting wind power, and advancements in turbine technology.
The global Wind Turbine Market faces challenges such as intermittency of wind resources, high initial installation costs, and public concerns related to the visual and environmental impact of wind farms.
The report considers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is anticipated to dominate the Wind Turbine Market, with a significantly high estimated revenue share over the forecast period.
The key players operating in the target market include Siemens Wind Power, Gamesa Corporacion Technologica SA, Nordex S.E., Guodian United Power Technology Company Ltd., Upwind Solutions Inc., Vestas Wind Systems A/S, Suzlon Group, Xinjiang Goldwind Science & Technologies Co. Ltd., and GE Wind Energy.