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
NEW YORK - April 1, 2021 - PRLog -- "Global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018.", the International Renewable Energy Agency (IRENA) says. It goes on to say that the amount of wind power generated around the world doubled between 2009 and 2013. Similarly, the International Energy Agency (IEA) had forecast capacity additions of 60 Gigawatts (GW) and 5.3 GW for onshore and offshore wind plants, respectively, for last year.

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 (, as a result of the strong government support for renewable energy. The increasing requirement for electricity in the region, on account of the burgeoning population, coupled with the alarming air pollution levels, is driving the shift toward cleaner energy sources in APAC. Till 2030, China plans to have an aggregate wind power capacity of 400 GW, of which the first large-scale offshore wind farm will likely become operational in Chinese Taipei this year, as per the IEA.

Hence, with a strong focus on reducing the emission of GHGs from conventional power plants, the number of offshore wind power establishments will increase.

Vijay Kumar
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Tags:Offshore Wind Turbine Market
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