As Scandinavia starts operations of its largest offshore wind farm, the entire Europe is hailing the efforts of the region to fortify the domain of renewable energy. The global offshore wind energy market is expected to become a haven of lucrative possibilities in the years to follow. The presence of a seamless energy sector is bolstering demand within this market. A number of research studies predict complete overhauling of the energy industry in the years to come.
Wind energy is amongst the most sought-after avenues within the renewable energy industry. Fossil fuel reserves have been diminishing over the past decade, and there is high probability of these resources running out in the future. Hence, energy scientists are intending to make a shift from non-renewable energy generation to renewable modules. The need to decrease the reliance of the masses on non-renewable energy sources requires development of renewable energy platforms such as wind and solar energy plants. The abundant availability of wind power and robust infrastructure for developing offshore wind plants has created new opportunities within the market.
Transparency Market Research (TMR) released a report on the global offshore wind energy market. It is predicted that the global offshore wind energy market would expand at a commendable CAGR of 25.0% over the period between 2014 and 2022. The global capacity value of the offshore wind energy market is expected to touch 52,120.9 MW in 2022, rising up from a value of 1,629.4 MW in 2013. Initiation of regular incentives for development of offshore wind plants has created a plethora of opportunities for players in the market. Furthermore, increasing emphasis on development of renewable energy plants by government authorities has aided market growth.
Logistical Favourability of Developing Offshore Wind Energy Plants
Turbines and other components used across offshore wind farms are transported via barges and ships. This eliminates logistical problems that arise while transporting components via roadways or tunnels. This factor has accelerated the pace of growth within the global offshore wind energy market. Furthermore, logistical favourability ensures reduced cost of development for wind farms.
Offshore wind energy plants are being inducted with key technologies that can help in mitigating the challenges that come while working near bays and seas. This factor has compelled the market vendors to pull up their socks for better and faster operations. Key challenges faced by the U.S. offshore wind energy industry are duly addressed by the U.S. Department of Energy (DOE).
Infrastructural Developments across Wind Farms
The environmental impact of setting up offshore wind plants needs to gauged beforehand. Furthermore, permitting and siting issues are also addressed by planners and contractors working to develop offshore wind energy capabilities. Undersea cables laid down for transmitting electricity are done with immense meticulousness and precision. Hence, the global offshore wind energy market is expected to grow alongside improvements in practices followed across the offshore industry. Energy from offshore wind farms are set to power households, schools, and other units in several regions. This is a key consideration from the standpoint of global and regional stakeholders in the offshore wind energy market.
Some of the leading players operating in the global offshore wind energy market are Suzlon, China Ming Yang Wind Power, Nordex, GE Wind Energy, Dong Energy, Sinovel Win, Siemens, Gamesa, and Vestas.
The review is based on TMR’s report titled, “Offshore Wind Energy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014–2022.”
The global offshore wind energy market is segmented on the basis of:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
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