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“The Offshore Wind Turbine Market is poised to grow by 54975 MT during 2022-2026, accelerating at a CAGR of 24% during the forecast period”
Technavio market report provides a holistic analysis, market size and forecast, trends, growth drivers, challenges, and vendor analysis covering around 15 vendors. Furthermore, this report extensively covers offshore wind turbine market segmentation by geography (EMEA, APAC, and Americas) and substructures (monopiles, gravity foundation, and others). The market report also offers information on several market vendors, including Eaton Corporation Plc, ENERCON GmbH, General Electric Co., Hitachi Ltd., Nordex SE, Senvion SA, Siemens AG, Suzlon Energy Ltd., Vestas Wind System AS, and Xinjiang Goldwind Science & Technology Co. Ltd. among others.
Download Report Sample to Unlock the Offshore Wind Turbine Market Size for the Forecast Period and Other Important Statistics
Our Technavio Research categorizes the report belonging to Electrical Equipment Industry for the market. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions.
Technavio Research categorizes the global Offshore Wind Turbine Market belonging to the Capital Goods Industry. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.
The market is extremely competitive with all sizes of businesses, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers operating in the market will drive the growth further.
Key Offshore Wind Turbine Market Driver
Key Offshore Wind Turbine Market Trend
Key Offshore Wind Turbine Market Challenge
The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading market vendors such as
The global heavy electrical equipment market is an important manufacturing market that caters to the needs of the energy sector and other industrial sectors such as power, mining, and oil and gas. The parent, global heavy electrical equipment market covers products and companies engaged in the manufacture of equipment for the generation, distribution, and transmission of power for fixed-use and large electrical systems. Technavio calculates the size of the global electrical equipment market based on the combined revenue generated by manufacturers of heavy electrical equipment such as electric cables, wires, and other components, and heavy electrical equipment.
In this report, we provide extensive information on the value chain analysis for the market. Our data covers all key stages of a market flow and provides a complete understanding of all aspects of the market logistics value chain. This includes an end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies.
53% of the market’s growth will originate from APAC during the forecast period. China is the key market for offshore wind turbines in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The energy demand in APAC is rising because of the growing population and enhanced standard of living in the region. This has led to an increase in focus on renewable energy to increase power generation. China and India are anticipated to account for much of the wind energy installations in the region.For instance, in India, the government has plans to add approximately 10 GW of wind power capacity every year, at least for the next five years. However, India is also conducting assessments for the possibility of developing offshore wind farms over the next couple of years. China also has plans to increase its wind power capacity to 200 GW by 2020 and is targeting 30 GW of offshore wind installed capacity by 2020. Japan is exhibiting potential for wind power, driven by the expansion plans of wind companies such as Eurus and Hitachi. Initiatives taken by many countries in the region and the pace of their execution indicate an increased readiness to replace fossil fuels with renewables. Governments of these countries are promoting the large-scale installation of renewables to address the issue of environmental degradation and pollution caused by burning fossil fuels.
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The offshore wind turbine market share growth in the monopolies segment will be significant during the forecast period. The offshore wind turbine market is dominated by the monopiles substructure segment, mainly owing to its stability and higher number of lower-depth offshore projects running and lined up. The monopile support structure is a comparatively simple design by which the tower is maintained by monopiles either through a transition piece or directly. Monopiles are presently the most commonly used foundation in the offshore wind turbine market owing to their ease of setting up in shallow to medium water depths.
The report provides a near-term to long-term perspective on the trends and forecasts horizon for the market. It offers an overview of the key market drivers and restraints, enabling precise identification of key opportunities in each region over the coming years.
Offshore Wind Turbine Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24% |
Market growth 2022-2026 |
54975 MT |
Market structure |
Fragmented |
YoY growth (%) |
19.04 |
Regional analysis |
EMEA, APAC, and Americas |
Performing market contribution |
APAC at 53% |
Key consumer countries |
UK, Germany, China, Denmark, and Belgium |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Eaton Corporation Plc, ENERCON GmbH, General Electric Co., Hitachi Ltd., Nordex SE, Senvion SA, Siemens AG, Suzlon Energy Ltd., Vestas Wind System AS, and Xinjiang Goldwind Science & Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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