Increasing Backing by Governments and Regulatory Bodies to Push Growth of Offshore Wind Turbines Market and Help Reach ~US$120 Bn by 2030, Finds TMR

ALBANY, N.Y, Dec. 8, 2020 /PRNewswire/ -- As per the findings of the latest research report published by Transparency Market Research, the global offshore wind turbines market is projected to exhibit a promising CAGR of ~8% over the given period of assessment ranging from 2020 to 2030. With the aforementioned rate of growth, the valuation of the market is now estimated to rise up to US$120 Bn by the fall of 2030.

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Global Offshore Wind Turbines Market– Overview

• Offshore wind power or offshore wind energy is harvested by using offshore wind farms constructed in bodies of water, usually in the ocean or at shallow water locations near to the ocean.
• Higher wind speeds are available offshore compared to on land; therefore, electricity generation of offshore wind power is higher per amount of capacity installed.
• Exploration of offshore sites is being carried out in order to enhance profitability of power generation from wind. Unlike onshore sites, offshore sites generally have uninterrupted winds throughout the year. This provides opportunities to the global offshore wind turbines market.

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Global Offshore Wind Turbines Market – Prominent Growth Factors

• Lucrative incentive mechanism with favorable regulatory frameworks for offshore wind power generation is propelling the demand for offshore wind turbines across the globe
• Essential support incentive schemes and regulatory frameworks are driving the global offshore wind turbines market. Incentives are anticipated to be provided until the offshore wind power generation technology develops significantly.
• The offshore wind turbines market is likely to remain largely dependent on policy-based incentive schemes provided to offshore wind power generation projects in order to ensure capacity addition unless considerable reduction in cost is achieved in these projects.

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Global Offshore Wind Turbines Market – Prominent Growth Inhibitors

• Travel bans, supply chain pressure, and deferred maintenance of offshore wind turbines are among key challenges faced by wind farm owners during the ongoing COVID-19 pandemic.
• Lack of manpower to fix the breakdown of wind farms is another challenge that companies in the offshore wind turbines market need to tackle.
• High costs of installation and maintenance is also projected to play a role in inhibiting market growth.

Global Offshore Wind Turbines Market – Geographical Outlook

• Asia Pacific is the biggest regional market of the global Offshore Wind Turbines Market and is expected to continue dominating over the course of the period of forecast.
• With increasing investments rising in offshore installation segment, there are more lucrative growth opportunities for the regional market.
• Europe is expected to emerge as a highly attractive region for the development of the global offshore wind turbines market as the region continues to consume large amounts of electricity.

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Global Offshore Wind Turbines Market – Key Players

Major players operating in the global offshore wind turbines market are Enercon GmbH, Siemens Gamesa Renewable Energy, S.A., General Electric, Nordex S.E., Xinjiang Goldwind Science & Technology Co., Ltd., Vestas, Scheidt & Bachmann GmbH, Suzlon Energy Limited,  Guodian United Power Technology Company Ltd, and Ørsted A/S.

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Global Offshore Wind Turbines Market: Segmentation

Offshore Wind Turbines Market, by Foundation Type

• Monopile
• Jacket
• Tripod
• Floating & Others

Offshore Wind Turbines Market, by Location Proximity

• Shallow Water
• Transitional Water
• Deep Water

Offshore Wind Turbines Market, by Capacity

• Up to 1 MW
• 1-3 MW
• 3-5 MW
• Above 5 MW

Offshore Wind Turbines Market, by Region

• North America
• U.S.
• Europe
• Germany
• U.K.
• Belgium
• Denmark
• Rest of Europe
• Asia Pacific
• China
• Japan
• Thailand
• Vietnam
• Rest of Asia Pacific

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Microturbines Market - The global microturbines market is also driven by the extreme efficiency and optimum design. The microturbines combine the manufacturing economics along with an aircraft's auxiliary power system to form a turbocharger. Additionally, these systems eliminate the usage of both water systems and oil which are common among reciprocating engines. Moreover, the smaller microturbines also exhibit the efficiency and performance of large gas turbines, making its widespread penetration in various industries a reality. Furthermore, growing advancements in microturbines are expected to increase their uptime in the near future and bring a considerable reduction in maintenance costs. This is expected to create significant opportunities for growth for various players in the global microturbines market.

Steam Turbines Market - Increasing electricity consumption, rising thermal power capacity additions, and surging combined-cycle and co-generation operations are major drivers of the steam turbines market. Regulatory policy restrictions on fossil-fuel-fired power plants and slowdown in the construction of new nuclear power plants are major restraining factors for the steam turbines market. Replacement or upgrade of aged power generation infrastructure is presenting growth opportunities for the steam turbines market. Demand for nuclear energy based electricity generation is increasing across the world thus anticipating opening up new growth opportunities.

Power Electronics for Wind Turbines Market - A key factor driving the usage of power electronics for wind turbines is that power electronics can act as an alternate source of renewable energy derived from wind. Technological inventions are coming up in order to reduce production cost of wind turbines. In order to support or promote usage of power electronics for wind turbines, government subsidies and environmental litigations have been imposed in order to curb the level of pollution. In recent years, there has been an increasing need for renewable energy globally due to the rise in environmental concerns and changing climatic conditions. Wind power is a relatively well-explored technology, and can compete with other energy sources such as coal and oil & gas on several parameters. However, the high cost of production of electric power is poised to be a restraint for the power electronics for wind turbines market. Generation of energy is more dependent on the fossilized resources such as coal and oil & gas than on the renewable energy resources as wind and solar energy. A large area for wind energy generation is required for the wind turbines to rotate. In terms of consistency, wind energy has lot in common with solar energy, as the continuous flow of wind speed is required for generation of electricity.

Bladeless Wind Turbines Market - Wind is an essential part of the global renewable energy landscape and in the foreseeable future, the reliance on it is anticipated to increase. Currently, turbines are the most commonly used machines to convert wind energy into electrical energy with the movement of the blades fuelling an electricity generator. However, the top-heavy nature of conventional wind turbines requires high-quality components to avoid structural damage. This factor increases the cost of constructing the whole system. On the other hand, with the recent innovation of bladeless wind turbines, the risk of structural damage to the system can be reduced significantly. Bladeless wind turbines do not include rotating blades and are designed in such a way that they stand erect and oscillate in response to the vortices. The reduced weight of these turbines is acting as a primary driver of the global bladeless wind turbines market.

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