Boom Predicted in Asia-Pacific Offshore Wind Turbine Market in Future

 In 2019, the global offshore wind turbine market attained a value of $24,683.3 million. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market would generate a revenue of $68,869.3 million by 2026. The key factors driving the progress of the market are the rapid technological advancements and innovations in offshore plants and the surging investments being made in renewable energy development across the world. 

 

The rapid technological advancements being made by the offshore wind turbine manufacturing organizations for developing advanced offshore foundations are massively propelling the advancement of the market across the globe. Moreover, these advancements are making the setting up of wind energy farms possible in complex and inaccessible geographical regions. The worldwide offshore wind energy pipeline reached a capacity of 4,888 MW in 2018, with as many as 38 announced projects and operating projects having a capacity of 46 MW.

 

Additionally, the offshore wind turbine industry is developing rapidly. For example, Hywind, which is the first 30 MW demonstration project and was commissioned in October 2017, is now successfully operating in the U.K. These advancements have unleashed the true potential of deep-water wind energy, which is extremely beneficial for the countries having a limited land area. The ability of these turbines to reduce the reliance on land for power production is another important factor driving the progress of the market.

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Depending on water depth, the market is divided into transitional water, deep water, and shallow water. Out of these, the shallow water division is predicted to register the highest growth in the market in the forthcoming years. This is ascribed to the high convenience, the ease of access to these wind farms for regular maintenance and repair works, and their high feasibility, especially in the countries having limited land availability. 

 

When installation is taken into consideration, the offshore wind turbine market is categorized into floating and fixed. Between these, the fixed offshore wind turbine category recorded higher growth in the market in the past years and this trend is predicted to continue in the upcoming years as well. This is credited to the various advantages of fixed installations over the floating ones such as their lower costs, easier decommissioning and installation procedures, and higher compatibility with several foundation types. 

 

Globally, the offshore wind turbine market is predicted to be very prosperous in the Asia-Pacific (APAC) region in the upcoming years. This would be because the governments of various emerging economies in the region such as India, Vietnam, and China are focusing strongly on the development of renewable energy sector, primarily for meeting the soaring energy requirements. Moreover, many organizations are making huge investments in the development of offshore wind turbines in this region. 

 

Hence, it is safe to say that the market would demonstrate huge expansion all over the world in the years to come, mainly because of the growing popularity of renewable energy sources such as wind and the surging demand for advanced power generating methods that can lower the reliance on land in various countries.