Offshore Wind Turbine Market Present Scenario And The Growth Prospects

The global offshore wind turbine market is predicted to attain a revenue of $68,869.3 million by 2026, increasing from $24,683.3 million in 2019, according to a research conducted by P&S Intelligence. The market has been registering growth due to the rising investments in renewable energy resources, favorable government policies, and technological advancements. When water depth is taken into consideration, the market is divided into deep water (>60 m), transitional water (30 m to 60 m), and shallow water (up to 30 m).
Among all these, the shallow water division dominated the market in 2019 and is projected to account for the major share of the market during the forecast period as well. Shallow-water regions are ideal for setting the foundation for wind towers, since they offer more convenience as compared to deep water and transitional water installations. The maintenance and repair of devices is easier to take care in shallow water, owing to which, the division is predicted to register significant growth in the years to come.
On the basis of installation, the offshore wind turbine market is bifurcated into floating and fixed, between which, the fixed category held the larger share of the market in 2019. This is due to the various benefits of fixed installations, as opposed to floating installations, such as easier decommissioning and commissioning processes and economic feasibility. In addition to this, the cables of fixed installations retain their positions, as the impact of current and waves is weaker.