The global offshore wind turbine market is predicted to grow, in value, from $24,683.3 million to $68,869.3 million from 2019 to 2026. The main factor propelling the surge of the market is the rising implementation of various initiatives aimed at promoting the production of clean energy by the governments of many countries around the world. This is primarily because of the rising environmental degradation and air pollution levels caused by the production of power from fossil fuels such as oil and gas. In addition to this, the usage of coal, natural gas, and crude oil reserves as per the 2016 levels will lead to their extinction within the next 50.6 years, according to the findings of BP plc, an oil and gas company based in the U.K.

The COVID-19 pandemic has tremendously hampered the progress of the offshore wind turbine market, on account of the disruption of the global supply chains as a result of the lockdown imposed in numerous countries across the world. The pandemic has affected the supply of wind tower parts and components and halted the advancement of the ongoing offshore windmill installation projects due to the lack of availability of laborers and funding. However, the market is predicted to recover once the lockdowns are lifted and the situation gets better all around the world.

Offshore Wind Market Segmentation Analysis

Under the water depth segment of the offshore wind turbine market, the shallow-water (up to 30 meters) division recorded the highest growth in the market during the last few years. This is ascribed to the greater convenience provided by this depth for setting up windmills in comparison to the depths offered by the deep and transitional waters. Additionally, the repairing and maintenance of shallow-water wind systems is much easier than the installations set up in other depths. Due to these factors, shallow waters are being increasingly preferred for setting up wind power plants.

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The fixed bifurcation, under the installation segment, will exhibit higher growth in the offshore wind turbine market in the forthcoming years. This is credited to the greater cost-effectiveness of the fixed windmills in comparison to the other variants. In addition to this, these windmills are much easier to decommission and commission and don't get impacted by strong waves, winds, and currents, which make them highly sought after all over the world.

Out of all the categories present under the turbine capacity segment of the offshore wind turbine market, the 3 Megawatt (MW)-to-5 MW one is currently generating the highest revenue in the market and this trend is likely to continue in the upcoming years. This is attributed to the higher power production capacity and lower maintenance charges of the turbines having this power rating than the other ones. Because of this factor, these turbines are garnering huge investments from both public and private enterprises.

In the near future, the Asia-Pacific (APAC) offshore wind turbine market will be very lucrative, primarily due to the rising focus of the governments of various regional countries on promoting electricity generation from wind and other renewable sources. Moreover, the escalating air pollution levels in the APAC nations are making the regional governments implement various initiatives for encouraging the adoption of clean energy. For example, the Chinese government is aiming to attain a 400 GW (Gigawatts) wind power capacity in the country by 2030. Several Chinese cities such as Guangdong, Jiangsu, and Fujian have already achieved their individual wind power generation targets.

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Market Players Launching Partnerships and Collaborations for Bolstering Their Market Presence

The players operating in the offshore wind turbine market are increasingly starting partnerships and collaborations with each other for: -

Securing the revenue channels for the electricity generated at their wind power plants

Developing technology that would allow the cost-effective maintenance and repair of offshore windmills

Expanding their operations and presence in different countries and regions

Localizing the building of wind turbines

Jointly establishing various offshore wind power plants and projects.

Some of the major players in the global offshore wind turbine market are Siemens Gamesa Renewable Energy S.A., General Electric Company, Mingyang Smart Energy Group Co. Ltd., Xinjiang Goldwind Science Technology Co. Ltd., Ørsted A/S, Sinovel Wind Group Co. Ltd., Nexans S.A., Ocean Breeze Energy GmbH & Co. KG, Nordex SE, MHI Vestas Offshore Wind A/S, and Envision Energy.