By the end of 2025 Global Offshore Wind Turbines Market Projected to be Worth US$58,729.7 mn According to New Research (MRRSE)
A latest research report titled as “Offshore
Wind Turbines Market
- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 –
2025” has been recently added to the vast
portfolio of Market Research Reports Search Engine (MRRSE) online research offerings. This report is a professional
and in-depth analysis on the present state and future prospect for the global
market. It provides valuable information to the industry insiders, potential
entrants or investors. It includes an exhaustive enquiry with the reliability
of logic and the comprehensiveness of contents.
Wind energy has been
harnessed by the oldest of civilizations. Today, the wind energy sector has
evolved to generate electricity, through wind turbines taking off a major load
from conventional sources of energy. Wind turbines use the power of natural
wind to generate electricity. The technology is still in its nascent stage. It
must overcome technical, economic and political challenges for commercial and
large-scale deployment. Several developing countries have opened up a plethora
of opportunities for the global offshore wind turbines market as the pressure
of keeping the carbon emissions low is mounting each day. According to the
research report, the global offshore wind turbines market is projected to be
worth US$58,729.7 mn by the end of 2025 from US$29,418.9 mn in 2016. During the
forecast period of 2017 and 2025, analysts estimate that the global market will
surge at a CAGR of 7.7%.
Floating Offshore Wind Turbines See Higher Adoption due to
Advantages over Traditional Turbines
As shallow- and
deep-water spots being explored harness the potential for power generation from
wind, they are likely to augment the growth of the floating wind turbines
segment over the forecast period. Offshore floating turbines are advantageous
over fixed structures in terms of the total cost incurred in installation and
production. These wind turbines come with a floating platform to support the
entire turbine structure. On the other hand, traditional offshore plants need
fixing of foundations to the seafloor and bolting of massive turbines on them,
which can hamper the ecology as well.
Several new, offshore,
floating wind turbine projects are in the prototype phase for testing of their
operational feasibility, particularly in India, China, South Korea, the Pacific
Islands, and Japan. A floating platform and its turbine are entirely
manufactured onshore. They are then towed out and tethered to the seafloor.
Another advantage of the floating platform is that they can be identical in
shape, which reduces the cost of customization.
Asia Pacific and Europe to Remain Nip and Tuck in Global
Offshore Wind Turbines Market
From a geographic
point of view, Europe and Asia Pacific are expected to provide significant
growth potential for the offshore wind turbines market during the forecast
period. Europe dominated the global offshore wind turbines market in 2016, with
vast expansion in offshore wind power generation. Wind is one of the leading
sources of the renewable energy mix in the region. Offshore wind energy is
gaining market share at a rapid pace in the renewable energy mix because of the
advantages that it possesses over onshore wind energy.
Various countries
across the globe have established electricity generation targets from renewable
energy. Developing economies such as India are now focusing on renewable
sources of energy for power generation. India has set targets of electricity
generations by wind energy and solar energy. 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.
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