Offshore Wind Energy Market to Witness Robust Expansion throughout the Forecast Period 2017–2023

WILMINGTON, DE , UNITED STATES, March 22, 2024 /EINPresswire.com/ -- The offshore wind energy market was valued at $2,727 thousand in 2016, and is projected to reach at $11,334 thousand by 2023, growing at a CAGR of 19.4% from 2017 to 2023.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞:
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Offshore wind energy stands out as a highly efficient and resilient energy source, playing a vital role in reducing CO2 emissions and displacing reliance on fossil fuels. Mirroring onshore wind technologies, offshore wind harnesses wind turbines to generate electricity, which is then transmitted to the mainland via export cables. The primary advantage of deploying offshore wind energy lies in the consistent and stronger offshore winds, enabling the utilization of larger horizontal turbine blades.

The momentum propelling offshore wind energy forward has been steadily increasing, fueled by a combination of factors including advancements in technology, decreasing costs, and a growing acknowledgment of the pressing need to shift away from fossil fuels. As countries worldwide commit to ambitious carbon reduction objectives, offshore wind energy has emerged as a crucial element in achieving these aims.

offshore wind energy project pipeline has reached a total of 40 gigawatts (GW) of capacity, including the operational 30-megawatt (MW) Block Island Wind Farm and the 12-MW Coastal Virginia Offshore Wind pilot project. Eighteen projects in the U.S. offshore pipeline have reached the permitting phas, and eight states have set their own offshroe wind energy procurement goals, which total 40 GW by 2040.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
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One of the key drivers fueling the expansion of the worldwide sector is the increased investment in renewable power. Due to the increased emphasis on environmental sustainability, the power industry has shifted toward green and renewable power to, among other things, slow down the depletion of fossil fuels, regulate climate change, and cut carbon emissions. Additionally, several government rules are being implemented to support renewable energy programs.

A primary advantage of offshore wind energy lies in its immense untapped potential. Unlike onshore wind farms, which face limitations due to land availability and encounter issues such as conflicts over land use and visual impact, offshore wind farms benefit from expansive open ocean areas where wind resources are plentiful and consistent. This creates opportunities for the development of large-scale wind projects capable of producing substantial amounts of clean energy.

This location is the most popular offshore renewable farm development because of the ideal weather conditions and ease of maintenance. Additionally, building an electrical infrastructure in this sector is much simpler. It is predicted that these advantages of shallow water settings would propel the segment's expansion. However, turbines with smaller Megawatt capacities are placed in this area because of the lower offshore wind speed in shallow water.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲: https://www.alliedmarketresearch.com/purchase-enquiry/2215

In the coming years, the prospects for offshore wind energy look exceptionally promising. As advancements in technology persistently drive costs down and enhance performance, offshore wind farms are set to assume a more significant role in the global energy landscape. Governments, utilities, and industry stakeholders are intensifying their investments in offshore wind projects, acknowledging their pivotal contribution to meeting climate and energy targets.

Offshore wind energy involves the establishment of wind farms positioned along coastlines, typically on continental shelves, with the aim of harnessing wind power for electricity generation. These offshore locations benefit from higher wind speeds compared to onshore sites, resulting in greater electricity generation capacity. This renewable energy source is expected to reduce dependence on energy imports, alleviate air pollution and greenhouse gas emissions, and stimulate job creation while bolstering local economies.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

• Gamesa Corporacion Technologica Sa
• Ge Wind Energy
• Siemens Wind Power
• Vestas Wind Systems A/S
• Suzlon Group
• China Ming Yang Wind Power Group Limited
• Nordex Se
• Goldwin Science And Technology Co. Ltd.
• Sinovel Wind Group Co. Ltd.
• Dong Energy A/S

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

North America is anticipated to grow at the highest CAGR during the analysis period.
Europe is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 14.1%, in terms of capacity.
UK accounted for almost one-third of the global market in 2016.
China occupied around one-ninth share of the global offshore wind energy market in 2016.
In terms of value, Denmark is expected to grow at a significant CAGR of 13.5% during the forecast period.

David Correa
Allied Market Research
+1 5038946022
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