Offshore Wind Turbines Market- An Overview
Offshore wind energy is the energy taken from wind forces in a water body, such as an ocean, which is converted into electricity and supplied to electrical networks onshore.
The first ever offshore wind energy project was mounted in 1991, in Denmark. Offshore wind energy can generate more electricity at a steadier rate than onshore wind energy because of the higher wind velocities in offshore wind farms as compared to onshore wind farms and this could help propel the overall offshore wind turbines market.
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The offshore wind turbines market is estimated to grow at a compound annual growth rate (CAGR) of roughly 8 percent during the forecast period 2020-2030 and generate a revenue of approximately $120 Bn by the year 2030, since current projects in the offshore wind development pipeline can generate several thousand megawatts of electricity.
Major Drivers of Offshore Wind Turbines Market
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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Rapid advancements in offshore wind technologies and addition of large capacity offshore wind turbines are increasingly becoming a possibility with rise in the pace of advancement of offshore wind technology in Europe, the U.S., and China. This advancement of technology is anticipated to reduce the levelized cost of electricity from offshore wind in the near future. This, in turn, is likely to propel the demand for offshore wind turbines across the globe.
Asia Pacific Offers Lucrative Opportunities to Offshore Wind Turbines Market
Asia Pacific dominated the global offshore wind turbines market in 2019, owing to significant demand for renewable fuel generation in the region. The wind power sector has been dominated by China and Southeast Asia (particularly Thailand and Vietnam). These countries are projected to play a key role in the growth of installations of offshore wind turbines. Rise in penetration of offshore wind turbines in major countries such as China is also projected to boost the offshore wind turbines market in Asia Pacific during the forecast period.
Prominent Developments in Offshore Wind Turbines Market
In June 2020, Lloyd’s Register Group Limited announced that it had won a contract to provide consultancy design services for control rooms at the 88-MW Hywind Tampen floating wind farm in the Norwegian North Sea. As part of the Human-Machine Interface (HMI) engineering services contract, Lloyd’s Register Group Limited will help with the integration into the existing onshore wind control room for Hywind Tampen, which would be located together with an existing control room for Valemon, an unmanned offshore installation in the North Sea. In June 2020, DEME, a dredging company, announced that the first of 58 Siemens Gamesa turbines had been installed at the 487-MW SeaMade cluster of offshore wind projects off the coast of Belgium .The Belgian firm is tasked with the installation of monopile foundations, subsea cables, and two offshore substations for wind farms.
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Competition Landscape of Offshore Wind Turbines Market
Dynamics of the global offshore wind turbines market are dependent on long-term contracts, goodwill of companies, and product portfolio. Internationally organized players and manufacturers with integrated operations possess competitive advantages due to the expertise in turbine manufacturing and power supply. 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.
Europe Emerges as the Leader in the Offshore Wind Turbines Market
To improve the productivity of power generation using wind, exploration of offshore sites have been conducted. The benefit of an offshore site over an onshore site is it provides uninterrupted wind supply for the whole year, which could translate into greater growth opportunities for the offshore wind turbines market.
Efforts to assess the potential of power generation using wind, shallow and deep-water are also underway.
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Europe emerged as the leader in the global offshore wind turbines market in 2019 because of a substantial demand for clean energy generation in this region. The offshore wind energy market in Europe has evolved in the last few tears and countries such as Denmark, Germany, UK, and Belgium have emerged as the leaders in the offshore wind energy market.
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