With the increasing government initiatives for clean energy production, the global offshore wind turbine market is expected to grow to $68,869.3 million by 2026, from $24,683.3 million in 2019, according to P&S Intelligence. According to their analysis, due to the Covid-19 crisis, the offshore wind turbine market is witnessing subdued growth, as the lockdown initiated in numerous countries has halted the supply of wind tower components. Moreover, the ongoing projects for offshore windmill installation have also been postponed, due to funding and labor issues. However, once the situation improves and lockdown is lifted, the market is projected to recover.
According to their analysis, Asia-Pacific (APAC) would account for a considerable share in the offshore wind turbine market going forward because of the high dependence on fossil fuels for electricity. As this has raised air pollution in APAC to alarming levels, governments of regional countries are taking initiatives to generate clean energy, including installing wind towers on seas and lakes. For instance, the Chinese government is targeting a 400 GW of wind power capacity by 2030, for which several provinces, such as Fujian, Jiangsu, and Guangdong, have already reached their individual targets.