Sustainable Development through Offshore Wind Energy Environmental and Economic Benefits
Offshore Wind Market Overview
According to a Comprehensive Research Study by Market Research
Future (MRFR), Offshore Wind Market Information by Components, by Location, and By Region - Forecast
till 2030.
The offshore wind industry size will rise from the valuation of USD
30.9 Billion in 2022 to touch USD 117.6 billion by 2030, with a CAGR of 21.0% from
2022 to 2030.
Long-term drivers of the market's growth
include advantageous government policies, rising investment in soon-to-be
offshore wind power projects, and falling wind energy costs, which have
encouraged the use of wind energy.
Given that both South America and
Africa are experiencing rapid economic growth and a rise in the demand for
electricity, the wind power industry has a lot of potential in these developing
regions. These countries include Brazil, South Africa, and Chile.
Market Competitive Landscape:
·
General Electric
(US)
·
Siemens Gamesa
Renewable Energy SA (Germany)
·
MHI Vestas
Offshore Wind (Denmark)
·
Senvion SA
(Luxembourg)
·
Doosan Heavy
Industries & Construction (South Korea)
·
Suzlon Energy
Limited (India)
·
Dong Energy A/S
(Denmark)
·
EEW GROUP
(Germany)
·
ENERCON GmbH
(Germany)
·
Goldwind Wind
Energy GmbH (China)
·
ABB (Switzerland)
·
Engie (France)
·
Ørsted A/S
(Denmark)
Market Drivers:
The market for offshore
wind energy has enormous potential to provide significant amounts of clean,
renewable energy to meet the demand for electricity in coastal American cities.
In the United States, there are roughly forty projects in various stages of
development. Compared to on-land power, more electricity is produced offshore
to power wind turbines. China is the country with the second-highest capacity
of offshore wind power globally, after the United Kingdom. Although
installation is more expensive than it is on land, a considerable amount of
electricity is produced.
According to estimates from the
European Commission, future offshore projects could lead to an increase. Due to
job creation, the offshore wind market offers the surrounding communities
numerous financial advantages. It is a clean, renewable energy source that
doesn't use any water or release any pollutants into the atmosphere. As is the
goal of many nations worldwide, this technology will lessen the carbon
footprint. It is the cleanest energy source available, uses cutting-edge
technology, and has no negative effects on farming operations. It also
contributes to lessening reliance on fossil fuels.
By 2032, the offshore wind industry
in the United States is expected to create 83000 jobs. Investors can expect
returns on their investments of $5.5 to 14.5 billion annually by 2025, and up
to $25.4 billion until 2032 in terms of economic output. The US has a huge
energy production area. Their coastal region has the potential to produce up to
2000GW. This will attract significant investments in US companies that have
declared significant port-related investments of $307 million and $650 million
for transmission infrastructure, respectively.
Market Restraints:
One significant factor that can limit
market growth during the study period is the transportation of large, heavy
equipment to the offshore location, which raises the cost of the offshore wind
power system.
Market Segmentation
The offshore wind market, with
respect to components, covers turbines, towers, blades, electrical
infrastructure, and nacelle.
As per location, the key
segments are shallow water, transitional water as well as deep water.
Regional Insights
The Offshore
Wind Energy market in Europe was estimated at
USD 11.05 billion in 2021, and during the course of the study, it is
anticipated to grow at a noteworthy CAGR of 43.2 percent. Modernizing the
infrastructure is the main goal of the research and development initiative
called the European Wind Initiative (EWI). The governments are also encouraging
the use of renewable energy sources in order to increase power generation.
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