Offshore Wind Turbines Market is Estimated to Reach to US$ 58,729.7 Mn by 2025: Transparency Market Research

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Transparency Market Research

18 May, 2017, 14:30 BST

ALBANY, New York, May 18, 2017 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Offshore Wind Turbine Market by Foundation Type (Monopile, Jacket, Tripod, Floating and Others) by Application (Shallow Water, Transient Water and Deep Water) by Capacity (upto 1MW, 1-3 MW, 3-5 MW and Above 5 MW) and by Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025." According to the report, the global offshore wind turbines market revenue was US$ 29,418.9 Mn in 2016 and is projected to reach US$ 58,729.7 Mn by 2024 at a CAGR of 7.7% from 2017 to 2025.

Offshore wind turbines are devices that convert the kinetic energy of offshore winds into electrical power generally three propeller like blades rotate around rotor with the help of wind energy. The rotor is connected to the main shaft, which spins the generator to produce electricity. Global Offshore Wind Turbines Market is currently dominated by Europe. Europe and Asia Pacific are expected to provide significant growth potential for the offshore wind turbines market during the forecast period. Commercial-scale offshore wind facilities have been operating in shallow waters around the world, primarily in Europe and Asia Pacific. Seabed properties, sea depth, tides, currents, and wave heights determine the type of foundation, wind profile determine the type of wind turbine to select. Depending on the environmental factors, turbine installations between 30 meters to 50 meters water depths are known as transitional waters.

The offshore wind power development trend is toward deeper waters up to 60 meters for the proposed wind farms in the approximate timeframe of 2025. Hence, it is important to know how much the water depth affects the project duration. Commercial-scale offshore wind facilities are similar to onshore wind facilities. The wind turbine generators used in offshore environments include modifications to prevent corrosion, and their foundations must be designed to withstand the harsh environment of the ocean, including storm waves, hurricane-force winds, and even ice flows.

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Global Offshore Wind Turbines Market is currently dominated by Europe. Europe and Asia Pacific are expected to provide significant growth potential for the offshore wind turbines market during the forecast period. China holds key share of the offshore wind turbines installed across the globe. The power sector reforms in Mexico have pushed the wind power sector, solar power incidentally being a direct competitor Political interference continues to hinder the wind power development in several promising markets in Latin America.

Key major players operating in the offshore wind turbine market include Enercon GmbH, Siemens Wind Power, Guodian United Power Technology Company Ltd, Gamesa Corporacion Technologica S.A., Nordex S.E., Vestas Wind Systems A/S, Suzlon Group, Upwind Solutions Inc., GE Wind Energy, and Xinjiang Goldwind Science & Technologies Co. Ltd.

The Global Marine Fuel Management Market has been segmented as follows:

Global Offshore Wind Turbines Market: by Foundation Type 

  • Mono Pile
  • Jacket
  • Tripod
  • Floating & Others

Global Offshore Wind Turbines Market: by Application 

  • Shallow Water
  • Transient Water
  • Deep Water

Global Offshore Wind Turbines Market: by Capacity 

  • Upto 1 MW
  • 1-3 MW
  • 3-5 MW
  • 5 MW and Above

Global Offshore Wind Turbines Market: by Region 

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • France
    • Germany
    • Italy
    • Russia
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • South Korea
    • China
    • Japan
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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About TMR 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research