Offshore Wind Turbine Market to Reach USD 33 Billion by 2027 Globally |CAGR: 11.1%| UnivDatos Market Insights
NOIDA, India, April 5, 2022 /PRNewswire/ -- A comprehensive overview of the Global Offshore Wind Turbines Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Offshore Wind Turbines Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Offshore Wind Turbines Market at the regional & country levels. The Global Offshore Wind Turbines Market is expected to grow at a CAGR of 11.1% from 2021-2027 to reach USD 33 billion by 2027.
Market Overview
The Global Offshore Wind Turbines Market is experiencing significant growth due to higher potential of power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally. Constant advancements in Offshore Wind Turbines have been made in the turbine technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. As per BNEF, the global offshore wind average LCOE has dropped 67.5% to US$84/MWh since 2012.
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COVID-19 Impact
Travel bans, supply chain pressure, and deferred maintenance of offshore wind turbines are among the key challenges faced by wind farm owners during the ongoing COVID-19 pandemic. The lack of manpower to fix the breakdown of wind farms is another challenge that companies in the offshore wind turbines market need to tackle. Moreover, factory shutdowns worldwide have affected the uptake of renewable energy. This led to difficulties in adhering to deadlines for building new projects.
However, as per IEA, the impact of Covid-19 on offshore deployment in 2020 and 2021 remains limited as Offshore projects have longer construction periods than do onshore projects. Most projects in their period for 2020 and 2021 are either partially commissioned or at an advanced stage of development, particularly in Europe, which is the largest offshore market.
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Global Offshore Wind Turbines Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Installation Type, the market is primarily bifurcated into:
- Fixed
- Floating
The Fixed segment dominated the Offshore Wind Turbines Market and accounted for nearly 99% market share. This segment will witness a considerable CAGR of almost 8% during the forecast period (2021-2027F) owing to the ease of operation and cost-effectiveness.
By Turbine Capacity, the market is primarily studied into:
- Up to 3 MW
- 3 MW to 5 MW
- > 5 MW
The > 5 MW segment generated revenue of more than USD 0.9 billion in 2020. The segment is expected to grow at a CAGR of 20.4% during the forecast period to reach a market valuation of USD 19.2 billion by 2027 owing to factors such as more installations of large-sized turbines in Europe and the Asia Pacific & their impact on achieving more power generation offsetting initial capital costs.
Global Offshore Wind Turbines Market Region Segmentation Includes:
- North America
- Europe
- Asia Pacific
- Rest of World
Based on the estimation, Europe dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027).
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The major players targeting the market include:
- Nordex SE
- Suzlon Energy Ltd
- Ørsted A/S
- GE Renewable Energy
- ABB Ltd.
- Vestas Wind Systems A/S
- Siemens Gamesa Renewable Energy SA
- Xinjiang Goldwind Science & Technology Co., Ltd.
- Envision Energy Limited
- Ming Yang Smart Energy Group Limited
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Offshore Wind Turbines Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Offshore Wind Turbines Market?
- Which factors are influencing the Offshore Wind Turbines Market over the forecast period?
- What are the global challenges, threats, and risks in the Offshore Wind Turbines Market?
- Which factors are propelling and restraining the Offshore Wind Turbines Market?
- What are the demanding global regions of the Offshore Wind Turbines Market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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