New York City, NY, 26 September, 2019/ 24 Market Reports: It is expected for the offshore wind turbine market to reach USD 55,110 million by 2022 from that off USD 27,000 million in 2017 at a CAGR of 15.32% in the forecast period from 2017 to 2022. The increasing demand for energy coupled with an increased share of renewables in the power generation mix, growing industrialization, regulations on energy efficiency, and increased urbanization are driving the growth for the market.
Shallow water segment to hold the largest market share
Among the three-water depth location for offshore wind turbines, it is expected for the shallow water segment to hold the largest share in the forecast period. High maintenance cost has to be paid with the installation of wind turbines in deep water whereas, the development of shallow water is generally cost-effective due to better weather conditions.
Depend upon the region, wind speed, and turbine capacity the offshore are getting installed in all the three water locations. Due to favourable weather conditions, shallow water mostly prevails in the European countries. Siemens AG and MHI Vestas are the major players belonging to Germany and Denmark respectively providing turbines which can be installed in shallow water.
Electrical infrastructure to account for the highest CAGR
It is estimated for the electrical infrastructure to account for the highest CAGR in the forecast period. Land-based transmission infrastructure, growth of offshore substation, and cables and accessories related to offshore wind turbines are the driving factors of the market. To reduce the losses the task of increasing the voltage of the electricity produced by wind turbines is done by offshore substation by controlling the electric system of the turbine.
Land-based transmission infrastructure includes onshore transmission or conversion equipment, required to connect with the wind farm project to the power grid. Inter-array cables and export cables are the two types of cables. Cables are the last but the most important component of electrical infrastructure. The task of connecting the turbines to the offshore substation is done by inter-array cables whereas, export cables are engaged in transmitting the power from offshore substation to the onshore substation and power grid.
Europe to be the largest off shore wind market
Followed by Europe, Asia Pacific is expected to grow in the second position with the increasing urbanization and industrialization to drive the growth for the market in the power sector. With the countries focusing on power generation through renewable sources the offshore wind becomes an integral part of renewable-based power generation.
As the countries like Japan, China, and South Korea are looking for an alternative source of energy to diversify their energy mix to reduce CO2 emission the opportunity opens up for the technological advancement and clean energy consumption in these countries as it would further propel wind power deployment. The strict government regulations on energy efficiency are the other major drivers of the market.
