Global $68.86 Billion Offshore Wind Turbine Markets 2014-2019 & Forecasts 2020-2026: Market Players Launching Partnerships and Collaborations for Bolstering Their Market Presence
DUBLIN, Nov. 19, 2020 /PRNewswire/ -- The "Offshore Wind Turbine Market Research Report: By Water Depth (Shallow Water, Transitional Water, Deep Water), Installation (Fixed, Floating), Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, > 5 MW) - Global Industry Analysis and Demand Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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:
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