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. Th...