The offshore wind turbine market was valued at $24,683.3 million in 2019, and it is expected to reach $68,869.3 million by 2026. The depleting resources of conventional energy and increasing focus on cleaner and sustainable resources have created a wide base for wind energy farms. The projected growth is attributed to the technological advancements in offshore foundations, huge influx of investments in the renewable energy sector, and supportive government initiatives.
There has been an increase in the installation of offshore turbines to amplify the yield, to provide energy at a reduced cost. Technological innovations by manufacturers have widened the scope for this technology. With new developments, wind energy farms are being installed in waterbodies in different geographical areas, with both governments and private firms investing hugely in them. Governments worldwide are drafting supportive regulations to meet the future energy demands and reduce the hazardous impact of fossil fuel consumption. These regulations are also attracting private entities to invest in offshore wind turbine plants.
The strong government initiatives, rising energy demand, high dependency on conventional sources of energy, and surging demand for cost-effective and environment-friendly energy resources will increase the number of wind energy farms in the Asia-Pacific region in the next few years. The maximum number of offshore windmills will be installed in the APAC region to meet its energy demands. Among the APAC countries, China has made remarkable progress and is working toward its national goal of installing wind turbines with a combined generation capacity of 400 GW by 2030.
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The sector is currently in its development phase, but has a long-term application and a huge growth potential. Governments play a major role in promoting these new sources of energy and regulating the investments. To cater to the rising demand for clean electricity, several offshore wind turbine market players have emerged, including General Electric Company, Ocean Breeze Energy GmbH Co., Xinjiang Goldwind Science Technology Co. Ltd., Nordex SE, and Siemens Gamesa Renewable Energy S.A.
The need for greener and cleaner energy is urgent, and with this gradual shift toward renewable sources of energy, the focus on offshore wind turbines has increased. This positive change in the energy sector will lead to new developments that will unearth the unexplored territories of wind-based energy generation.
