Chemicals

Wind Turbine Market Size , Industry Analysis and Forecast

The Off Shore Wind Turbine Global Market Report 2023 by The Business Research Company, provides off shore wind turbine market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Off Shore Wind Turbine Global Market Report 2023, the market size is expected to grow from$23.26 billion in 2022 to $27.07 billion in 2023 at a compound annual growth rate (CAGR) of 16.37%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the offshore wind turbine market is expected to grow to $49.90 billion in 2027 at a CAGR of 16.52%.

The increase in demand for renewable and sustainable energy is expected to propel the offshore wind turbine market. Renewable and sustainable energy is referred to as clean energy, which is derived from renewable natural resources or processes such as solar and wind. The demand for renewable and sustainable energy is increasing as other energy sources, such as the combustion of fossil fuels and nuclear power reactors, emit dangerous pollutants into the air and water. Renewable energy, such as solar and wind, does not contaminate nature. Producing electricity through offshore wind turbines is an efficient use of sustainable development.

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The off shore wind turbine market is segmented:

1) By Foundation Type: Monopile, Jacket, Tripod, Floating

2) By Capacity: Up To 3 Megawatt (MW), 3 MW To 5 MW, Above 5MW

3) By Depth: Shallow Water, Transitional Water, Deep Water

4) By Application: Industrial, Commercial, Residential

Increasing partnerships and collaborations is a key trend gaining popularity in the offshore wind turbine market. Major companies operating in the market collaborate with industry stakeholders to advance technology development and market presence. For instance, in May 2021, GE Renewable Energy, a US-based manufacturer of wind turbines, partnered with Toshiba Energy Systems and Solutions Corporation. The partnership aims to promote the localization of the Haliade-X offshore wind turbine’s commercialisation in the nation and to localize key manufacturing stages. Toshiba Energy Systems and Solutions Corporation is a Japan-based manufacturer of large-scale power generation systems.

The off shore wind turbine market report table of contents includes: