Offshore Wind Turbine Market to witness steady growth of 18% during 2020-2026
According to a recent study from market research firm Global Market Insights, the offshore wind turbine market is set to grow from its current market value of more than $7 billion to over $21 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
The offshore wind turbine market is anticipated to witness a lucrative growth over the forthcoming years owing to the global shift towards renewable energy and increasing R&D by key market players. Offshore wind speeds have a tendency to flow faster than on land as there are no obstructions that slow the wind down.
Small increases in wind speed generally results in large upsurges in energy production. In fact, a turbine standing in a 15-mph wind is capable of generating double the amount of energy as a turbine in a 12-mph wind. Since wind speeds are faster offshore, more energy can be produced through offshore wind farms, creating a demand for offshore wind turbines. Additionally, offshore wind speeds are also steadier than on land, which makes for a much more reliable source of energy.
Offshore wind farms have numerous advantages; they provide a domestic source of energy, do not consume water, create jobs, deliver effective renewable energy, and also do not release greenhouse gases or other environmental pollutants. These further would promotes the market growth of offshore wind turbine.
from an environmental conservation perspective, offshore wind farms also deliver an unintended benefit, they greatly help the marine ecosystem by providing them an undisturbed environment. Studies have suggested that offshore wind energy farms effectively protect sea life because they restrict access to vast stretches of water. Considering this unforeseen factor, offshore farms have a better chance of getting approvals.
The offshore wind turbine market is segmented in terms of rating, installation, and regional landscape.
Based on rating, the offshore wind turbine market is classified into > 12 MW, >10≤ 12 MW, >8≤10 MW, >5≤ 8 MW, >2≤ 5 MW, ≤ 2 MW. Execution of various experimental projects by several government and research organizations will foster the installation of ≤ 2 MW offshore wind turbines over the coming years, driving the ≤ 2 MW segment growth.
Growing investments towards development of low capacity projects will drive the >2≤ 5 MW offshore wind turbine market.
Technological advancements pertaining to enhancing the capacity of the wind farm with limited component will surge the >10≤ 12 MW offshore wind turbine market growth. For instance, in 2019, GE Renewable Energy unveiled Haliade-X 12 MW, the company's offshore turbine that is being touted as the world's most powerful wind turbine, having a 107-meter blade, 220-meter rotor, digital capabilities and leading capacity factor.
In terms of installation, the offshore wind turbine market is categorized into fixed and floating. Economical cost and effective power generation capabilities will drive the fixed turbine market outlook over the coming years.
From a regional frame of reference, apart from North America, Asia-Pacific, and Europe, positive outlook towards various renewable technologies coupled with growing land acquisition cost will raise the deployment of offshore wind turbines in other regions. In the Middle East, recently as per government officials, Oman is exploring the opportunity of building wind farms in the Arabian Sea.
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