Stringent federal regulations to curb carbon emissions to strengthen offshore wind turbine market size by 2026

The offshore wind turbine market is set to witness sizable growth on account of surging electricity demand and growing concerns over depleting fossil fuel reserves. Countries over the world are steadily shifting towards green energy solutions to curb carbon emission and GHG levels. Governments are imposing stringent emission norms and mandates to minimize the combustion of traditional fossil fuels. Such initiatives have positively influenced the offshore wind turbine market growth over the years.

Rapid trend of industrialization could play a vital role in stimulating the demand for offshore wind turbines. Industrial units are some of the heavy consumers of fossil fuels. Though with the increasing restriction on conventional power sources, these units are turning towards renewable energy generation solutions to fulfill their power demands.

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Manufacturers of renewable energy solutions meanwhile are investing heavily to develop turbines and other solutions that enhance overall system efficiency. Citing an instance, in May 2020, researchers from the Queensland University of Technology (QUT) developed a new carbon nanostructure that focuses on storing energy in mechanical form.

Rising installations of offshore wind projects could facilitate the demand for advanced turbine systems within the predicted timeframe. Factors like ongoing investments towards digitalization along with substantial operational efficiency could propel the adoption of wind turbines in developing economies. Additionally, increasing investor inclination toward large-scale project financing could broaden the business horizon for wind turbine manufacturers.

Supportive regulatory framework and policies supported by drastically declining component costs could enhance North America offshore wind turbine market growth over the forecasted timeframe. Countries like the U.S. and Canada are listed as some of the emerging markets for offshore wind turbine manufacturers. According to the U.S. DOE, wind technology across the eastern seaboard and the shallow water might generate up to 530 GW while taking care of almost 40% of the nation’s existing power production capacity in the future.

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Mounting presence of potential wind generating offshore locations across the world could massively boost industry outlook. Prominent industry players like Vestas, MHI-Vestas, Hitachi, GE Renewable Energy, Siemens Gamesa, Goldwind, and Doosan Wind are constantly focusing on implementing strategic business plans like lucrative merger deals, product innovations, and collaborations to enhance their market presence. Additionally, companies are looking to sign long-term contracts with federal authorities to expand their industry share.

Taking March 2020 for instance, Triconti Windkraft Group of Cos. bagged an offshore wind power service contract from the Department of Energy (DOE) for two projects situated in Guimaras Strait, Central Philippines and Aparri Bay, Northern Philippines. The company claims that both these projects will have a combined potential of more than 1.2 GW output.