Harrisburg, NC -- (SBWire) -- 03/20/2019 --The Offshore Wind Turbine Market report is a collection of pragmatic information, quantitative and qualitative estimation by industry experts, the contribution from industry connoisseurs and industry accomplices across the value chain. Offshore Wind Turbine Market Detail Analysis focusing on Key Players like Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Senvion SA, Suzlon Energy Ltd, Xinjiang Goldwind Science & Technology Co. Ltd., Guodian United Power Technology Company Limited and Other Furthermore, the report also provides the qualitative results of diverse market factors on its geographies and segments.

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The wind power sector has progressed significantly since the installation of the first offshore wind farm in 1991, by Elkraft (now Orsted) at Vindeby, Denmark. Although, offshore wind accounts for marginal 0.2% of the global electricity generation, factors such as technology advancement, policy support, and a maturing supply chain are making offshore wind an increasingly viable option for renewables-based electricity generation. In 2017, the global offshore wind power installations reached 4,334 MW, thereby increasing the cumulative installed capacity of offshore wind capacity to 18,814 MW. Although 84% of the total offshore wind installations are in the European waters, the governments outside the European region, particularly in the Asia-Pacific and North America have set an ambitious target for the installation of offshore wind farms in their respective territorial waters. Installations are also moving further from shore into deeper waters with a substantial increase in the height of the turbine and the associated capacity. Moreover, growing investments for the development of offshore wind farms is expected to further supplement the demand for offshore wind turbines during the forecast period, which in turn, is expected to offer enormous potential for growth for the market players.

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

Offshore Wind Turbine Global Market Report from Market Insights Reports covers market characteristics, size and growth, segmentation, regional breakdowns, competitive landscape, market shares, trends and strategies for this market. The market characteristics section of the report defines and explains the market. The market size section gives the market revenues, covering both the historic growth of the market and forecasting the future. Drivers and restraints look at the external factors influencing the growth of the market. Market segmentations break down the key sub sectors which make up the market.

Falling Cost Supplementing Offshore Wind Installation:

The cost of offshore wind projects in 2016 on an average were considered 150% higher than onshore wind and slightly more than 50% higher than utility-scale solar photovoltaic (PV) projects. However, the outcome of recent auctions in Europe that are scheduled to enter into operation in the early 2020s depicts a step reduction in costs, with an increasing trend toward unsubsidized offshore merchant wind power. The cost of subsidies has halved in the United Kingdom since 2015, witnessing a record decrease from GBP 120 per MWh to GBP per 57.50 MWh in 2017. A similar drop in bids was also seen in Netherlands and Denmark, for offshore wind farm development. Improved logistics and O&M costs, coupled with turbines getting bigger in size, have resulted in significant cost-reduction. With offshore wind installation being in the development phase as compared to other forms of renewables, the cost of offshore wind utilization is expected to fall further. Such a dramatic improvement in costs is expected to be a powerful stimulus for policy support and investment across the globe, resulting in an increased demand for wind turbine during the forecast period.

Europe to Maintain High Growth Rate:

In 2017, a 3.14 GW of record installation was witnessed in the European offshore wind industry, corresponding to 560 new offshore wind turbine installations across 17 wind farms. Although, the share of Europe reduced from approximately 90% in 2016 to 84% in 2017 in the total wind power installations, the total turbine installation was 13% higher than the previous record in 2015. Fourteen projects came online in 2017 including Europe's first floating offshore wind farm. Furthermore, 6 new offshore wind project received Final Investment Decision (FID) in 2017, with numerous new projects are scheduled for FID in the coming year. This, in turn, is expected to present Europe as an excellent business destination for players involved in the wind farm business during the forecast period.

China Set to Become New Hotspot:

In 2017, China alone witnessed an offshore installation of 1.16 GW with installation spread across 18 wind farms. The Jiangsu province alone leads the total installation with 968 MW in 2017. The country has set a target of 5 GW of offshore wind installation by 2020, which in turn, is expected to supplement the demand for wind turbines in the country. Policy support, falling cost, and improving logistics are expected to be instrumental in growing offshore wind turbine installation.

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Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in the last five years are identified.The trends and strategies section highlights the likely future developments in the market and suggests approaches.

Following are major Table of Content of Offshore Wind Turbine Industry:

- Offshore Wind Turbine Market Sales Overview.
- Offshore Wind Turbine Market Sales Competition by Manufacturers.
- Offshore Wind Turbine Market Sales Analysis by Region.
- Offshore Wind Turbine Market Sales Analysis by Type.
- Offshore Wind Turbine Market Analysis by Application.
- Offshore Wind Turbine Market -Manufacturers Analysis.

The research includes historic data from 2014 to 2018 and forecasts until 2023 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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Key Developments in the Market

April 2018: Jan De Nul Group and Hitachi Ltd, has signed a contract for the manufacturing and installation of 21, 5.2MW wind turbines for the Changhua Offshore Wind Farm Project in Taiwan

January 2018: Imenco won the contract for world's largest offshore wind farm
The major players include - Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Senvion SA, Suzlon Energy Ltd, Xinjiang Goldwind Science & Technology Co. Ltd., Guodian United Power Technology Company Limited, Enercon GmbH, Envision Energy Limited, Hitachi, Ltd., among others.

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