Offshore Wind Energy Market to surpass $60bn by 2024

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Offshore Wind Energy Market to cross 60bn by
2024 Global Market Insights Inc.
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Industry Overview

• Offshore Wind Energy Market to exceed USD 60
  Billion by 2024 driven by growing adoption of
  clean energy sources and increasing demand for
  electricity. Shifting focus toward renewable
  power generation to mitigate the harmful GHG
  emissions will positively impact the offshore
  wind energy market. In addition, favorable
  legislative reforms and fiscal assistance to
  capitalize on the extensive offshore potential
  will further augment the industry landscape. For
  instance, the DOEs Wind Energy Technologies
  Office (WETO) funds the research, development and
  deployment of offshore wind technologies in the
  U.S.
• The U.S. offshore wind energy market is projected
  to exceed USD 5 Billion by 2024. Recent discovery
  of potential sites coupled with crucial
  investments to improve the offshore supply chain
  will drive the industry size. In April 2018, BNOW
  in collaboration with Société Générale, a French
  multinational, held a workshop with experts
  working in the offshore industry to improve the
  investments in the U.S. offshore sector.
• Sturdy technological advancements in turbine
  designs accompanied by improved efficiency and
  cost reduction will stimulate the offshore wind
  energy market share. For instance, GE Renewable
  Energy, in March 2018, launched the Haliade-X, a
  12 MW offshore turbine offering a 45 increase in
  electricity generation compared with current
  offshore projects. Favorable industrial outlook
  toward the integration and development of large
  units along with improving foundation techniques
  will further complement the business outlook.

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• Increasing funding toward the utilization of
  clean energy resources from various financial
  institutions including Asian Development Bank
  (ADB), the World Bank and International Finance
  Corporation (IFC) will enhance offshore wind
  energy market. The UK Government has established
  the Offshore Wind Investment Organization to
  facilitate funding toward the sustainable energy
  resource integration to maintain effective
  offshore wind supply chain.
• The turbines account for a major share of the
  total project prices and play a key role toward
  the feasibility and plant performance. In
  addition, ongoing developments in turbine length
  and size for offshore installations, developing
  turbine assembly concepts and new blade designs
  are some of the essential factors strengthening
  the offshore wind energy market.
• Introduction of variable transmission devices,
  superconducting generators and enhanced generator
  speed are some essential advancements driving the
  offshore wind energy market. Technological
  advancements in the construction of effective
  cooling systems and the use of high voltage array
  cables will further stimulate the business
  potential.

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Offshore Wind Energy Market

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UK Offshore Wind Energy Market Size, By
Component, 2017 2024 (USD Million)

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Industry Coverage

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• The UK offshore wind energy market, in 2017 was
  valued over USD 8 Billion. Favorable regulatory
  measures, energy security initiatives and
  decarbonization reforms are some of the key
  factors that will augment the industry outlook.
  Increasing fund allocation by leading companies
  to expand the offshore wind potential will
  further favor the industry outlook. According to
  Wind Europe, an investment of about USD 59
  billion was allocated in Europe, with major fund
  contribution from public market transactions,
  mergers at project levels and new assets.
• Eminent offshore wind energy market participants
  comprise Vestas, Enercon, GE, Nordex Acciona,
  Senvion, Siemens Gamesa, MHI-Vestas, United
  Power, WEG SA, Goldwind, Envision Energy,
  Mingyang, Suzlon, Wobben, Clipper, Bergey, Impsa,
  LM, Enessere, RTS, Northern Power Systems,
  Availon, Global Energy Services, Prysmian,
  Furukawa Electric, General Cable, LS Cable,
  Southwire, Nexans, and Sumitomo.

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