World - Impact of Outbreak of COVID-19 on Offshore Wind Turbines Market - Global Industry Report, 2030
In terms of value, the global offshore wind turbines market is expected to reach US$ 120 Bn by 2030, expanding at a CAGR of ~8% during the forecast period.
Offshore Wind Turbines Market: Introduction
Based on volume, the global offshore wind turbines market is estimated to reach 65,037 MW by 2030, expanding at a CAGR of ~8% during the forecast period. Among foundation types, the monopile segment is anticipated to contract due to increase in average turbine size, which requires large foundations. In terms of location proximity, the shallow water segment held larger share of the global offshore wind turbines market in 2019. However, the trend for deeper waters (up to 60 meters) for proposed wind farms is projected to rise by 2030. The 5MW & above capacity segment is likely to account a major share of the global offshore wind turbines market by 2030 due to installations of large-sized turbines in Europe and Asia Pacific. The offshore wind turbines market in Asia Pacific is expected to expand at a substantial pace during the forecast period. The region installed 2.5 GW of offshore wind capacity in 2019; of this, China installed 2.4 GW capacity.
Major Drivers of Offshore Wind Turbines Market
Lucrative incentive mechanism with favorable regulatory frameworks for offshore wind power generation is propelling the demand for offshore wind turbines across the globe. Essential support incentive schemes and regulatory frameworks are driving the global offshore wind turbines market. Incentives are anticipated to be provided until the offshore wind power generation technology develops significantly.