Offshore Wind Turbine Market Share, Leading Players, Growth and Forecast to 2026
In 2019, the offshore wind turbine market generated a revenue of $24,638.3 million in 2019, and it is projected to reach a value of $68,869.3 million by 2026.
By: P&S Intelligence
In the context of offshore wind plants, the IEA further says, "Additions are expected to reach a record 7.3 GW in 2021". With such a high increase forecast for the offshore wind power capacity in the years to come, P&S Intelligence expects the offshore wind turbine market to grow from $24,683.3 million in 2019 to $68,869.3 million by 2026. The turbine is the main component of a wind power plant, as it generates the electricity in combination with an alternator.
With the growing concerns regarding the emission of greenhouse gases from power plants, the focus on replacing fossil fuels with cleaner resources for creating electricity is increasing. The IEA says, "Global energy-related CO2 emissions grew 1.7% in 2018 to reach a historic high of 33.1 Gt CO2. It was the highest rate of growth since 2013, and 70% higher than the average increase since 2010.", highlighting why switching to cleaner technologies is more important than ever. As a result, countries around the world are investing in renewable energy, including in the setting up of offshore wind power plants.
In 2026, Asia-Pacific (APAC) will be the dominating region in the offshore wind turbine market (https://www.psmarketresearch.com/
Hence, with a strong focus on reducing the emission of GHGs from conventional power plants, the number of offshore wind power establishments will increase.