Technological Developments Projected to Drive Offshore Wind Turbine Market

The global offshore wind turbine market is predicted to attain a revenue of $68,869.3 million by 2026, increasing from $24,683.3 million in 2019, according to a research conducted by P&S Intelligence. The market has been registering growth due to the rising investments in renewable energy resources, favorable government policies, and technological advancements. When water depth is taken into consideration, the market is divided into deep water (>60 m), transitional water (30 m to 60 m), and shallow water (up to 30 m). 

Geographically, the Asia-Pacific region is projected to register the highest number of wind turbine projects in the offshore wind turbine market, owing to the rising government initiatives regarding the promotion of offshore installation of windmills. The surging energy demand and high dependence on fossil-fuels for power generation are further creating the high need for eco-friendly and cost-effective wind turbine installations on oceans, lakes, and seas. These factors are leading to the growth of the regional market.

To learn more about this report: https://bit.ly/3gnLheY

The increasing investments in the renewable energy industry and supportive regulations implemented by governments are resulting in the growth of the offshore wind turbine market. Apart from declining rapidly, fossil-fuel-based energy has severe effects on the environment, which the world now is shifting towards using cleaner and renewable resources for power generation, such as offshore wind energy. Furthermore, governments across the globe are also investing heavily for increasing the adoption of renewable energy resources, which is further projected to drive the market in the near future. 

A key trend being witnessed in the offshore wind turbine market is the developments in the turbine technology. In the last decade, the power generated by offshore wind turbines was costlier than it is at the present time. An increased number of small turbines had to be utilized for meeting the needed requirement for energy. However, now developments are being made in the turbine technology for augmenting the capacity of these devices and decreasing their costs.  

Hence, the market is being driven by the rising investments in renewable energy sector, supportive government policies, and developments in the wind turbine technology.

Read more: https://www.psmarketresearch.com/market-analysis/global-offshore-wind-turbine-market-analysis

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