Aug 21, 2017   SOURCE: BusinessWire

Offshore Wind Turbine Market - Geographical Segmentation and Forecasts by Technavio

The global offshore wind turbine market is expected to grow at a CAGR of 20% during the forecast period, according to Technavio’s latest market research.

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Technavio has published a new report on the global offshore wind turbine market from 2017-2021. (Gra ...

Technavio has published a new report on the global offshore wind turbine market from 2017-2021. (Graphic: Business Wire)

In this market research report, Technavio covers the market outlook and growth prospects of the global offshore wind turbine market for 2017-2021. The market is further categorized into three segments based on substructures which are portmonopiles, gravity foundation, and others. The global offshore wind turbine market by the monopiles segment accounted for 81% of the market share in 2016 and is expected to continue its dominance in the market during the forecast period.

“The global offshore wind turbine market for wind power systems is predicted to grow steadily during the forecast period, influenced by factors such as rising environmental concerns, increased demand for power, favorable government regulations, and the need to reduce dependence on fossil fuels. Many countries worldwide have set renewable energy targets, which will boost the wind market during the forecast period,” says Thanikachalam Chandrasekaran, a lead power research expert from Technavio.

Technavio’s research analysts segment the global offshore wind turbine market into the following regions:

  • EMEA
  • APAC
  • Americas

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Offshore wind turbine market in EMEA

The offshore wind turbine market in Europe witnessed a steady growth in 2016. The dominating country in Europe is Germany. Countries such as Belgium, the UK, Denmark, and the Netherlands are also anticipated to contribute significantly to the overall market in Europe. Countries in Europe are following a trend of installing turbines that are taller and larger to increase their wind power share. This is further set to drive the adoption of offshore wind turbines.

According to the Global Wind Energy Council (GWEC), the UK was the world’s largest offshore wind market and accounted for 36% of the total offshore wind installed capacity in 2016, which was followed by Germany with 29% of offshore wind installed capacity.

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Offshore wind turbine market in APAC

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 towards 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.

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. South Korea is also expected to contribute to the growth of the market through its offshore program. Also, new projects are underway in Mongolia, the Philippines, Pakistan, and Thailand.

Offshore wind turbine market in the Americas

The offshore wind turbine market in the Americas is predicted to grow steadily during the forecast period. The US is the key leading country in this region. The country has many wind pipeline projects, and its first offshore wind farms were operationalized in August 2016. Wind farm developers are adopting new technologies like remote sensing technology to increase the economic performance and reliability of wind farms.

“Canada and Brazil are also strategizing to raise their wind energy installations. Also, Mexico is expanding its wind power capacity and aims to generate energy up to 35% from renewable sources by 2024. Thus, government support and growing focus on wind energy are projected to drive the offshore wind turbine market in the Americas during the forecast period,” says Thanikachalam.

The top vendors in the global offshore wind turbine market as highlighted in this market research analysis are:

  • ADWEN
  • MHI Vestas Offshore Wind
  • Senvion
  • Siemens Wind Power

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