U.S. Offshore Wind Energy Market is Projected to Exceed Over 1 GW by 2024

The U.S. offshore wind energy market is anticipated to expand over 1 GW by 2024. Discovery of new potential sites coupled with significant investment to scale up offshore supply chain will drive the industry landscape. For instance, in April 2018, US Business Network for Offshore Wind, in aggregation with a French multinational financial service company, Société Générale, held workshop with offshore energy experts to improve investment into the US offshore sector.

Growing attention towards replacement of conventional power generation technologies that involve extensive utilization of fossil fuels to limit GHG emissions will drive the global offshore wind energy market. In addition, sustainable offshore energy potential coupled with favorable regulatory inclination towards optimum extraction of energy resources will positively sway the industry dynamics. The government of China announced a new action plan in 2016 to restrict emission level to 18% by 2020.

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High electricity prices, space constraints for solar energy and onshore projects coupled with reduction in construction and installation costs of offshore technology will boost the offshore wind energy market. Positive industrial outlook towards the development and integration of large turbines coupled with advancing blade size, turbine efficiencies and foundation techniques will further augment the business landscape.

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) will complement the overall offshore wind energy market. 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.

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.

Offshore wind energy industry is further gaining exceptional traction from the tech behemoths showing their interests in harnessing clean energy. Microsoft, for instance, has recently signed an agreement with GE to purchase electricity from its wind farm and power its cloud data centers in Ireland. The Silicon Valley bigshots Apple & Facebook are already in this league harnessing clean power and pledging its operations to be 100% from the renewable energy sources. Moreover, Google in the year 2010 has also thrown its financial clout behind new wind farms off the U.S East Coast.

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This changing competitive scenario is further likely to enrich the growth dynamics of global offshore wind energy market in the coming years. A presumption standing as a substantiation to the same is of Global Market Insights, Inc., that claims the global offshore wind energy market to surpass USD 60 billion by 2024.

Some Points From Table Of Content: –

Chapter 5.  Offshore Wind Energy Industry, By Depth

5.1. Offshore wind energy industry 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

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