Offshore Wind Market Key Players, Latest Trends, Future Strategies And Growth Forecast Till 2030

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Offshore Wind Market
Offshore Wind Market

To harvest wind energy, offshore wind provides electrical energy on the continental shelf. Offshore winds are generally stronger and more consistent than on land. Offshore wind turbines are also located close to coastal areas, which eliminates the need for new overland transmission lines.

Because wind potential energy is directly proportional to the cube of wind speed, a slight increase in wind speed can generate a significantly greater amount of electricity. For example, a turbine at a site with an average wind speed of 16 miles per hour (mph) would produce more than 50% more electricity than the same turbine at a site with an average wind speed of 14 mph.

The Offshore Wind Market is expected to increase as a result of significant expenditures in renewable energy sources and supportive government regulations. The National Ocean Industries Association, for instance, built the nation's first offshore wind farm in 2017. In addition, growing awareness of the negative effects of non-renewable energy sources like fossil fuels on greenhouse gases like carbon dioxide and rising electricity demand will support the expansion of the offshore wind sector.

The Offshore Wind Market, which was valued at US$ 13.27 billion in 2016, was dominated by Europe. In terms of revenue, the area is anticipated to experience a CAGR of 12.9% from 2017 to 2025.

Shallow water offshore wind turbines dominated the market among the three locations by depth of offshore wind turbines due to cost effectiveness and ease of maintenance. Shallow water wind turbines are widely used in Europe due to favourable weather conditions. Turbine components are the major contributors to the growth of the Offshore Wind Market in terms of components. Different turbine components, such as the tower, rotator, blade, and nacelle, account for the majority of the capital cost. The larger the turbine, the more energy it generates when it rotates.

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