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Offshore Wind Tower Market

Offshore Wind Tower Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Component and, by Depth : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Green/Alternative/ Renewable Energy

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Author's: | Eswara Prasad
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Wind turbines and their components are supported by wind towers, which are tall structures. The turbine's rotor and nacelle are held in place by the tower, which also support the blades so they can safely clear the ground. In order to generate electric energy from wind, the wind turbine is placed at the optimal height. High wind speeds are required for higher capacity turbines. As wind speed increases with turbine height, the height of the wind tower is critical for efficient power generation. Taller towers also have less turbulence, which improves the performance of taller wind turbines. The structure and nacelle are the most important considerations when choosing a wind turbine. Furthermore, the material utilized, the weight, and the gauge of the turbine are all important aspects that influence the turbine's strength. On the continental shelf, offshore wind offers electrical energy to gather wind energy. The wind speed is often consistent and at greater offshore than on land. Offshore wind turbines are also positioned near coastal locations, so no additional overland transmission lines are required. Because the potential energy of wind is exactly related to the cube of wind speed, a slight increase in wind speed can yield much more electricity. For example, a turbine at a site with an average wind speed of 16 miles per hour is expected to produce more than half as much energy as one at a site with an average wind speed of 14 miles per hour.

COVID-19 Impact Analysis

  • COVID-19 impacted the offshore wind tower market and caused a decline in the growth of the market during the pandemic. 
  • The energy demand from the industrial sector reduced as industries were shut down due to the spread of the virus. The gathering and movement of people were all restricted, which caused the industries to shut down. This impacted the demand for offshore wind tower. 
  • The supply chain was impacted and there was a shortage of raw material hampering the production activity of the of offshore wind tower. 
  • No new development and investment took place in the offshore wind tower segment as the economy of countries faced a slump due to the pandemic.
  • The production of wind turbines was stopped as the government imposed lockdown prevented industries from operating. This also meant that the wind tower market faced decline in production activities.
  • The lockdown restriction upliftment helped the market of offshore wind tower to increase and gain the pace.

Top Impacting Factors

In comparison to onshore wind energy, offshore wind energy has a greater potential for electricity generation. It has a superior aesthetic and is capable of providing more efficient animal and human habitat conservation.

Furthermore, offshore wind farms with greater and more consistent wind speeds have the potential to generate more power at a more consistent pace than onshore wind farms. This is expected to be a major driver of the global offshore wind turbine market. The market is expected to develop due to the rise in electricity consumption and quickly rising pollution levels associated with traditional power facilities. However, the global offshore wind tower market is expected to be hampered by the availability of cheaper alternative energy sources. Solar power plants are being built to create electricity, which affects the offshore wind tower market. Because of the high CUF and favourable regulatory regulations that have accompanied the rise of the offshore wind energy market, offshore wind energy technologies have gained substantial traction. On a global basis, policymakers are stepping up their efforts to meet the Paris Agreement's emission reduction targets. Governments and commercial entities are making significant investments in clean energy sources. This has spurred the industry's expansion, as the demand for high-capacity offshore wind energy projects is expected to expand significantly in the future years.

Market Trends

  • Broadwind Energy announced a wind order of USD 39 million in July 2019. The contract was for tower and fabrication orders only, and was expected to be completed by 2020 at two of Broadwind's facilities: Manitowoc, Wisconsin, and Abilene, Texas. 
  • Siemens Gamesa Renewable Energy was awarded a contract to provide 8 MW offshore wind turbines to the Orsted 900 MW offshore wind farm in Taiwan in 2019. 
  • In January, Siemens Gamesa Renewable Energy and Siemens Energy announced a large-scale collaboration in which they will invest over 900 million kroner in the development of a fully integrated offshore wind-to-hydrogen system. Each turbine is a hydrogen production unit, which is created by connecting the wind turbine and electrolysis directly on the turbine platform, bringing the hydrogen conversion as close to the green energy source as possible. 
  • On 10th February 2021, Vestas unveiled the V236-15.0MW, an offshore wind turbine with the greatest wind swept area and rotor diameter in the industry, as well as the highest nominal power rating. The massive turbine is expected to have a 236-meter rotor diameter and a 43,743-square-meter wind-swept area. The next-largest wind turbine in the industry, GE's Haliade-X, has a rotor diameter of 220 metres and a wind-swept surface of 38,013 square metres. 
  • Modvion, a Swedish business, finished the erection of a 30-meter-high wooden wind power tower on Bjorko Island, near Gothenberg, in May 2020.
  • According to the company, Modvion, a wind tower constructed of wood may be built for substantially less money than a steel tower, lowering the cost of producing wind-generated electricity. The new project will be utilised for research and development in order to build the first timber tower for commercial use in 2022.

Key Benefits of Report

  • This study presents the analytical depiction of the offshore wind tower 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 offshore wind tower market share.
  • The current market is quantitatively analyzed to highlight the offshore wind tower market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed offshore wind tower market analysis based on competitive intensity and how the competition will take shape in the coming years.

Offshore Wind Tower Market Report Highlights

Aspects Details
By Type
  • Steel Tower
  • Concrete Tower
  • Hybrid Tower
By Component
  • Turbine
  • Support Structure
  • Electrical Infrastructure
  • Others
By Depth
  • >0<30m
  • >30<50m
  • >50m
Key Market Players

MHI Vestas, IMPSA, Goldwind, LS Cable & System, Furukawa Electric Co. Ltd., Nexans, Enessere Srl, General Electric, Southwire Company, LLC, Sumitomo Electric Industries Ltd., Prysmian Group, Siemens Gamesa Renewable Energy

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Offshore Wind Tower Market

Global Opportunity Analysis and Industry Forecast, 2023-2032