Offshore Wind Turbine Market to Reach More Than $68,000 million by 2026

With the increasing government tilt towards cleaner sources of energy across the globe, the global offshore wind turbine market is expected to reach a new height, from $24,683.3 million in 2019 to $68,869.3 million by 2026, as per a report by the Prescient & Strategic (P&S) Intelligence.

February 26, 2021. By News Bureau

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With the increasing government tilt towards cleaner sources of energy across the globe, the global offshore wind turbine market is expected to reach a new height, from $24,683.3 million in 2019 to $68,869.3 million by 2026, as per a report by the Prescient & Strategic (P&S) Intelligence.

Under the turbine power segment, the 3 Megawatt (MW)-to-5 MW classification contributes the highest revenue to the offshore wind turbine industry and this situation is expected to remain unchanged in the near future. Heavy investment is flowing in this segment as with lower maintenance costs, their electricity generation capacity is high.

The Asia-Pacific region is facing the brunt of air-pollution; with efforts to downsize their fossil-fuel dependent economy - thereby marking it as the most potential candidate to have a considerable share in the offshore wind turbine market in the years to come, including installing wind towers on seas and lakes, the report said.

The offshore wind turbine market was dominated by the shallow-water (up to 30 meters) segment on the basis of water depth, owing to the greater convenience this depth provides for setting up windmills compared to transitional and deep waters. Moreover, maintaining, and repairing shallow-water wind installations is easier.

As per the report, fixed-windmills are going to be the preferred one, in the coming future. This is because not only are fixed windmills cost-effective, but also easier for commissioning and decommissioning. In addition, strong currents, waves, and winds are not that impactful on fixed installations, which are able to stay where they are, under such conditions.

The generation of electricity from fossil-fuels is leading to a rise in global warming, hence, the transition can receive a push from respective governments.

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world.

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