Offshore Wind Turbine Market Trends Segment Analysis and Future Scope

1. Offshore Wind Turbine Market To Grow the Fastest in the APAC 1 © Prescient & Strategic Intelligence Private Limited. All rights reserved

2. The offshore wind turbine market is USD 6,762 million in 2023, which will touch USD 24,603.5 million by 2030, progressing at 21% between 2024 and 2030. This is because of the application of promising policies of the government in numerous countries, huge investments in renewable energy sources, and continuous tech expansions in offshore plants. Get the sample pages of this report:https://www.psmarketresearch.com/market-analysis/global- offshore-wind-turbine-market-analysis/report-sample The shallow water category is the prime contributor. This is due to the fact that it comprises offshore wind turbines fitted in water depths of up to 30 meters and installation of wind towers in this depth is considerably easier and also decreases capital spending. Furthermore, shallow-water regions are perfect for building the foundation for wind towers and provide higher suitability over deep and transitional water. Furthermore, the transitional water category has a considerable share. It contains offshore wind turbines that are to be connected in water depths reaching from 30 to 60 meters, their installation type is floating, and the turbine capacity ranges from 3 to 5 MW. On the basis of installation, the floating category will have considerable growth in the offshore wind energy market in the future. As the energy requirement increases, key corporations and nations are accepting renewable energy sources, particularly wind energy, as it is clean energy and available in enormous amounts around the clock. The restraint of fixed basis is restricted to waters below 50 meters deep. This has fortified the growth of floating offshore wind turbine forms. APAC will grow the fastest in the future, growing at a rate of 21.6% in the years to come. This is due to the fact that it will have numerous windmill installations on seas, lakes, and oceans, chiefly as a result of the growing government initiatives meant to endorse wind energy; and the growing emphasis on declining the requirement on fossil fuels for the energy generation. China is leading the industry, with 64.3 GW installed capacity, from 2023. This is by reason of the nation’s strong surge in the annual fitting of offshore windmills. For example, Guangdong, Fujian, and 2 © Prescient & Strategic Intelligence Private Limited. All rights reserved

3. Jiangsu planned to achieve a 2 GW, and 3.5 GW offshore wind power capacity, correspondingly, in 2023. Also, in the country, the first large-scale deep-sea offshore wind power project got underway in 2022 under the POWERCHINA initiative for connecting deepsea energy with the national electricity power grid. This kind of mission need high-power turbines to work smoothly, which has, consequently, endorsed the growth of the industry in the country. Browse the full report at: https://www.psmarketresearch.com/market-analysis/global-offshore- wind-turbine-market-analysis Due to the considerable investments in renewable energy sources all over the globe, the demand for offshore wind turbines is on the rise, and will also continue to grow in the years to come as well. The research offers the size of the global offshore wind turbine market for the period 2017–2030. Market Size by Water Depth •Shallow Water (up to 30 m) •Transitional Water (30 m to 60 m) •Deep Water (> 60 m) Market Size by Installation •Fixed •Floating Market Size by Turbine Capacity •Up to 3 MW •3–5 MW •> 5 MW Market Segmentation by Region •North America Offshore Wind Turbine Market oBy water depth oBy installation 3 © Prescient & Strategic Intelligence Private Limited. All rights reserved

4. oBy turbine capacity oBy country – U.S. and Canada •Europe Offshore Wind Turbine Market oBy water depth oBy installation oBy turbine capacity oBy country – Germany, France, U.K., Italy, Spain, Denmark, Netherlands, Belgium, and Rest of Europe •Asia-Pacific (APAC) Offshore Wind Turbine Market oBy water depth oBy installation oBy turbine capacity oBy country – China, Vietnam, Japan, South Korea, India, Australia, and Rest of APAC •Latin America (LATAM) Offshore Wind Turbine Market oBy water depth oBy installation oBy turbine capacity oBy country – Mexico, Brazil, and Rest of LATAM •Middle East and Africa (MEA) Offshore Wind Turbine Market oBy water depth oBy installation oBy turbine capacity oBy country – Saudi Arabia, South Africa, and Rest of MEA 4 © Prescient & Strategic Intelligence Private Limited. All rights reserved

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