Offshore Wind Turbines Market to Expand at a CAGR of 8% during Forecast Period, notes TMR Study

WILMINGTON, DE / ACCESSWIRE / October 3, 2022 / Transparency Market Research Inc. - The Global Offshore Wind Turbines Market is prognosticated to reach a value of $120 Bn by the end of 2030, according to a review by Transparency Market Research (TMR). Furthermore, the study by TMR finds that the market for offshore wind turbines is expected to develop at a CAGR of 8% during the forecast period of 2020 to 2030.

Transparency Market Research inc., Monday, October 3, 2022, Press release picture
Transparency Market Research inc., Monday, October 3, 2022, Press release picture

Due to the rise in the adoption of advanced technologies, the electricity cost from offshore winds is anticipated to decrease in the forthcoming years, states a TMR study on the offshore wind turbines market. The offshore site offers uninterrupted wind supply throughout the year. The understanding of the advantages of offshore wind energy in comparison with onshore wind energy is being rising in recent years globally. This factor is estimated to drive the growth prospects in the offshore wind energy market during the forecast period.

The offshore wind turbines market in Europe is expected to gain sizable growth prospects during the forecast period, state analysts of a TMR analysis. The growth of the Europe market is ascribed to many factors including a rise in the demand for clean energy generation across many regional nations. This aside, the Europe offshore wind turbines market is anticipated to expand at a significant pace in several regional nations including Germany, Denmark, the U.K., and Belgium, find analysts of a TMR review.

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Offshore Wind Turbines Market: Key Findings

  • Over the period of past few years, the demand for clean energy generation is being increasing across several developed and developing nations. This factor is prognosticated to create substantial opportunities for business in the global offshore wind turbines market during the forecast period, states a TMR analysis.

  • Due to the rise in the efforts to incorporate technological advancements in offshore wind technology, the demand for offshore wind turbines offering increased capacities is being risen across many nations such as the U.S., China, and some parts of Europe. This factor is prognosticated to help in the expansion of the offshore wind turbines market size during the forecast period, state analysts of a TMR analysis.

  • Key companies operating in the global offshore wind turbine market are investing heavily in R&Ds in order to create cost-efficient and lightweight floating wind models. For such research, many players are also seen partnering with other market leaders. Moreover, the market players are focusing on the launch of technologically advanced products. Such efforts are expected to drive the growth in the market, states offshore wind turbines market demand analysis report presented by TMR. This aside, players are using varied strategies such as mergers, acquisitions, and collaborations, in order to sustain the high level of market competition, finds a TMR review that provides an exhaustive analysis of offshore wind turbines market trends.

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Offshore Wind Turbines Market: Growth Boosters

  • A rise in the adoption of advancements in offshore wind technology is projected to help in the expansion of the offshore wind turbines market share in the near future

  • A surge in the understanding of the benefits of offshore wind energy is likely to fuel the sales growth in the offshore wind turbines market during the forecast period

Offshore Wind Turbines Market: Key Players

Some of the key players profiled in the report are:

  • Enercon GmbH

  • Vestas

  • Nordex S.E

  • General Electric

  • Siemens Gamesa Renewable Energy S.A.

  • Suzlon Energy Limited

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Offshore Wind Turbines Market Segmentation

Foundation Type

  • Monopile

  • Jacket

  • Tripod

Floating & Others

  • Location Proximity

  • Shallow Water

  • Transitional Water

  • Deep Water

Capacity

  • Up to 1 MW

  • 1-3 MW

  • 3-5 MW

  • Above 5 MW

Region

  • North America

  • Europe

  • Asia Pacific

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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