In 2019, the global offshore wind turbine market attained a revenue of $24,683.3 million and the market is predicted to reach a valuation of $68,869.3 million by 2026. The main factors driving the progress of the market are the rapid technological innovations in offshore plants and the soaring investments being made in renewable energy across the world. Additionally, the implementation of favorable government regulations in several countries regarding the usage of renewable energy is boosting the advancement of the market.
Because of rapid technological advancements, the offshore wind turbine manufacturers all over the world are now able to develop highly advanced and improved offshore foundations, which is, in turn, pushing up the growth potential of the offshore wind turbine market. This is because these technological innovations are making the construction of offshore wind energy farms possible on more geographical regions and areas. As a result, the global pipeline for offshore wind energy attained a capacity of 4,888 MW in 2018.
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This type of wind energy production is very useful for countries and regions that have a limited land area. Furthermore, the setting up of offshore wind turbines eliminates the requirement for huge land areas, which can now be used for various commercial, residential, and industrial purposes. When water depth is taken into consideration, the offshore wind turbine market is divided into three categories namely transitional water, deep water, and shallow water.
According to the estimates of PS Intelligence, a market research company based in India, the APAC region will witness the highest deployment rate of offshore wind towers in the coming years. This would be because of the ballooning focus of the governments of the developing countries of APAC such as India, Vietnam, and China on developing the renewable energy sector, primarily on account of the rising energy requirements in these countries.
Hence, it can be safely concluded that the market would exhibit huge growth in the coming years, mainly because of the growing demand for renewable energy and the rising investments being made in the development of offshore wind turbines in several countries across the world.
