The global offshore wind-turbine market is expected to grow at a CAGR of 20% during the forecast period, according to Technavio’s latest market research.
Research analysis on the global offshore turbine market identifies that the government support for wind projects will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s analysts predict that this market will grow at a CAGR of 20% by 2021.
In this market research report, Technavio covers the market outlook and growth prospects of the global offshore wind-turbine market for 2017-2021. The market is further categorized into three segments based on substructures, which are port monopiles, gravity foundation, and others.
The global offshore turbine market by the monopiles segment accounted for 81% of the market share in 2016 and is expected to continue its dominance in the market during the forecast period.
“The global offshore wind-turbine market for wind-power systems is predicted to grow steadily during the forecast period, influenced by factors such as rising environmental concerns, increased demand for power, favorable government regulations, and the need to reduce dependence on fossil fuels,” said Thanikachalam Chandrasekaran, a lead power research expert from Technavio.
Technavio’s research analysts segment the global offshore turbine market into the following regions:
- EMEA
- APAC
- Americas
Many countries worldwide have set renewable energy targets, which will boost the wind market during the forecast period,” said Chandrasekaran.
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Filed Under: News, Offshore wind
