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Global Marine Wind Turbine Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 78.9 Bn by 2028, Likely to Grow with the CAGR of 6.7% During the Forecast Period.
Marine wind turbines contribute to be an important source of renewable energy. Rapid depletion of non-renewable energy sources is leading to the increased demand for utilization of renewable energy obtained through the wind, tidal waves, sun, and others. Marine wind turbines prove to be a suitable alternative for non-renewable energy sources such as fossil fuels as it aids in reducing air pollution and emission of greenhouse gas significantly.
Increasing demand for renewable and clean energy, rising investments by governments in electricity generation, growing concerns regarding depletion of fossil fuels, rising demand for renewable sources of energy are expected to fuel the growth of the global marine wind turbine market.
Furthermore, Increasing wind power capacity, attributable to innovation and development of more powerful and efficient turbines, are among other factors expected to propel the demand for energy generation and drive the growth of the global market.
However, high installation costs, delayed regulatory approvals, environmental impacts caused on the ecosystem by marine wind turbine operations factors expected to restraint the growth of the market during the forecast period. While a significant increase in research and development funding by the manufacturers is leading to the development of highly efficient, floating and silent wind turbines for offering optimized safety with reduced noise.
The Horizontal Axis Segment Is Expected To Dominate The Marine Wind Turbine Market During The Forecast Period
The horizontal axis was the largest segment, accounted for over XX % of the global revenue share of the Marine Wind Turbine market in 2019 and this trend is expected to continue over the forecast period. Factors such as improved operational efficiency along with self-start capability when compared to its counterparts will enhance product adoption. It is anticipated to witness considerable growth owing to high-efficiency index along with cost-effectiveness.
Furthermore, Vertical marine wind turbines on account of their capability to effectively generate power in unstable & extreme conditions will witness growth over 7% during the forecast period. Low installation and maintenance cost, limited ground requirement and easy operations are some of the indispensable parameters which will raise the product demand across residential applications.
The Marine Wind Turbine Market in Europe Expected to Hold a largest Share in Market over the Forecast Period
The global marine wind turbines market is currently dominated by Europe, accounted for above 30 % market share in the global Marine Wind Turbine market in terms of revenue, in 2019. The regional market is anticipated to continue its dominance and expected to grow at CAGR of above XX % over the given forecast period owing to the high focus on offshore wind generation through wind turbines as a result of stringent government policies for environmental protection. Currently, the U.K. holds the leading installed offshore wind capacity in Europe.
In addition, significant opportunities are expected to be created in the U.S. due to the presence of the limited number of offshore wind farms in this area. Offshore wind power installations are mainly concentrated across Europe. The region is expected to stand for a large share in the offshore energy generation through a wind turbine.
Asia Pacific is Anticipated to Expand/Grow at Significant Rate During the Forecast Period.
The Marine Wind Turbine market in the Asia Pacific accounted for over XX % of global revenue share in 2019 and is anticipated to expand at a significant growth rate of more than 7% CAGR during the forecast period.
The countries such as China, Japan, South Korea, India, and Taiwan have approved many projects, which are under development and are expected to come up in the future, which in turn is estimated to bring significant growth opportunities in the region during the forecast period. For instance, The China wind turbine industry size is expected to surpass 29 GW of annual installation by 2024.
Global Marine Wind Turbine market is consolidated with key players holding major share of global Marine Wind Turbine market. Some of key players operating in the global Marine Wind Turbine market are Suzlon, TPI Composites, Siemens Wind Power Inc., Eco Power Shop,Leading Edge Marlec (Rutland), Vestas Wind Systems ,A/S Nordex SE, SWAY,and StatOil Hydro.
Marine Wind Turbine Market Key Segments:
Marine Wind Turbine Market, By Base
- Monopile base
- Tripod base
Marine Wind Turbine Market, By Axis
- Vеrtісаl ахіѕ
- Ноrіzоntаl ахіѕ
Marine Wind Turbine Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America