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Global Offshore Wind Turbine Market on the Rise, Supported by Climate Change Remedies and Key Technological Innovations
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"The integration of artificial intelligence , internet of things , robotics, and data analytics in wind turbines will enable advanced condition monitoring and predictive maintenance," said . "This will result in increased efficiency and reduced operational and maintenance costs, which will lead to a growth in the deployment of offshore wind turbines."
Frost & Sullivan's latest research, offers an in-depth analysis of the global offshore wind turbine market and identifies key opportunities that can be leveraged for growth in this sector. The report explores the trends influencing the sector, examines the key market drivers and restraints, and provides detailed revenue forecasts, region-wise market profiles, and competitive landscape analyses.
is the largest market for offshore wind turbines, generating $4.91 billion in 2018, followed by , which garnered $2.47 billion in revenue. As the European wind turbine market is mature, revenues are expected to grow at a comparatively low CAGR of 18.2%. On the other hand, revenues from the Asia-Pacific region are forecast to grow at a CAGR of 27.5% as a result of increased installations in China and Taiwan . However, the highest growth is projected to be in the North American market, driven by demand from the , as several offshore wind projects reach completion. The market is also expected to start picking up in the rest of the world, as several projects in Brazil , Saudi Arabia , and Kenya develop over the forecast period.
"Country-specific clean energy targets aimed at remedying , along with strong regulatory support, will drive the growth of the global offshore wind turbine market," noted
. "Additionally, the corporate sector's growing interest in procuring cost-efficient wind power to meet their
targets will sustain the demand for offshore turbines in the years to come."
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