New research into renewable energy trends suggest clean energy revenues from the Asia-Pacific region are forecast to grow at a CAGR of 27.5%.
Technological advancements such as increased-capacity wind turbines, floating wind turbines and 3D printing have brought down the overall cost of offshore wind power and opened new offshore locations that were previously inaccessible.
These improvements are accelerating the adoption of wind power and driving the global offshore wind turbines market toward monumental growth. The scaling up of investments in the renewable energy sector through national, regional and international climate change-related policies has had an enormous effect on the offshore wind turbine market.
A recent analysis by Frost & Sullivan predicts that the sector will grow at a CAGR of 22.5% between 2018 and 2025, with revenues slated to rise from $7.4 billion to $30.5 billion.
“The integration of artificial intelligence (AI), internet of things (IoT), robotics, and data analytics in wind turbines will enable advanced condition monitoring and predictive maintenance,” said Sama Suwal, Research Analyst, Energy and Environment at Frost & Sullivan.
Suwal continued: “This will result in increased efficiency and reduced operational and maintenance costs, which will lead to a growth in the deployment of offshore wind turbines.”
Frost & Sullivan’s investigation, Growth Opportunities in the Offshore Wind Turbine Market, Forecast to 2025, offers an in-depth analysis of the global offshore wind turbine market and identifies key opportunities that can be leveraged for growth in this sector.
The report explores the trends influencing the sector, examines the key market drivers and restraints, and provides detailed revenue forecasts, region-wise market profiles, and competitive landscape analyses.
Europe is the leading market for offshore wind turbines, generating $4.91 billion in 2018, followed by Asia-Pacific, which garnered $2.47 billion in revenue. As the European wind turbine market is mature, revenues are expected to grow at a comparatively low CAGR of 18.2%. On the other hand, revenues from the Asia-Pacific region are forecast to grow at a CAGR of 27.5% as a result of increased installations in China and Taiwan.