Offshore Wind Turbine Market to Hit $39.2 Billion by 2031: Allied Market Research

Rise in environmental concerns and huge production of energy from renewable sources such as wind and solar power drive the growth of the global offshore wind turbine market. Shut down of automotive, electrical, and other manufacturing activities during the COVID-19 pandemic will severely impact the market growth. Asia-Pacific contributed toward the highest market share in 2021.

Pune, INDIA


Portland, OR, July 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global offshore wind turbine market accrued $17.8 billion in 2021, and is predicted to garner $39.2 billion by 2031, registering a CAGR of 8.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Rise in environmental concerns and huge production of energy from renewable sources such as wind and solar power drive the growth of the global offshore wind turbine market. Contrarily, high capital investments and maintenance costs hinder offshore wind turbine activities across the globe. Nonetheless, the large-scale awareness among the people about the favorable impact of the use of wind power generation will generate new growth opportunities for the market during the forecast timeline.

Download Report Sample (299 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/17228       

COVID-19 Scenario

  • The emergence of the COVID-19 pandemic negatively impacted the growth of the offshore wind turbine market, owing to disruptions in raw material transport, low labor mobility, and shutdown of production units that led to reduced power demand.
  • The shutdown of automotive, electrical, and other manufacturing activities during the COVID-19 pandemic severely impacted the market growth.

The report offers detailed segmentation of the global offshore wind turbine market based on capacity, application, and region.

Based on capacity, the large (greater than 100MW) segment accounted for the largest share of the market in 2021, contributing to around three-fourths of the overall share of the global offshore wind turbine market. However, the small (less than 10MW) segment is predicted to record the highest CAGR of 9.3% from 2022 to 2031.

Get detailed COVID-19 impact analysis on the Offshore Wind Turbine Market Request Here

Based on application, the industrial segment accounted for the largest share of the market in 2021, contributing to nearly two-fifths of the overall share of the global offshore wind turbine market. However, the residential segment is anticipated to record the highest CAGR of 8.7% from 2022 to 2031.

Based on region, Asia-Pacific contributed toward the highest market share in 2021, accounting for more than two-fifths of the market. Moreover, the Asia-Pacific offshore wind turbine market is set to record the fastest CAGR of 9.0% from 2022 to 2031. The research also analyzes regions including North America, Europe, and LAMEA.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/17228      

Key players profiled in the global offshore wind turbine market research report are Sinovel Wind Group, Enercon Gmbh, Vestas, General Electric, Zhejiang Windey, Goldwind, Nordex SE, Suzlon Energy Limited, Regen Powertech, and Siemens Energy.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenueTrial

Get more informationhttps://www.alliedmarketresearch.com/library-access

Similar Reports:
(Pre-Book Now with 10% Discount)

Wind Turbine Control System Market: Global Market Trends and Opportunities, 2021–2030

Wind Turbine Shaft Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Air-Borne Wind Turbine Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Wind Turbine Casting Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Direct Drive Wind Turbine Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Offshore Wind Turbine Installation Vessel Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Wind Turbine Foundation Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Wind Turbine Gearbox Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Marine Wind Turbine Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Vertical Axis Wind Turbine Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Onshore Wind Turbine Market: Global Opportunity Analysis and Industry Forecast, 2021-2029

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com

Web: https://www.alliedmarketresearch.com

Follow us on | Facebook | Twitter | LinkedIn