Marine Wind Turbine Market Scope
Marine Wind Turbine is also known as a wind charger that is the perfect way to keep batteries well charged. The main advantage of a marine wind turbine is that it is easily mounted on board which power is generated by the wind turbine in order to be less reliant on the shore power to charge boat batteries however the main aim is to reduce boat running costs by reducing fuel consumption and need to hook up to shore-based power. The second main disadvantage is that noise and power levels are other factors that are affecting the market growth over the forecast period. However, expensive installation costs, delayed regulatory approvals, and strict labor laws in a few developed countries, specifically in the Europe region are anticipated to Hamper the market growth. Moreover, environmental impacts on the ecosystem by marine wind turbine actions and geographical restrictions hinder the global market. However, the development of extremely efficient, floating, and quiet wind turbines for offering optimized safety in order to reduce noise is manufactured by leading manufacturers. Hence the demand for the wind turbine market is prolling the market growth in the marine industry
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | TPI Composites (United States), Vestas Wind Systems A/S (Germany), Nordex SE (Germany), StatOil Hydro (Norway), Primus Wind Power (United States), e Marine Systems (United States), Eco Power Shop Ltd (United Kingdom), Marinebeam (United States), Marlec (United Kingdom), West Marine (United States), Siemens AG (Germany), GE Renewable Energy (France), ENERCON GmbH (Germany), Nordex SE (Germany), Senvion SE (Germany), Goldwind (China), Sinovel Wind (China), Suzlon (Pune) and Others |
CAGR | % |
The Large and local companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographic regions through expansions and acquisitions to avail a competitive advantage through combined synergies. The market is expected to grow in marine due to wide benefits in terms of electricity with low cost of expenditure and maintenance. Several companies such as Suzlon, siemens are operating in the market to provide the end-user with different features. The market is a partially fragmented market with the presence of several market players and local players.
TPI Composites (United States), Vestas Wind Systems A/S (Germany), Nordex SE (Germany), StatOil Hydro (Norway), Primus Wind Power (United States), e Marine Systems (United States), Eco Power Shop Ltd (United Kingdom), Marinebeam (United States), Marlec (United Kingdom), West Marine (United States), Siemens AG (Germany), GE Renewable Energy (France), ENERCON GmbH (Germany), Nordex SE (Germany), Senvion SE (Germany), Goldwind (China), Sinovel Wind (China), Suzlon (Pune) and Others are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Marine Wind Turbine market by Type and Region with country level break-up.
On the basis of geography, the market of Marine Wind Turbine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
On July 2021 Alfanar has completed its acquisition with Turbine OEM Senvion. This deal will strengthen Alfanar’s solutions in the renewable energy and grid transmission space along with powering Senvion India in order to continue its operation in the Indian market. With this acquisition, Senvion India will provide full EPC and O&M solutions for wind power projects to customers in the Indian market
On February 2021 Vest Vestas launched a new 15MW offshore wind turbine with a 236-meter rotor. The main of this acquisition is to expand its product portfolio and tap the untapped market in order to expand the business as well to target business to a business customer
Influencing Trend:
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 technological development. Moreover, factors, such as a trending shift toward the use of renewable energy sources, and an increase in funding by governments for electricity production through renewable sources are anticipated to boost the revenue of the marine wind turbine market.
Market Growth Drivers:
The rising demand for conventional natural resources, as well as rising concern towards global warming, is the main factor that is driving the market growth. The Use of Wind Turbine in the marine industry has the potential to solve the problem during the forecast period
Challenges:
The main challenges that the marine wind turbine sector faces are in the form of high manufacturing costs, diverse supply across states, need for an increase in government cooperation, inefficient financing infrastructure, lack of consumer awareness, and an overall lack of uniform standards.
Restraints:
Manufacturers are constantly concerned about raw materials. With another recession looming and a Unites States trade war heating up, volatile raw material prices posted significant challenges throughout 2020 and will continue to do so in the foreseeable future
Opportunities:
Surging marine wind Energy as a Job Creator in Manufacturing, Maintenance, Installation, and Supporting Services and creating more opportunities for the Production and Distribution of Large marine Wind turbines is the factor propelling the market over the forecast period.
Key Target Audience
Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments, OEM (Original Equipment Manufacturer), Raw Material Supplier and End-use Industry