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Offshore Wind Energy Market Size, Share and Industry Analysis

Offshore wind energy is one of the most effective and robust sources of energy, which helps in the reduction of CO2 emissions and thus replace fossil fuels.

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Offshore Wind Energy Market Size, Share and Industry Analysis

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  1. Opportunity Analysis and Industry Forecast, 2016-2023 Recent Developments in the Offshore Wind Energy Space Global Opportunity Analysis and Industry Forecast Global Opportunity Analysis and Industry Forecast, 2016-2023 • Pages: 150 Tables: 61 Charts: 21

  2. OFFSHORE WIND ENERGY MARKET Wind energy is playing a crucial role in decarbonizing energy systems globally. This is mainly because wind energy is clean and renewable. Therefore, every possible effort is being made to develop and install energy systems that make use of wind energy to produce electricity in abundance. Offshore wind energy, which was first deployed in Denmark in 1991, is being used by several nations worldwide now to make use of the energy of the strong and consistent winds that blow over the oceans. The offshore wind energy industry is witnessing rapid growth in recent years. It first began growing exponentially in the 2000s, doubling the total capacity every two to four years. Driving the market are the factors such as an increase in demand for renewable sources of energy, electricity consumption, and efficient and cost-effective power generation techniques, increasing R&D in cheaper products, an increase in investments by governments. The market is estimated to reach $11,334 thousand by 2023 from $2,727 thousand in 2016, growing at a CAGR of 19.4% from 2017 to 2023, according to the research firm Allied Market Research.

  3. OFFSHORE WIND ENERGY MARKET Offshore wind energy is one of the most effective and robust sources of energy, which helps in the reduction of CO2 emissions and thus replace fossil fuels. Similar to land-based wind technologies, offshore wind makes use of wind turbines to generate electricity, which is delivered to the shore through an export cable. The main advantage of installing offshore wind energy is the consistent and stronger winds, which blow offshore allowing the use of larger horizontal turbine blades. Rise in the demand for electricity and preference toward the use of renewable sources of electricity present numerous opportunities for market expansion. Moreover, increase in investments by governments and usage of offshore wind energy as substitutes to reduce greenhouse emissions are further anticipated to boost the overall growth of the market. However, high costs associated with initial installations and infrastructure of expensive components are expected to hamper the overall industry growth.

  4. OFFSHORE WIND ENERGY MARKET • Key Findings of the Offshore Wind Energy Market: • North America is anticipated to grow at the highest CAGR during the analysis period. • Europe is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 14.1%, in terms of capacity. • UK accounted for almost one-third of the global market in 2016. • China occupied around one-ninth share of the global offshore wind energy market in 2016. • In terms of value, Denmark is expected to grow at a significant CAGR of 13.5% during the forecast period.

  5. OFFSHORE WIND ENERGY MARKET Floatgen Project – A Success Story of France The Floatgen Demonstrator wind power project launched is France’s first offshore farm as well as its first full-scale floating wind turbine. Led by Ideol and six other European partners namely Centrale Nantes, Bouygues Travaux Publics, University of Stuttgart, RSK, Zabala, Fraunhofer, the project is developed with the aim of showing the technical and economic feasibility of the floating wind turbine system. This paves the way for future developments with reduced costs of electricity generation. The design of the system features a concrete floater moored by six nylon mooring lines, which caused some issues initially. The mooring lines needed to be stretched before connection and specialized marine procedures and equipment were needed for this. To cater to this issue, LOC’s help was sought for choosing the required equipment and methods. LOC assisted with the provision of services such as the construction of concrete floater, integration of turbine component integration, hook-up of the mooring line, and the launch. For this, the company leveraged their marine engineering expertise and collaborated with companies involved in coastal work and shore construction to keep the possibility of risks as low as possible and ensure successful installation of Floatgen Download Free Sample Copy

  6. OFFSHORE WIND ENERGY MARKET Thank You! For More Details Visit us at https://www.alliedmarketresearch.com/offshore-wind-energy-market Follow Us On

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