“Global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018.”, the International Renewable Energy Agency (IRENA) says. It goes on to say that the amount of wind power generated around the world doubled between 2009 and 2013. Similarly, the International Energy Agency (IEA) had forecast capacity additions of 60 Gigawatts (GW) and 5.3 GW for onshore and offshore wind plants, respectively, for last year.
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In the context of offshore wind plants, the IEA further says, “Additions are expected to reach a record 7.3 GW in 2021”. With such a high increase forecast for the offshore wind power capacity in the years to come, P&S Intelligence expects the offshore wind turbine market to grow from $24,683.3 million in 2019 to $68,869.3 million by 2026. The turbine is the main component of a wind power plant, as it generates the electricity in combination with an alternator.
Hence, with a strong focus on reducing the emission of GHGs from conventional power plants, the number of offshore wind power establishments will increase.
Market Size Breakdown by Segment
By Water Depth
- Shallow Water (up to 30 m)
- Transitional Water (30 m to 60 m)
- Deep Water (> 60 m)
By Turbine Capacity
- Up to 3 MW
- 3 MW to 5 MW
- > 5 MW