Offshore Wind Energy Market to surpass $60bn by 2024 - PowerPoint PPT Presentation

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Offshore Wind Energy Market to surpass $60bn by 2024


More Information @ 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 favourable regulatory inclination towards optimum extraction of energy resources will positively sway the industry dynamics. – PowerPoint PPT presentation

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Title: Offshore Wind Energy Market to surpass $60bn by 2024

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

  • 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


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Offshore Wind Energy Market

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

Industry Coverage

  • 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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