A comprehensive overview of the Global Offshore Wind Turbines Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Offshore Wind Turbines Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Offshore Wind Turbines Market at the regional & country levels. The Global Offshore Wind Turbines Market is expected to grow at a CAGR of 11.1% from 2021-2027 to reach $33 billion by 2027.
The Global Offshore Wind Turbines Market is experiencing significant growth due to higher potential of power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favourable policies for offshore wind power generation globally. Constant advancements in Offshore Wind Turbines have been made in the turbine technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. As per BNEF, the global offshore wind average LCOE has dropped 67.5% to US$84/MWh since 2012.
Travel bans, supply chain pressure, and deferred maintenance of offshore wind turbines are among the key challenges faced by wind farm owners during the ongoing COVID-19 pandemic. The lack of manpower to fix the breakdown of wind farms is another challenge that companies in the offshore wind turbines market need to tackle. Moreover, factory shutdowns worldwide have affected the uptake of renewable energy. This led to difficulties in adhering to deadlines for building new projects.
However, as per IEA, the impact of Covid-19 on offshore deployment in 2020 and 2021 remains limited as Offshore projects have longer construction periods than do onshore projects. Most projects in their period for 2020 and 2021 are either partially commissioned or at an advanced stage of development, particularly in Europe, which is the largest offshore market.
