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.
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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.
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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.
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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.
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