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The Worldwide Offshore Wind Turbine Industry is Expected to Reach $62.7 Billion by 2027

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Offshore Wind Turbine Market

Offshore Wind Turbine Market
Offshore Wind Turbine Market

Dublin, July 26, 2022 (GLOBE NEWSWIRE) -- The "Offshore Wind Turbine Market, By Installation Type (Fixed, Floating), By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW), By Region, Opportunity and Forecast, 2017-2027" report has been added to ResearchAndMarkets.com's offering.

The Global Offshore Wind Turbine Market value was $28.20 Billion in 2021, which is anticipated to grow with a CAGR of 13.75% during the forecast period, to achieve a market value of $62.79 Billion by 2027.

The market growth can be attributed to growing demands for power generation through renewable sources. Higher energy and power consumption in various industries to generate electricity also drives the Global Offshore Wind Turbine Market in the next five years.

The availability of the advanced technology and turnkey solutions provided by various service providers also facilitates the growth of the Global Offshore Wind Turbine Market in the next five years. Increasing investments and advancements have intrigued the government to focus on offshore power generation, thereby fueling the Global Offshore Wind Turbine Market growth in the next five years.

Wind turbines convert wind kinetic energy into electricity. These are also implemented in the water bodies to generate electricity using wind and water as a resource. When the wind turbines are implanted in the water sources, they are called offshore wind turbines. Wind turbine blades turn between 13 and 20 revolutions per minute, depending on technology, at a constant or variable velocity, with the rotor's velocity varying about the wind's velocity to achieve greater efficiency.

The Global Offshore Wind Turbine Market is segmented by installation type, turbine capacity, regional distribution, and the competitive landscape. Based on installation type, the market is differentiated between fixed and floating. By turbine capacity, the market is bifurcated into up to 3 MW, 3 MW to 5 MW, and more than 5 MW. The market analysis also studies the regional segmentation divided among the Asia-Pacific, Europe, North American, Middle East & Africa, and South America.

By installation type, the fixed installation type of offshore wind turbine is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the ground advantage of the fixed installation for a longer duration of the power generation process. Surging demand for the power and energy to generate electricity to facilitate various end-use sectors further supports the growth of the Global Offshore Wind Turbine Market in the next five years.

Orsted A/S, GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S, Siemens Gamesa, Schneider Electric SE, Nordex SE, Equinor ASA, Envision Group, Mingyang Smart Energy Group Co., Ltd, Xinjiang Goldwind Science & Technology Co., Ltd., Rockwell Automation Inc., Invenergy LLC and EDP Renewables North America LLC are among the major market players in the Global Offshore Wind Turbine Market.

Years considered for this report

  • Historical Years: 2017- 2020

  • Base Year: 2021

  • Estimated Year: 2022

  • Forecast Period: 2023 - 2027

Objective of the Study:

  • To analyze the market size of the Global Offshore Wind Turbine Market from 2017 to 2021.

  • To estimate and forecast the market size of the Global Offshore Wind Turbine Market from 2022 to 2027 and growth rate until 2027.

  • To classify and forecast the Global Offshore Wind Turbine Market based on installation type, turbine capacity, regional distribution, and competitional landscape.

  • To identify dominant region or segment in the Global Offshore Wind Turbine Market.

  • To identify drivers and challenges for the Global Offshore Wind Turbine Market.

  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Offshore Wind Turbine Market.

  • To identify and analyze the profile of leading players operating in the Global Offshore Wind Turbine Market.

  • To identify key sustainable strategies adopted by the market players in the Global Offshore Wind Turbine Market.

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Impact of COVID-19 on Global Offshore Wind Turbine Market

5. Voice of Customer
5.1. Brand Awareness
5.2. Factors Considered for Choosing Offshore wind turbine
5.3. Factors Considered for Choosing Offshore Wind Turbine Vendor
5.4. Major Challenges Related to Offshore wind turbine

6. Global Offshore Wind Turbine Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Installation Type (Fixed, Floating)
6.2.2. By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW)
6.2.3. By Region (Europe, Asia-Pacific, North America, South America and MEA)
6.2.4. By Company (2021)
6.3. Market Map

7. Europe Offshore Wind Turbine Market Outlook

8. Asia-Pacific Offshore Wind Turbine Market Outlook

9. North America Offshore Wind Turbine Market Outlook

10. South America Offshore Wind Turbine Market Outlook

11. Middle East and Africa Offshore Wind Turbine Market Outlook

12. Market Dynamics
12.1. Drivers
12.2. Challenges

13. Market Trends and Developments

14. Policy and Regulatory Landscape

15. Digital Solutions and Innovations for Wind Industry

16. Global Energy Consumption (By Region and By Segment)

17. Company Profiles
17.1. Company Profiles
17.1.1. Orsted A/S
17.1.2. GE Renewable Energy
17.1.3. ABB Ltd.
17.1.4. Vestas Wind Systems A/S
17.1.5. Siemens Gamesa
17.1.6. Schneider Electric SE
17.1.7. Nordex SE
17.1.8. Equinor ASA
17.1.9. Envision Group
17.1.10. Mingyang Smart Energy Group Co., Ltd
17.1.11. Xinjiang Goldwind Science & Technology Co., Ltd.
17.1.12. Rockwell Automation Inc.
17.1.13. Invenergy LLC
17.1.14. EDP Renewables North America LLC

18. Strategic Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/fqcat8

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