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Offshore Wind Turbines Market Is Expected to Witness Substantial Growth During Forecast by 2024

Transparency Market Research Report Add "Offshore Wind Turbines Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" to its database


Albany, NY -- (SBWIRE) -- 05/12/2017 -- With consistently increasing population across the World and rapid urbanization, the demand for energy is incrementing continuously. However, natural resources are limited. In this scenario, the need to develop alternate source of energy, especially those that are environment-friendly, is escalating. The kinetic energy possessed by offshore wind can be converted into electrical power using offshore wind turbines, which generally consists three propeller like blades that rotate around the rotor owing to wind energy. The electrical energy produced can be stored and used at appropriate destination. Investments are pouring in to develop this alternative source of energy and in turn, the demand in the global offshore wind turbines market is expected to expand at a healthy growth rate during the forecast period of 2016 to 2024.

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This report on the global offshore wind turbines energy market has been prepared in order to represent the current scenario of the market and also provides estimation of the future, depending on an in-depth analysis of all the factors that may influence the demand in the near future. The report targets stakeholders of this market such as wind turbines component suppliers, wind farm developers and investors, raw material suppliers, and government agencies, and aspires to serve as a credible business document. Several leading vendors in this market have also been profiled in the report in order to highlight the nature of competitive landscape and recent developments.

Based on foundation type, the global offshore wind turbines market has been segmented into tripod, mono pile, jacket, and floating. Application-wise, the market has been categorized into shallow water, deep water, and transient water. Capacity-wise, the market for offshore wind turbines has been bifurcated into up to 1MW, 1-3 MW, 3-5 MW, and 5 MW and above. Geographically, the report studies the opportunities available for stakeholders of this market in the regions of North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa.

Global Offshore Wind Turbines Market: Trends and Opportunities

Apart from escalating demand for alternate and clean energy, technological advancements and mechanical innovations in wind turbines have significantly improved the efficiency as well as the production capacity, which is driving the demand in the offshore wind turbines market. In addition to that, several governments across the world are offering incentives for the adoptability and investments in this field. On the other hand, high cost associated with offshore wind turbines before the set-up initiate profitable production is challenging the market from achieving its true potential in several cost-effective countries.

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Global Offshore Wind Turbines Market: Regional Outlook

Europe and North America are two most lucrative regions for the participants in the global offshore wind turbines market. The U.S. dominates the North American demand as 53% of the nation's population lives in coastal areas wherein land-based renewable energy is often costly and demands are high. In Europe, grid connected offshore wind turbines depend on fixed foundations, and there already are several mono pile foundations. Germany, Netherlands, and Denmark signed trilateral agreement in 2016 to develop North Sea Wind Power Hub on the Dogger Island. China dominates Asia Pacific demand while Taiwan is also emerging as a highly profitable country in the region, owing to government initiatives.

Companies mentioned in the research report

Siemens Wind Power, Enercon GmbH, Gamesa Corporacion Technologica S.A., Guodian United Power Technology Company Ltd, Vestas Wind Systems A/S, Nordex S.E., Suzlon Group, GE Wind Energy, Xinjiang Goldwind Science & Technologies Co. Ltd., and Upwind Solutions Inc. are some of the leading companies functional in the global offshore wind turbines market.

Global Offshore Wind Turbines Market: by Foundation Type

Mono Pile
Floating & Others

Global Offshore Wind Turbines Market: by Application

Shallow Water
Transient Water
Deep Water

Global Offshore Wind Turbines Market: by Capacity

Upto 1 MW
1-3 MW
3-5 MW
5 MW and Above

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