Wind energy is a clean, renewable, and widely distributed source of energy. Marine wind turbines harness the wind energy and convert it into electricity. Marine wind energy can help in reducing air pollution and greenhouse gas emission to a significant extent. Marine wind turbines are nowadays equipped on boats and ferries in order to charge the battery.
The working principle for marine wind turbine is similar to that of land-based wind turbines. The turbines are fitted with generators that convert mechanical power of blades of wind turbine into electrical energy. Marine wind turbines generate more energy per hour as compared to land wind turbines owing to the factors such as larger size of the turbines and higher wind speeds.
Increasing concern towards depletion of fossil fuels coupled with growing demand for renewable sources of energy is expected to drive the demand for marine wind turbines during the forecast period. Hence, the global market for marine wind turbine is expected to witness significant growth in the coming years.
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Global Marine Wind Turbine Market: Dynamics
Increasing demand for clean and renewable source of energy is expected to be the key factor driving the demand for the global marine wind turbine market. Increasing wind power capacity due to introduction of powerful as well as efficient turbines is also expected to propel the demand for energy generation through marine wind turbines.
Increasing government support to encourage investment in new projects for energy generation through wind turbines is projected to fuel the demand and growth of the global marine wind turbine market across the globe.
Though marine wind turbines are quite a valuable source of renewable energy, but there are certain consequences and impacts on marine ecosystem caused by the operations of marine wind turbines. Working of wind turbines produces loud sounds, which may cause hearing damage or may disorient marine animals.
Increasing global concern towards marine life is expected to be a restraining factor for the global marine wind turbine market. Another restraining factor affecting the demand for marine wind turbine is its limited geographical reach. The marine wind turbines are installed on the basis of various factors such as wind intensity geographical suitability, etc.
Manufacturers are significantly investing on the research and development sector for obtaining higher efficiency in energy generation. Floating wind turbines used for deeper waters and silent wind marine wind turbines is offering maximum safety with minimum noise emission, which is an ongoing trend in the marine wind turbine market.
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Global Marine Wind Turbine Market: Regional Outlook
Currently, offshore wind power installations are mainly concentrated across Europe. The region is expected to stand for a large share in the offshore energy generation through wind turbine. The U.K. operates with the leading installed offshore wind capacity in Europe accounting for around 40.8% installation in 2016. Limited number of offshore wind farms in the U.S. is expected to create significant opportunities for the marine wind turbine market during the forecast period.
However, in Asia Pacific, the countries such as China, Japan, South Korea, India, and Taiwan have approved many projects, which are under development and are expected to come up in the future, which in turns is estimated to bring significant growth opportunities in the region during the forecast period. Increasing demand for renewable source of energy is expected to drive the demand and growth of the marine wind turbine market in the countries of Latin America and the Middle East and Africa.
Global Marine Wind Turbine Market: Key Participants
Examples of some of the market participants identified across the value chain of the global marine wind turbine market are:
- TPI Composites
- Eco Power Shop
- Leading Edge
- Marlec (Rutland)
- Vestas Wind Systems A/S
- Nordex SE
- Norway-based SWAY
- StatOil Hydro
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