Marine wind turbines help to convert kinetic energy into electrical energy. This is done by connecting kinetic power of the wind using blades while the mechanical power is converted to electrical energy by using generators. Wind energy is a clean, renewable, and broadly utilized source of energy.
These marine wind turbines can produce more energy per hour than land wind turbines due to longer turbine blades and greater and consistent wind speed. Marine wind turbines are attached on boats or ferries, where they produce electric power, which charges batteries.
Moreover, marine wind turbines are better substitutes for non-renewable energy sources, such as fossil fuels, as they help to reduce air pollution and discharge of greenhouse gas.
COVID-19 scenario analysis:
COVID-19 pandemic has severely affected many industries. It has put a halt on the production process as well as led to shortage of raw materials. This hampered the trade cycle. Therefore, the marine wind turbine market is also getting affected. Moreover, majority of the renewable energy projects have long-term power purchase agreement to less affect their revenues. However, merchant projects without PPAs will have lower market prices.
Top impacting factors: Market scenario analysis, trends, and drivers
The marine wind turbine market is anticipated to witness a boost over the forecast period due to various reasons, for instance, rising wind power capacity, owing to development of effective as well as economical turbines. This is further expected to create great opportunities for this market.
Moreover, factors, such as trending shift toward the use of renewable energy sources, increase in funding by governments in electricity production through renewable sources, rise in energy usage, rising concerns with respect to reduction of fossil fuels, and increase in demand for renewable and clean energy, are anticipated to boost the revenue of the marine wind turbine market.
However, expensive installation costs, delayed regulatory approvals, and strict labor laws in a few developed countries, specifically in the Europe region are anticipated to hinder the market. Moreover, environmental impacts on the ecosystem by marine wind turbine actions and geographical restrictions hinder the global marine wind turbine market. However, development of extremely efficient, floating, and quite wind turbines for offering optimized safety with reduced noise is done by leading manufacturers as there is substantial rise in R&D investment by them.
The global marine wind turbine market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to be the largest market over the coming years in response to the high installed base and operations of offshore generation of energy through wind turbines. North America and Asia Pacific are expected to register significant growth due to existing and ongoing projects for offshore energy generation, some of which have been approved and under construction.
Key benefits of the report:
- This study presents the analytical depiction of the global marine wind turbine market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global marine wind turbine market share.
- The current market is quantitatively analyzed to highlight the global marine wind turbine market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Marine Wind Turbine Market Report Highlights
By Industry Vertical
Key Market Players
Vestas Wind Systems A/S, Marlec, StatOil Hydro, Eco Power Shop, Primus Wind Power, SWAY, Leading Edge, SilentWind, TPI Composites, Nordex SE