Offshore Wind Turbines Market: Current Analysis and Forecast 2021-2027

Global Offshore Wind Turbines Market was valued at US$ xx billion in 2020 and is anticipated to reach US$ xx billion by 2027 displaying a CAGR of xx% over the forecast period (2021-2027). Offshore wind turbines are similar to onshore wind turbines and use substantially the same technology. The only significant difference as far as energy capture is concerned is that they are often larger. As with onshore machines, those used offshore are horizontal axis wind turbines with three-bladed rotors. According to BNEF, the global offshore wind average LCOE has dropped 67.5% to US$84/MWh since 2012. Cost reduction of offshore wind is set to continue and expected to hit US$58/MWh by 2025 thanks to the scale provided by GW-level projects, the newly introduced supersized offshore wind turbines and the reduction in the cost of capital. Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels. The growth of Offshore Wind Turbines Market expanded significantly over recent years, underpinned by higher potential of power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally. For instance, as per GWEC, the level of annual installations is likely to quadruple by 2025 from 6.1 GW in 2020, bringing offshore's market share in global new installations from today's 6.5% to 21% by 2025. In total, more than 70 GW offshore is expected to be added worldwide in 2021-2025.
Other factor driving the growth of the Offshore Wind Turbines Market globally is high focus of the companies worldwide to make much more technologically enabled & cost-efficient turbines.
Nordex SE, Suzlon Energy Ltd, ?rsted A/S, GE Renewable Energy, ABB Ltd etc. are some of the prominent players operating in the Global Offshore Wind Turbines Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Offshore Wind Turbines applications.

Insights Presented in the Report
"Amongst water depth type, Shallow Water (up to 30 m) segment holds the major share."
Based on water depth type, the market is segmented into Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m). The Shallow Water (up to 30 m) segment grabbed XX% market share of the Global Offshore Wind Turbines Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to shallow-water regions being ideal for building the foundation for wind towers, on account of the higher convenience offered by them over the deep and transitional-water installations.
"Amongst installation type, Fixed segment dominated the market in 2020."
Based on installation, the market is segmented into Fixed & Floating. In 2020, the fixed segment dominated the Offshore Wind Turbines Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the ease of operation and cost-effectiveness.
"Amongst Turbine capacity type, > 5 MW segment dominated the market in 2020."
Based on turbine capacity, the market is classified into Up to 3 MW, 3 MW to 5 MW and > 5 MW. The > 5 MW segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) due to more installations of large-sized turbines in Europe and Asia Pacific & their impact on achieving more power generation offsetting initial capital costs.
"Europe represents as the largest market in the Global Offshore Wind Turbines Market."
For a better understanding of the market adoption of Offshore Wind Turbines, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Denmark, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. Europe constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the largest share of offshore wind power installed capacity in 2020 & favorable government policies in countries, such as UK, Denmark, Netherlands, which are driving clean energy usage.
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- Deep dive regional & country-level analysis of the industry

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Wind turbines generate electricity from wind that passes through the turbine's blades. The wind's kinetic energy is then captured by the blades through rotation and is converted into mechanical power. Offshore wind turbines are much larger in size (in range of 5 to 10 MW per turbine) as against 2-3 MW of an onshore wind turbine. While the cost per MW for offshore turbines are higher because of stronger structures and foundations needed in marine environment, the desirable tariffs can be achieved on account of higher efficiencies of these turbines after development of the eco system. Also, constant advancements in Offshore Wind Turbines have been made in the turbine technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels. The market growth is attributed to higher potential of power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally. However, some of the restraints in the market include High manufacturing & maintenance costs of Offshore Wind Turbines system & Logistics and supply chain issues for larger turbine structures are some factors impeding the growth of this market all over the world.
Based on water depth type, the market is segmented into Shallow Water (up to 30 m), Transitional Water (30 m to 60 m) and Deep Water (> 60 m). The Shallow Water (up to 30 m) segment grabbed XX% market share of the Global Offshore Wind Turbines Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 due to shallow-water regions being ideal for building the foundation for wind towers, on account of the higher convenience offered by them over the deep and transitional-water installations.
Based on installation, the market is segmented into Fixed & Floating. In 2020, the fixed segment dominated the Offshore Wind Turbines Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the ease of operation and cost-effectiveness.
Based on turbine capacity, the market is classified into Up to 3 MW, 3 MW to 5 MW and > 5 MW. The > 5 MW segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027.
For a better understanding of the market adoption of Offshore Wind Turbines, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Denmark and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. Europe constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the largest share of offshore wind power installed capacity in 2020 & favorable government policies in countries, such as UK, Denmark, Netherlands, which are driving clean energy usage.
Some of the major players operating in the market include Nordex SE, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, ?rsted A/S etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.