DUBLIN--(BUSINESS WIRE)--The "Offshore Wind Turbine Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.

The offshore wind turbine market is expected to grow at a compound annual growth rate of 17.19% over the forecast period to reach a market size of US$28.612 billion in 2025 from US$11.044 billion in 2019. Offshore Wind Turbine are the pivotal infrastructure in the wind renewable market. The turbines harness the wind energy and transform into the electricity. As per the offering, the offshore wind turbine market provides a plethora of services such as material expertise, welding solutions, coatings and resurfacing, design modelling of the wind turbine facility, installing sensors for regular monitoring and conducting inspections to the sites.

As the dependence upon the renewables grows, the offshore wind turbine infrastructure also grows. As per the reports by International Finance Corporation (IFC), the off-wind energy contributes fractionally 0.3% of the global power generation, it remains a vital resource for harnessing energy for the areas around the coastline which are not connected to the conventional power grids. Even there are initiatives from the government side to upscale the utility of the wind energy. The demand for the offshore wind turbine increases, with the increase in the initiatives to reduce carbon footprints over energy systems and reducing air pollution and contributing to the pool of electricity through renewables.

Under the COVID-19 scenario, there has been a decline in the capital-intensive offshore wind energy projects and so does the demand for the turbines. In the short term, during the global lockdown series, there has been a negative impact over the wind projects as it has prioritized after the necessary plans and projects. The precautions measures have disrupted the supply chain halting the movement of the basic construction material for the turbine market, delaying offshore wind turbine installations.

As per the data by IEA, the capacity additions of the offshore wind turbine has declined by 25%. With the inception being China considering it as an epicentre of the outbreak. With the enforcement of restrictions in China, the new offshore wind installation declined by half. Gradually as the pandemic rolled out and restrictions were eased the market gained the growth again. Similarly, since Mid-May, the offshore wind turbine market has adapted itself to the pandemic situation given that the offshore wind energy has been holding importance for the coastal nations, the market has witnessed investments in the first half of 2020 at the inception of the unlock down event, Vattenfall Hollandse has invested $3.9 billion in the 1.5GW offshore wind energy facility around the Netherlands, SSE Seagreen invested $3.8 billion for offshore wind facility in the UK, 600 MW, $3.6 billion in Taiwan by CIP Changfang Xidao and many others.

The normalization of the market has been triggered by the European Nations situated at the North Seas, where the high wind and shallow water provide suitable conditions to harness the offshore wind energy. With the launching of new policies by the European Union towards this renewable source of energy will create multiple offshore wind facilities, increasing the demand for the offshore wind turbines by quadruple.

Companies Mentioned

• Siemens Gamesa Renewable Energy
• MHI Vestas
• Sewind
• Goldwind
• Envision
• GE Renewable Energy
• Senvion
• XEMC
• CSIC Haizhuang

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Offshore Wind Turbine Market Analysis, By Type

5.1. Introduction

5.2. Monopile

5.3. Tripod

5.4. Jacketed

5.5. Floating

6. Offshore Wind Turbine Market Analysis, By Energy Production

6.1. Introduction

6.2. High

6.3. Medium

6.4. Low

7. Offshore Wind Turbine Market Analysis, By Geography

7.1. Introduction

7.2. North America

7.3. South America

7.4. Europe

7.5. Middle East and Africa

7.6. Asia Pacific

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/ln3h2b

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