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Global Offshore Wind Turbines Market is expected to rise to US$58.6 bn by 2025

Global Offshore Wind Turbines Market is expected to rise to US$58.6 bn by 2025

The offshore wind turbines technologically advanced, and include a number of engineering and mechanical innovations to help maximize efficiency and increase the production of electricity. The energy produced from turbines in deep waters in the North Sea alone could meet the EU’s electricity consumption four times over. Deep offshore designs are competitive in terms of the levelised cost of energy (LCOE) with bottom fixed foundations in more than 5Om water depth. Wind energy has been utilized by humans for more than two thousand years. For example, windmills were often used by farmers and ranchers for pumping water or grinding grain.

In modern times, wind energy is mainly used to generate electricity, primarily through the use of wind turbines. Developing economies such as India are now focusing on renewable sources of energy for power generation. India has set targets of electricity generations by wind energy and solar energy. Exploration of offshore sites is being carried out in order to enhance profitability of power generation from wind. Unlike onshore sites, offshore sites generally have uninterrupted winds throughout the year.

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Global Offshore Wind Turbines Market: Research Methodologies

Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, internet sources, statistical data from government websites and trade associations/agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.

Secondary research sources which were typically referred to include but are not limited to: company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, internal and external proprietary databases as well as relevant patent and regulatory database, national government documents, statistical databases, market reports, news articles, press releases, industry magazines, webcasts specific to companies operating in the market, Platt’s Global, IEA (International Energy Agency), Lloyds Register, International modules for STCW (Standards of Training, Certification and Watch-keeping), ICS (International Chamber of Shipping), MARPOL (Marine Pollution), UNCTAD (United Nations Conference on Trade and Development), U.S. Energy Information Administration (EIA), BP Statistical Review of the World (2014), IACS (International Association of Classification Societies) and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, market reports, news articles, press releases, Global Wind Energy Council (GWEC), European Wind Energy Association (EWEA) and webcasts specific to companies operating in the marine fuel management market.

We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.

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Key Players Mentioned in this Report are:

The report comprises profiles of major players operating in the offshore wind turbine market include Enercon GmbH, Siemens Wind Power, Guodian United Power Technology Company Ltd, Gamesa Corporacion Technologica S.A., Nordex S.E., Vestas Wind Systems A/S, Suzlon Group, Upwind Solutions Inc., GE Wind Energy, and Xinjiang Goldwind Science & Technologies Co. Ltd

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