The Off Shore Wind Turbine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Off Shore Wind Turbine Global Market Report 2024, The off shore wind turbine market size has grown rapidly in recent years. It will grow from $27.14 billion in 2023 to $31.74 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to rising energy demand, governmental support and policies, cost reduction efforts, market maturation, and infrastructure development.
The off shore wind turbine market size is expected to see rapid growth in the next few years. It will grow to $57.27 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to digitalization, climate change policies, green hydrogen production, supply chain optimization supportive policies and regulation. Major trends in the forecast period include energy-as-a-service models, smart grid integration, demand for clean energy, higher-capacity turbines, recycling and reusing decommissioned components.
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. For instance, in 2023, according to reports published by the Business Council for Sustainable Energy., a US-based clean energy trade association, renewable energy made significant progress in the US. In 2022, renewables met 13% of total US energy demand, and renewables and natural gas grew from a combined 43% of total power generation to 62% in just a few years. In 2022, the US added over 25.5 GW of new clean power, representing nearly 80% of all new capacity. Therefore, the increase in demand for renewable and sustainable energy is driving the growth of the offshore wind turbine market.
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The off shore wind turbine market covered in this report is segmented –
1) Off Shore Wind Turbine Market By Foundation Type: Monopile, Jacket, Tripod, Floating
2) Off Shore Wind Turbine Market By Capacity: Up To 3 Megawatt (MW), 3 MW To 5 MW, Above 5MW
3) Off Shore Wind Turbine Market By Depth: Shallow Water, Transitional Water, Deep Water
4) Off Shore Wind Turbine Market By Application: Industrial, Commercial, Residential
Major companies operating in the market are focus on developing innovating solutions, such as floating offshore wind farm, to provide reliable services to customers. A floating offshore wind farm is a collection of wind turbines mounted on floating platforms instead of fixed foundations, allowing them to operate in deep waters. For instance, in August 2023, Equinor ASA, a Norway-based multinational energy company, inaugurated world's largest floating offshore wind farm. The 11-turbine facility, based on Equinor's Hywind concept, has an 88 MW capacity, covering 35% of electricity needs for five platforms. Completed in five years, the project invested approximately NOK 7.4 billion, with 60% awarded to Norwegian suppliers, fostering green jobs and technology development. Compared to the Hywind Scotland project, Hywind Tampen achieved a 35% lower investment cost per installed MW.
The off shore wind turbine market report table of contents includes:
1. Executive Summary
2. Off Shore Wind Turbine Market Characteristics
3. Off Shore Wind Turbine Market Trends And Strategies
4. Off Shore Wind Turbine Market - Macro Economic Scenario
5. Global Off Shore Wind Turbine Market Size and Growth
.....
32. Global Off Shore Wind Turbine Market Competitive Benchmarking
33. Global Off Shore Wind Turbine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Off Shore Wind Turbine Market
35. Off Shore Wind Turbine Market Future Outlook and Potential Analysis
36. Appendix
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The giants for oil & gas industry therefore find immense potential to shift towards offshore wind energy as they already possess the infrastructure and skill set for the same, thus boosting the market for turbine.This analysis of the Global Off-Shore Wind Turbine Market aims to offer relevant and well-researched insights into the contemporary market scenario and the emergent growth dynamics.
The report on Off-Shore Wind Turbine Market also gives the market players and fresh contenders a holistic view of the global market landscape.
The comprehensive study will help both established and emerging players formulate lucrative business strategies and realize their short-term and long-term goals.To look at the PDF Sample Report and get 30 minutes of a free consultation @https://www.reportsanddata.com/sample-enquiry-form/1031The Off-Shore Wind Turbine industry has witnessed a stable growth rate in the past decade and is expected to continue on the same path in the forthcoming decades.
Therefore, it is crucial to recognize all investment opportunities, potential market threats, restraining factors, challenges, market dynamics, and technological development to intensify footholds in the Off-Shore Wind Turbine sector.
This report has evaluated all the above mentioned aspects to present a detailed assessment to the reader to assist them in achieving the desired growth in their businesses.Key Players Siemens Wind Power, Enercon GmBH, Guodian United Power Technology Company Ltd, Gamesa Corporation Technologica S.A., Goldwind, Upwind Solutions Inc., Vestas Wind Systems A/S, Nordex S.E., Suzlon Group, GE Wind Energy and Xinjiang Goldwing Science & TechnologiesSegments covered in the report:Foundation Insights (Revenue, USD Million; 2014–2025)JacketTripodMono PileFloatingTurbine size (Revenue, USD Million; 2014–2025)5 MW6 MW7 MWApplication (Revenue, USD Million; 2014–2025)Transient WaterShallow WaterDeep WaterRegional Outlook (Revenue, USD Million; 2014–2025)North AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaAny Query or Discount?
Ask our Expert @https://www.reportsanddata.com/discount-enquiry-form/1031Table of Contents:Study Coverage: It includes key manufacturers covered, key market segments, the scope of products offered in the global Off-Shore Wind Turbine market, duration considered, and objectives of the research.
The Global Off-Shore Wind Turbine Market research report offers accurate insights for the growth prospects of the Off-Shore Wind Turbine market in the forecast years 2020-2027.
The report is an all-inclusive study of the Off-Shore Wind Turbine market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Off-Shore Wind Turbine industry as global supply chains have been disrupted, and the financial scenario is tight.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/1031Scope of the Market Report:The report offers a holistic overview of the Off-Shore Wind Turbine industry that offers all the essential information.
The report is formulated by extensive primary and secondary research and backed by the verified data from industry experts and professionals.
