The U.S. offshore wind energy market is predicted to be valued at $60 billion by 2024, according to a Global Market Insights report. Growing attention to curb the GHG emissions by shifting inclination toward renewable power generation will boost the industry dynamics. Furthermore, favorable government reforms and monetary support to capitalize the regional offshore potential will further enhance the business growth.
Large untapped energy potential along with the need to deliver cleaner and more affordable energy will propel the overall offshore wind energy market. For instance, according to Abeeolica in 2017, Brazil had around 175 projects under construction representing an investment of $7 billion.
Strong technological developments in turbine design in line with unit cost reduction and improved efficiency will augment the global offshore wind energy market. For instance, the European Union funded the First Offshore Wind Project in India to construct a 1,000-megawatt commercial offshore wind farm that aims to support MNRE and NIWE’s vision to strengthen the country’s offshore sector.
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 the United Kingdom 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.
In 2017, the offshore wind energy market across the United Kingdom was estimated at more than $8 billion. Energy security initiatives, decarburization reforms, and favorable regulatory measures are a few imperative parameters that will foster the industry dynamics. Rising investments by leading offshore wind developers to explore the untapped offshore potential will further sway the business dynamics. As per Wind Europe in 2017, a fund allocation of more than $50 billion was invested across the region.
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