Kinetic power of the wind is harnessed using blades and the mechanical power is converted to electrical energy by generators. Marine wind turbines are mounted on boats or ferries, where they generate electricity power, which charges batteries. The amount of energy produced is more than what can be generated using a land-based wind turbine, as the turbine blades are longer and wind speed is higher and more consistent on the open sea or near the coast. Factors such as increasing demand for renewable and clean sources of energy, rising investments by governments into electricity generation and infrastructure, growing concerns regarding depletion of fossil fuels, etc. are among other factors expected to fuel growth of the global marine wind turbine market.
The global marine wind turbine market report has been segmented on the basis of product type, axis, base, and region. On the basis of product type, the global marine wind turbine market has been segmented into single systems and hybrid systems. Revenue contribution from the hybrid systems segment is estimated to expand at a comparatively high rate, due to in-built generator feature that enables such systems to be directly connected to the on-board grid.
On the basis of axis, the global marine wind turbine market has been segmented into vertical axis wind turbine, and horizontal axis wind turbine. The horizontal axis wind turbine segment is expected to account for significant revenue share in the global market, as these types of turbines offer better efficiency due to smaller size and less space required for operations.
On the basis of base, the global marine wind turbine market has been segmented into monopole base and tripod base. The monopole segment is expected to account for significant revenue share in the global market, attributable to size, as this type requires less space on a ship or ferry.
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On the basis of region, the global marine wind turbine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is estimated to account for larger revenue share over the forecast period, owing to high installations and operations of offshore generation of energy through wind turbines. In addition, markets in North America and Asia Pacific are expected to emerge as high potential markets over the forecast period. Economies such as the US, China, Japan, India, etc. have many ongoing projects for offshore energy generation. Also, rising demand for renewable sources for generation of energy is projected to drive revenue growth of market in regions such as Latin America and the Middle East & Africa.
Some of the key players operating in the global market include TPI Composites, Eco Power Shop, Leading Edge, Marlec (Rutland), Vestas Wind Systems A/S, Nordex SE, SWAY, StatOil Hydro, Silentwind, and Primus Wind Power.