Marine Wind Turbine Market
Marine Wind Turbine Market Forecasts to 2030 - Global Analysis By Type (Fixed-Bottom Turbines and Floating Turbines), Component Type, Installation Type, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Marine Wind Turbine Market is growing at a CAGR of 5.6% during the forecast period. A Marine Wind Turbine is a type of wind turbine specifically designed for deployment in marine environments, such as offshore waters. It harnesses wind energy to generate electricity by converting the kinetic energy of wind into mechanical power, which is then transformed into electrical energy. Marine wind turbines are engineered to withstand harsh marine conditions, including saltwater corrosion and high winds, and are typically installed on floating platforms or fixed structures anchored to the seabed. Their deployment helps in reducing reliance on fossil fuels and promoting renewable energy.
Market Dynamics:
Driver:
Increasing demand for renewable energy
The growing demand for renewable energy is driving the expansion, as they offer a sustainable solution to meet increasing energy needs while reducing carbon emissions. With the global push towards cleaner energy sources, marine wind turbines are increasingly recognized for their efficiency in harnessing strong and consistent offshore winds. This trend is supported by advancements in technology and favorable government policies, making marine wind energy a key component in the transition to a more sustainable and resilient energy infrastructure.
Restraint:
Environmental impact concerns
Environmental impact concerns surrounding marine wind turbines include potential threats to marine ecosystems and wildlife. Installation and operation can disrupt sea life, particularly in sensitive habitats, and may affect migratory patterns of birds and marine mammals. While marine wind turbines contribute to renewable energy goals, addressing these environmental impacts is crucial to minimize ecological disruption and ensure sustainable development of offshore wind projects.
Opportunity:
Higher energy generation potential
Marine wind turbines typically generate more energy per hour than their land-based counterparts due to several factors. Offshore wind speeds are generally stronger and more consistent, allowing for longer turbine blades and greater energy production. Additionally, marine wind farms can be located in areas with higher wind potential, such as deep waters, which are inaccessible to fixed-foundation turbines. These advantages make offshore wind a promising source of renewable energy with significant growth potential.
Threat:
Intermittent wind resources
The intermittent nature of wind resources poses significant challenges for the market. Wind availability fluctuates, leading to inconsistent energy generation, which can complicate grid management and reduce reliability. This variability necessitates the integration of energy storage solutions or backup power systems to ensure a stable electricity supply. Consequently, the need for these additional systems can increase overall project costs and complicate operational logistics, potentially deterring investment in marine wind projects.
Covid-19 Impact:
The COVID-19 pandemic impacted the marine wind turbine sector by causing delays in project timelines and supply chain disruptions. Lockdowns and restrictions affected manufacturing and transportation of components, while social distancing measures slowed construction and installation activities. Despite these challenges, the pandemic also underscored the importance of transitioning to sustainable energy, potentially accelerating future development and innovation in marine wind technology.
The nacelle segment is expected to be the largest during the forecast period
The nacelle is expected to be the largest during the forecast period. Positioned atop the turbine's tower, the nacelle ensures the efficient conversion of wind energy into electrical power. Its design and engineering are vital for optimizing performance, durability, and maintenance in harsh marine environments. Advances in nacelle technology, such as improved materials and cooling systems, contribute significantly to the overall efficiency and reliability of offshore wind turbines.
The oil and gas segment is expected to have the highest CAGR during the forecast period
The oil and gas segment is expected to have the highest CAGR during the forecast period. Companies in this sector often leverage their experience in offshore operations to support the development, installation, and maintenance of marine wind farms. Additionally, oil and gas firms are increasingly investing in renewable energy to diversify their portfolios and align with global sustainability goals. This collaboration helps advance marine wind technology and accelerates the transition to cleaner energy sources.
Region with largest share:
North America is projected to hold the largest market share during the forecast period due to increased investment in renewable energy and favorable government policies. Coastal regions, particularly in the U.S. and Canada, are leveraging strong offshore winds to boost clean energy generation. Advancements in technology and falling costs are making marine wind projects more viable. Overall, the region’s commitment to reducing carbon emissions is driving the expansion of marine wind turbine installations
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period driven by technological advancements, supportive policies. Increasing awareness and commitment to combating climate change are accelerating the shift towards renewable energy sources like marine wind. Innovations in turbine technology, such as floating wind turbines, are being adopted to harness wind energy in deeper waters where traditional fixed-bottom turbines are not feasible.
Key players in the market
Some of the key players in Marine Wind Turbine market include Vestas , GE Renewable Energy, Goldwind, Envision Energy, Mitsubishi Heavy Industries, Anwind Energy, Doosan Heavy Industries & Construction, ABB, Simec Atlantis Energy, BARD Engineering, Siemens Energy, Principle Power, Suzlon Energy, Prysmian Group and Harakosan.
Key Developments:
In January 2024, ABB announced it has entered into an agreement to acquire the shipping business of DTN Europe BV and DTN Philippines Inc., expanding the company’s offering in maritime software. The acquisition of the DTN Shipping portfolio covers vessel routing software, including analytics, reporting, and modelling applications.
In January 2024, General Electric Co.'s offshore wind business recorded a roughly $1.1 billion loss in 2023 as the company's power and renewable energy divisions gear up to become a stand-alone company, GE Vernova.
Types Covered:
• Fixed-Bottom Turbines
• Floating Turbines
Component Types Covered:
• Turbine Blades
• Nacelle
• Tower
• Substructures
• Control Systems
Installation Types Covered:
• Greenfield
• Repowering
• Retrofit
• Hybrid
Technologies Covered:
• Vertical Axis Wind Turbines (VAWTs)
• Horizontal Axis Wind Turbines (HAWTs)
Applications Covered:
• Offshore Wind Farms
• Floating Wind Farms
• Hybrid Energy Systems
• Grid Stabilization
• Other Applications
End Users Covered:
• Utilities
• Independent Power Producers (IPPs)
• Energy Storage Companies
• Oil and Gas
• Marine and Offshore
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Marine Wind Turbine Market, By Type
5.1 Introduction
5.2 Fixed-Bottom Turbines
5.2.1 Monopile
5.2.2 Jacket
5.2.3 Tripod
5.2.4 Gravity-Based
5.3 Floating Turbines
5.3.1 Spar-Buoy
5.3.2 Semi-Submersible
5.3.3 Tension Leg Platform (TLP)
6 Global Marine Wind Turbine Market, By Component Type
6.1 Introduction
6.2 Turbine Blades
6.3 Nacelle
6.4 Tower
6.5 Substructures
6.6 Control Systems
7 Global Marine Wind Turbine Market, By Installation Type
7.1 Introduction
7.2 Greenfield
7.3 Repowering
7.4 Retrofit
7.5 Hybrid
8 Global Marine Wind Turbine Market, By Technology
8.1 Introduction
8.2 Vertical Axis Wind Turbines (VAWTs)
8.3 Horizontal Axis Wind Turbines (HAWTs)
9 Global Marine Wind Turbine Market, By Application
9.1 Introduction
9.2 Offshore Wind Farms
9.3 Floating Wind Farms
9.4 Hybrid Energy Systems
9.5 Grid Stabilization
9.6 Other Applications
10 Global Marine Wind Turbine Market, By End User
10.1 Introduction
10.2 Utilities
10.3 Independent Power Producers (IPPs)
10.4 Energy Storage Companies
10.5 Oil and Gas
10.6 Marine and Offshore
10.7 Other End Users
11 Global Marine Wind Turbine Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Vestas
13.2 GE Renewable Energy
13.3 Goldwind
13.4 Envision Energy
13.5 Mitsubishi Heavy Industries
13.6 Anwind Energy
13.7 Doosan Heavy Industries & Construction
13.8 ABB
13.9 Simec Atlantis Energy
13.10 BARD Engineering
13.11 Siemens Energy
13.12 Principle Power
13.13 Suzlon Energy
13.14 Prysmian Group
13.15 Harakosan
List of Tables
1 Global Marine Wind Turbine Market Outlook, By Region (2022-2030) ($MN)
2 Global Marine Wind Turbine Market Outlook, By Type (2022-2030) ($MN)
3 Global Marine Wind Turbine Market Outlook, By Fixed-Bottom Turbines (2022-2030) ($MN)
4 Global Marine Wind Turbine Market Outlook, By Monopile (2022-2030) ($MN)
5 Global Marine Wind Turbine Market Outlook, By Jacket (2022-2030) ($MN)
6 Global Marine Wind Turbine Market Outlook, By Tripod (2022-2030) ($MN)
7 Global Marine Wind Turbine Market Outlook, By Gravity-Based (2022-2030) ($MN)
8 Global Marine Wind Turbine Market Outlook, By Floating Turbines (2022-2030) ($MN)
9 Global Marine Wind Turbine Market Outlook, By Spar-Buoy (2022-2030) ($MN)
10 Global Marine Wind Turbine Market Outlook, By Semi-Submersible (2022-2030) ($MN)
11 Global Marine Wind Turbine Market Outlook, By Tension Leg Platform (TLP) (2022-2030) ($MN)
12 Global Marine Wind Turbine Market Outlook, By Component Type (2022-2030) ($MN)
13 Global Marine Wind Turbine Market Outlook, By Turbine Blades (2022-2030) ($MN)
14 Global Marine Wind Turbine Market Outlook, By Nacelle (2022-2030) ($MN)
15 Global Marine Wind Turbine Market Outlook, By Tower (2022-2030) ($MN)
16 Global Marine Wind Turbine Market Outlook, By Substructures (2022-2030) ($MN)
17 Global Marine Wind Turbine Market Outlook, By Control Systems (2022-2030) ($MN)
18 Global Marine Wind Turbine Market Outlook, By Installation Type (2022-2030) ($MN)
19 Global Marine Wind Turbine Market Outlook, By Greenfield (2022-2030) ($MN)
20 Global Marine Wind Turbine Market Outlook, By Repowering (2022-2030) ($MN)
21 Global Marine Wind Turbine Market Outlook, By Retrofit (2022-2030) ($MN)
22 Global Marine Wind Turbine Market Outlook, By Hybrid (2022-2030) ($MN)
23 Global Marine Wind Turbine Market Outlook, By Technology (2022-2030) ($MN)
24 Global Marine Wind Turbine Market Outlook, By Vertical Axis Wind Turbines (VAWTs) (2022-2030) ($MN)
25 Global Marine Wind Turbine Market Outlook, By Horizontal Axis Wind Turbines (HAWTs) (2022-2030) ($MN)
26 Global Marine Wind Turbine Market Outlook, By Application (2022-2030) ($MN)
27 Global Marine Wind Turbine Market Outlook, By Offshore Wind Farms (2022-2030) ($MN)
28 Global Marine Wind Turbine Market Outlook, By Floating Wind Farms (2022-2030) ($MN)
29 Global Marine Wind Turbine Market Outlook, By Hybrid Energy Systems (2022-2030) ($MN)
30 Global Marine Wind Turbine Market Outlook, By Grid Stabilization (2022-2030) ($MN)
31 Global Marine Wind Turbine Market Outlook, By Other Applications (2022-2030) ($MN)
32 Global Marine Wind Turbine Market Outlook, By End User (2022-2030) ($MN)
33 Global Marine Wind Turbine Market Outlook, By Utilities (2022-2030) ($MN)
34 Global Marine Wind Turbine Market Outlook, By Independent Power Producers (IPPs) (2022-2030) ($MN)
35 Global Marine Wind Turbine Market Outlook, By Energy Storage Companies (2022-2030) ($MN)
36 Global Marine Wind Turbine Market Outlook, By Oil and Gas (2022-2030) ($MN)
37 Global Marine Wind Turbine Market Outlook, By Marine and Offshore (2022-2030) ($MN)
38 Global Marine Wind Turbine Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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