According to Transparency Market Research, the global offshore wind turbines market revenue was US$ 29,418.9 Mn in 2016 and is projected to reach US$ 58,729.7 Mn by 2024 at a CAGR of 7.7 percent from 2017 to 2025.
Global Offshore Wind Turbines Market is currently dominated by Europe. Europe and Asia Pacific are expected to provide significant growth potential for the offshore wind turbines market during the forecast period.
China holds key share of the offshore wind turbines installed across the globe. The power sector reforms in Mexico have pushed the wind power sector, solar power incidentally being a direct competitor Political interference continues to hinder the wind power development in several promising markets in Latin America.
Commercial-scale offshore wind facilities have been operating in shallow waters around the world, primarily in Europe and Asia Pacific. Seabed properties, sea depth, tides, currents, and wave heights determine the type of foundation, wind profile determine the type of wind turbine to select.
Depending on the environmental factors, turbine installations between 30 meters to 50 meters water depths are known as transitional waters.
The offshore wind power development trend is toward deeper waters up to 60 meters for the proposed wind farms in the approximate timeframe of 2025. Hence, it is important to know how much the water depth affects the project duration.
Commercial-scale offshore wind facilities are similar to onshore wind facilities. The wind turbine generators used in offshore environments include modifications to prevent corrosion, and their foundations must be designed to withstand the harsh environment of the ocean, including storm waves, hurricane-force winds, and even ice flows.
Key major players operating in the offshore wind turbine market include Enercon, Siemens Wind Power, Guodian United Power Technology Company, Gamesa Corporacion Technologica, Nordex S.E., Vestas Wind Systems, Suzlon Group, Upwind Solutions, GE Wind Energy, and Xinjiang Goldwind Science & Technologies.