(MENAFN- America News Hour) The global offshore wind energy market has been ablaze with
a number of projects that have lately commenced power production. Recently, for
instance, following the installation of its first 7 MW turbines, Scotland's
biggest offshore wind farm has sent power to the National Grid for the first
time towards the end of July 2018. The whole project is scheduled for
completion by spring of 2019, and is expected to generate enough power to
supply the equivalent of 450,000 households.
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Technological advancements, positive outlook for adoption of offshore
wind energy coupled with supportive government initiatives are the major
factors driving offshore wind energy market growth. In addition, introduction
of variable transmission devices, superconducting generators and improved
generator speed will also supplement industry outlook.
Growing utilization of high voltage array cables and
improved technologies for production of efficient cooling systems is estimated
to transform wind energy market trends over the coming years.
Rise in allocation of funds by regulatory bodies for
development of wind projects is estimated to stimulate offshore wind project
market. For instance, European Union funded FOWPI (First Offshore Wind Project
of India) with a target to build a 1000 MW offshore wind farm in support of
support National Institute of Wind Energy and Ministry of New and Renewable
Energy, in their vision to consolidate the region's offshore wind energy
sector.
Offshore wind energy industry share would procure heavy
gains owing to such favorable government initiatives in development and
integration of large wind energy units.
In 2017, the UK offshore wind energy market amassed
substantial gains with an estimated revenue generation of over $8 Billion.
Reforms for carbon emission reduction, favorable regulatory measures and energy
security initiatives across the region offer major avenues for market growth
over the forecast timeframe.
Moreover, increasing investments by prominent offshore wind
market players across the region to explore the offshore potential that is
still untapped will further supplement regional growth. In 2017, an allocation
of over $50 billion was invested in the region and the major input for the fund
was sourced from project level mergers, new assets and public market
transactions .
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Overall, considering the favorable business environment and
presence of supportive government regulations, offshore wind energy market is
set to clock in a momentous period of growth in coming years. In terms of
revenue, global market size is projected to surpass $60 billion by 2024.
List of Charts & Figures from Offshore Wind Energy
Market Report:
FIG.
1 Industry segmentation
FIG.
2 Industry landscape, 2013 – 2024 (USD Million)
FIG.
3 Industry ecosystem analysis
FIG.
4 Growth potential analysis
FIG.
5 Porter's analysis
FIG.
6 PESTEL analysis
FIG.
7 Market share by component, 2017 & 2024
FIG.
8 Market share by depth, 2017 & 2024
FIG.
9 Offshore wind energy market share by region, 2017 &
2024
Browse complete Table of Contents (ToC) of this research
report @ https://www.gminsights.com/toc/detail/offshore-wind-energy-market
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Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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