North America Offshore Wind Energy Market size to amass significant gains by 2026

The North American continent is witnessing massive challenges pertaining to clean and sustainable energy. In this scenario, tapping offshore wind energy concept is anticipated to offer a potential thrust to North America offshore wind energy market progression over the timeframe of 2020 to 2026.

The growth across this market predominantly comes from the introduction of stringent mandates and regulations laid down by the central as well state governments in wake of the increasing carbon emission levels in conjugation with rising number of offshore wind projects in the region. Not to mention, enhanced technological advancements in turbine assembly concepts have also propelled the business dynamics over the years, enabling North America offshore wind energy market to amass tremendous gains in the near future.

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Below mentioned are some of the pivotal trends that are poised to transform the overall market outlook in the years to follow:

Escalated need for turbine components to generate offshore wind power

Components have a crucial role to play when considering the installation of offshore wind power projects. As per numerous reports, a component which is generally deemed to be a pivotal requirement for realizing such projects is the turbine assembly. In this case, it is noteworthy to mention that North America offshore wind energy market from turbine component sector would amass phenomenal gains, on the grounds of rising investments toward the development of advanced drive trains and new blade designs across the developed economies of the continent.

Deployment of advanced turbine assembly concepts paired with a prolific rise in research and development activities aimed at increasing the flexibility and efficiency of these units would also favor the business growth in the upcoming years.

Elaborating further, one of the most efficient turbine ratings which is being extensively used across a huge band of projects is >2 MW. Turbines rated at this efficiency are capable of producing relatively lower emissions, while boasting of compact equipment size and minimal moving parts- such parameters are estimated to enhance the product adoption across various economies of North America.

Increased floating installation

Offshore wind energy market size from floating installation is poised to grow on accounts of increasing investments toward offshore exploration and development activities, in line with ongoing efforts toward augmenting deep-water technologies.

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What has been stimulating the market growth across this segment is the feasibility of installation vessels and standardization across foundation designs. Needless to mention, expanding demand for captivation of ultra-high speed wind resource potential would further elevate the product adoption.

Supportive government reforms amended across the United States

Diversified into vivid economies, North America offshore wind energy market is set to accrue potential gains from the United States, courtesy- introduction of favorable legislative regulations paired with stringent renewable energy targets by the central as well as state governments. Stating an incidence for the same, the Massachusetts state government, had in mid-2016, passed a mandate obligating state utilities to procure nearly 1600 megawatts of offshore wind power by the end of 2027. Besides, the state also passed a new legislation, similar to the one earlier rolled out, in 2018, increasing the target to 3200 megawatts by the end of 2035.

What more has augmented the use of offshore wind energy turbines across the States is rising awareness pertaining to environmental impact of traditional energy generation practices and reduced power generation costs.

The aforementioned trends are expected to undeniably impel the business statistics by the end of 2026, offering positive growth prospects to the North America offshore wind energy industry.

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