3 major trends stimulating offshore wind turbine market size through 2026

The offshore wind turbine market is poised to grow significantly over the coming years owing to shifting trend towards renewable energy and increasing electricity demand. Implementation of strict emission regulations focused towards reducing the dependency on conventional fossil fuels has stimulated the construction of new offshore wind farms worldwide. Commencement of such offshore projects has led to signing of long term contracts with service providers.

Highlighting an instance, in 2018, Hitachi signed an MoU (Memorandum of Understanding) with Changhua County Government, Taiwan for undertaking the operation and maintenance of an offshore wind farm planned to be built in Changhua County.

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The need for sustainable energy technologies has also encouraged companies to develop new, technologically advanced wind turbines. Driven by such developments, Global Market Insights, Inc., suggests that the offshore wind turbine market may record substantial revenue growth between 2020-2026. This growth can also be attributed to increasing number of investments done to commence the construction of large scale renewable energy projects as well as ongoing efforts towards digitalization.

Mentioned below are some of the major trends in offshore wind turbine market:

1)    Proliferating demand for advanced wind turbines

The demand for advanced turbine systems has surge over recent years owing to large scale construction of offshore wind farms. Several industry players are focusing on increasing their production capability to back installations of new wind projects.

Meanwhile, heavy investments in the offshore wind energy sector will augment product demand. Speaking of investment, in 2020, Gulf Energy Development announced that it had invested in two offshore wind projects with combined 565 MW capacity in Vietnam and Germany.

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2)    Surplus installations of floating turbines

Significant rise in the number of nearshore offshore sites and in the adoption of high operational capacity, which is fueling the offshore wind turbine market growth. Estimates claim that the floating offshore wind turbine market may grow by over 80% through 2026.

Increasing technological advancements and commencement of offshore wind turbine projects may drive the deployment of floating turbines. While availability of high-speed winds across offshore sites may facilitate product traction.

3)     North America to emerge as a lucrative business ground

North America offshore wind turbine market, led by the U.S., is likely to grow significantly over the coming years, owing to favorable policies and declining component cost. The presence of major companies like Vestas, Siemens and General Electric who are continuously developing advanced renewable energy solutions is offering impetus to regional market growth. A report from the U.S. Department of Energy (DOE) claim that the presence of wind technical potential on eastern seaboard and across shallow waters has the ability of hosting up to 530GW and might enclose over 40% of existing power generation capacity of the country in the upcoming years.