Offshore Wind Turbine Market Analysis

Offshore Wind Turbine Market Analysis

The industry size from fixed offshore wind turbine exceeded 13 GW in 2022, propelled by its advantageous characteristics such as low construction costs, reduced susceptibility to damage, cost-effectiveness, and the extensive use of shorter lines to transfer electricity to the shore. Moreover, these turbines have emerged as a reliable option due to their ability to overcome scours over the seabed with the help of complex advancements in designs.

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The  >10≤12 MW offshore wind turbine market expected to witness 17% growth during 2023-2032. The ongoing development of large-scale projects in deep-water sites and the progress of floating infrastructures is fueling sector growth. In China, the first large-scale deep-sea offshore wind power project started in December 2022 under the country’s POWERCHINA initiative of connecting deep-sea energy with the national electricity power grid. Such missions require high-power turbines to work smoothly, which has promoted the use of cost-effective options including >10≤ 12 MW-rated turbines.
 

Europe offshore wind turbine industry is estimated to amass 41 GW by 2032, attributed to the stringent regulatory environment and ongoing construction of large capacity projects at various sites. To cite an instance, France started its first Saint-Nazaire Offshore Wind Farm operation in November 2022 with an estimated capacity of 480 megawatts to the grid. The easy availability of resources, favorable government support, and the consistent development of cutting-edge turbine designs by regional firms are thus promoting the growth of the market growth.