Offshore Wind Turbine Market to See 11.9% Annual Growth Through 2024

Industry Boosted by Worldwide Urbanization

October 29, 2019

WELLESLEY, Mass., October 29, 2019–Rapid worldwide urbanization and the push to reduce carbon emissions are two factors which drive growth of the global offshore wind turbines market, according to a report by BCC Research, “Global Markets for Offshore Wind Turbines.

The market expects to see a compound annual growth rate (CAGR) of 11.9% through 2024, when it could be worth $29.3 million.

Major players in the market include : Siemens Gamesa Renewable Energy, Vestas Wind Systems (VWDRY), Enercon and Senvion (SEN).

Research Highlights

  • Asia will see the strongest growth; with a market worth of $4.8 billion in 2018, it is expected to reach $11.0 million by 2024, growing at a CAGR of 14.5%.
  • The North American market was valued at $2.6 million in 2018, and is expected to reach $5.2 million in 2024, with a CAGR of 11.6%.
  • The European market was valued at a $7.7 million in 2018, and is expected to reach $13.1 million by 2024, with a CAGR of 10.1%.

Read the full report here:

“The need for renewable energy sources has heightened,” writes analyst Paul Korzeniowski. “Offshore wind is viewed as a much more environmentally friendly energy source than traditional approaches such as coal, oil and gas. Offshore wind is attractive because it has the potential to create large energy volumes with minimal environmental impact. It is considered a prime energy source in the future. Consequently, demand for offshore wind solutions is rising, and sales are increasing at double digit rates.”

Limitations for Offshore Wind Turbines

The report adds that these turbines do create challenges. The increased size makes it difficult to transport parts. Offshore wind turbines are carried by barge. Special equipment is needed to secure the devices and put all of the pieces together once they arrive at a given site. Tall, skinny things placed in high winds tend to bend and flex. When long turbine blades bend, they can crash into the tower, or hub, as one system did in 2008 after its “brake” failed and it spun out of control.

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Global Markets for Offshore Wind Turbines( EGY168A )
Publish Date: Oct 2019    

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