Offshore wind turbines market could hit $58.7 billion by 2025 says Transparency Market Research

Transparency Market Research has released a new market report titled:

“Offshore Wind Turbine Market by Foundation Type (Monopile, Jacket, Tripod, Floating and Others) by Application (Shallow Water, Transient Water and Deep Water) by Capacity (up to 1 MW, 1 to 3 MW, 3 to 5 MW and Above 5 MW) and by Region (North America, Latin America, Europe, Asia-Pacific and Middle East & Africa) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025.”

The Wind Float from Principle Power is one of several working prototypes.

According to the report, the global offshore wind turbines market revenue was $29.4 billion in 2016 and is projected to reach $58.729 billion by 2024 at a CAGR of 7.7% from 2017 to 2025.

Offshore wind turbines are devices that convert the kinetic energy of offshore winds into electrical power generally three blades rotate around rotor with the help of wind energy. The rotor is connected to the main shaft, which spins the generator to produce electricity.

Global Offshore Wind Turbines Market is currently dominated by Europe. Europe and Asia Pacific are expected to provide significant growth potential for the offshore wind turbines market during the forecast period. Commercial-scale offshore wind facilities have been operating in shallow waters around the world, primarily in Europe and Asia Pacific. Seabed properties, sea depth, tides, currents, and wave heights determine the type of foundation, wind profile determines the type of wind turbine to select. Depending on the environmental factors, turbine installations between 30 to 50 meters water depths are known as transitional waters.

The offshore wind power development trend is toward deeper waters up to 60 meters for the proposed wind farms in the approximate timeframe of 2025. Hence, it is important to know how much the water depth affects the project duration. Commercial-scale offshore wind facilities are similar to onshore wind facilities. The wind turbine generators used in offshore environments include modifications to prevent corrosion, and their foundations must be designed to withstand the harsh environment of the ocean, including storm waves, hurricane-force winds, and even ice flows.

Get a sample of this research report:

Or, at no cost, read the article Foundation that float, published in Windpower Engineering & Development, here:

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