Offshore Wind Energy Market to hit the coveted 60-billion-dollar frontier by 2024

Offshore Wind Energy Market growth will be driven by rising attention to curb the GHG emissions by shifting inclination toward renewable power generation.

Offshore Wind Energy Market growth will be impelled by increasing fund allocation toward the utilization of cleaner energy sources from different financial institutions including International Finance Corporation (IFC), the World Bank and the Asian Development Bank (ADB). Government of UK formed the Offshore Wind Investment Org. (OWIO) to enable funding toward the integration of renewable energy resource to maintain an efficient offshore wind supply chain.

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In 2017, Offshore wind energy market across UK was estimated over USD 8 Billion. Energy security initiatives, decarbonization reforms, and favorable regulatory measures are few imperative parameters that will foster the industry dynamics. Rising investments by leading offshore wind developers to explore the untapped offshore potential will further sway the business dynamics. As per Wind Europe in 2017, a fund allocation of over USD 50 billion was invested across the region. In addition, major contribution of the fund came from mergers at project levels, public market transactions and new assets.

Large untapped energy potential along with the need to deliver cleaner and more affordable energy will propel the overall offshore wind energy market. For instance, according to Abeeolica in 2017, Brazil had around 175 projects under construction representing an investment of USD 7 billion. The organization has further proclaimed to reach an approx. 18 GW of operational wind energy portfolio by 2019.

Introduction of various superconducting generators, variable transmission devices and improved generator speed are few key developments strengthening offshore wind energy market. Improved technologies in the construction of efficient cooling systems along with the use of HV array cables will further complement the industry outlook.

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Growing attention to curb the GHG emissions by shifting inclination toward renewable power generation will boost the industry dynamics. Furthermore, favorable government reforms and monetary support to capitalize the regional offshore potential will further enhance the business growth. For instance, Germany, in 2017, allocated over USD 7 billion for building new offshore and onshore wind farms. Offshore Wind Energy Market size is anticipated to surpass USD 60 billion by 2024.

Strong technological developments in turbine design in line with unit cost reduction and improved efficiency will augment the global offshore wind energy market size. For instance, the European Union funded the “First Offshore Wind Project In India” to construct a 1,000 MW commercial offshore wind farm which aims to support MNRE and NIWE’s vision to strengthen the country’s offshore sector. The development and integration of large units coupled with enhancing foundation techniques will further stimulate the business outlook.

Browse key industry insights spread across 800 pages with 5798 market data tables & 9 figures & charts from the report, “Offshore Wind Energy Market Size By Component (Turbine {Rating ( 250 kW to 500 kW, > 500 kW to 1 MW, 1 MW to 2 MW, > 2 MW), Installation (Floating {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}, Fixed {Axis {Horizontal (HAWTs) [Up-wind, Down-wind], Vertical (VAWTs)}, Structure {Rotor Module, Nacelle Module, Tower Module}}}), Support Structure (Substructure (Steel), Foundation {Monopile, Jacket}), Electrical Infrastructure (Wires & Cables, Substation)), By Depth (0 – 30 m, 30 – 50 m, > 50 m), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Spain, UK, France, Italy, Sweden, Poland, Denmark, Portugal, Netherlands, Ireland, Romania, Belgium, Austria, China, India, Australia, Japan, South Korea, Vietnam, Thailand, Philippines, Taiwan, South Africa, Egypt, Morocco, Ethiopia, Tunisia, Jordan, Brazil, Chile, Argentina, Uruguay), Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/offshore-wind-energy-market

Table of Contents (ToC) of the report:

Chapter 5. Offshore Wind Energy Market, By Depth

5.1. Offshore wind energy market share by depth, 2017 & 2024
5.2. 0 - 30 m
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3. 30 - 50 m
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4. > 50 m
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024

Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/offshore-wind-energy-market

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