Offshore Wind Turbine Market 2017-2027 By Size, Share, Trends, Growth, Forecast | TechSci Research

Global offshore wind turbine market was valued at USD28.20 billion in 2021 and is anticipated to project robust growth in the forecast period with a CAGR of 13.75% due to high investment and development in the power industry.

A wind turbine is a device that converts wind kinetic energy into electricity. Wind turbines are implemented in water bodies to generate electricity from the wind over open water, called offshore wind turbines. Wind turbine blades turn between 13 and 20 revolutions per minute, depending on technology, at a constant or variable velocity, with the rotor's velocity varying about the wind's velocity to achieve greater efficiency. Further, owing to the larger structures and complex logistics of installing the towers, offshore wind turbines are capital-intensive and are significantly more expensive to build than onshore wind farms. The data collected by the vane and anemometer positioned at the top automatically aligns the wind turbine to fully use the wind's kinetic energy.

GE Renewable Energy, ABB Ltd., Vestas Wind Systems A/S, Siemens Gamesa, Schneider Electric SE, Nordex SE, Equinor ASA, Envision Group, Mingyang Smart Energy Group Co., Ltd, Xinjiang Goldwind Science & Technology Co., Ltd., Rockwell Automation Inc., Invenergy LLC and EDP Renewables North America LLC are among the major market players in the global offshore wind turbine market.
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